Karachi – January 29,2024 – Raqami Islamic Digital Bank (RIDB) obtained a no objection certificate
(“NOC”) and in-Principal Approval (IPA) from the State Bank of Pakistan (SBP) to establish an Islamic
digital retail bank in Pakistan under the Licensing and Regulatory Framework for Digital Banks (the
Framework).
In keeping with its vision to provide Shariah-compliant financial services, the bank has succeeded in
putting together a high-powered Shariah Board, led by Dr. Mufti Muhammad Imran Ashraf Usmani
as Chairman and Mufti Hassaan Kaleem as Deputy Chairman. Other members on RIDB’s five-
member Shariah Board include Muhammad Ashja Khan, Resident Shariah Board Member; Mufti
Azfer Iqbal, Board Member; and Mufti Muhammad Muaz Ashraf, Board Member.
Sheikh Dr. Mufti Imran Usmani graduated with a specialization in Islamic Fiqh from Jamia Darul
Uloom, Karachi and also holds an LLB and PhD in Islamic finance. Presently Dr. Imran Usmani serves
on the boards of multiple local and international financial institutions and is also a member of the
Steering Committee on Implementation of Islamic Banking and Finance, chaired by the Finance
Minister and the SBP Governor.
Mufti Hassaan Kaleem has vast experience in matters of Shariah teachings and advisory and is on the
Shariah boards of several local and international financial institutions, including the Islamic
Development Bank. Mufti Hassaan is also Trainer of Shariah Standards at Accounting and Auditing
Organization for Islamic Financial Institutions (AAOIFI), Bahrain and visiting faculty member of
National Institute of Banking and Finance (NIBAF).
Muhammad Ashja Khan completed 10 years’ religious studies in Islamic Jurisprudence (Dars-e-
Nizami) from Wafaqul Madaris Al Arabiya, Pakistan. Mr Ashja also pursued a 3-year specialisation in
writing Shariah rulings (Takhassus-fil-Ifta) from Jamia Darul Uloom, Karachi and obtained
certification as a Certified Shariah Advisor & Auditor from AAOIFI Bahrain. Mr. Ashja is registered as
a Shariah Advisor with the Securities & Exchange Commission of Pakistan (SECP).
Mufti Azfer Iqbal, a registered Shariah Advisor (SECP), completed his Shahadat ul A’alimiyyah from
Wifaq-ul-Madaris al-Arabiah, Pakistan. In 2004, he completed his Takhassus-fil-Ifta from Jamia Darul
Uloom, Karachi and achieved his MPhil (Islamiat) degree in 2020 from the Federal Urdu University of
Arts, Science, and Technology.
Muhammad Muaz Ashraf is a Certified Shari’ah Advisor & Auditor (CSAA-AAOIFI Bahrain), Certified
Halal Lead Auditor (Malaysia/Pakistan) and Registered Shariah Advisor with Security & Exchange
Commission of Pakistan (SECP). Muhammad Muaz Ashraf completed his graduation as a Shariah
Scholar (Shahadat-ul-Almiyah) and specialization as a Mufti (Takhassus Fil Ifta) from Jamia Darul
Uloom, Karachi. In addition, he has completed his Mphil in Islamic Banking & finance from The
University of Management & Technology and is perusing a PhD in Islamic FinTech.
Highlighting the need for Islamic and digital financial services in Pakistan, Dr. Imran Usmani
remarked, “Raqami bank will play a very important role in promoting Islamic banking and economic
system for sustainable and inclusive development. The Sharia Board will provide guidance and
supervision to ensure banking operations and transactions are Shari’ah compliant at all times,
InshAllah.”
Mufti Hassaan Kaleem said, “I expect from Raqami Islamic Digital Bank to play a role in eradicating
Riba from the small-ticket size segment and to introduce halal alternatives seamlessly to those who
are more deserving and less connected.”
Mr. Nadeem Hussain, Coach Raqami Islamic Digital Bank said, “As we build our operational readiness
as a fully Shariah-compliant digital bank, we remain committed to learning from the best! I and team
Raqami are indeed fortunate to have teachers like Raqami’s Shariah Board to guide our journey as
we push the needle on responding to the aspirations of Pakistanis and crafting inclusive and socially
responsible banking services.”
Speaking about Raqami’s newly constituted Shariah Board, the Chairman of Raqami Islamic Digital
Bank, Mr. Abdullah Al-Mutairi stated, “The global Islamic Financial Services Industry (IFSI)
demonstrates a notable acceleration in its yearly growth trajectory, as indicated by the Islamic
Finance Services Board’s annual stability report, which estimates the global IFSI’s value at USD 3.25
trillion in 2022, compared to USD 3.06 trillion in the preceding year.
Within this dynamic landscape, Pakistan emerges as a paramount market for Islamic finance
products, given its substantial estimated population of 240 million. The country boasts a robust
Islamic banking industry with assets soaring to an impressive figure exceeding PKR 8 trillion as of
June 2023, constituting nearly 20 percent of the local market share.
It is with great satisfaction that I note Raqami Islamic Digital Bank’s commendable progress in
aligning with the trajectory of this burgeoning industry. The bank has garnered the support of
distinguished Islamic scholars in Pakistan, renowned for their expertise in Islamic finance. This
strategic collaboration positions Raqami Islamic Digital Bank effectively to address the escalating
demand for Islamic financial services within the country, while simultaneously establishing a
benchmark for digital innovation and customer responsiveness.”
As Raqami gears up to establish a digital retail bank, it is committed to building a customer-centric
approach providing tailored Islamic financial services to a diverse customer base, with focus on five
segments—SMEs, agri sector, freelancers and blue-collar workers, women and youth.
