Islamabad – May, 2024: U Microfinance Bank (U Bank) and Raqami Islamic Digital Retail Bank Ltd.
(RIDBL) have entered into a strategic interoperable partnership to enable access to branch banking
services to RIDBL customers through U Bank, marking a significant milestone in the digital banking
landscape of Pakistan.
With this innovative collaboration, U Bank will extend the Shari’ah-compliant services of its extensive
branch and branchless banking channels, including its network of 375+ brick-and-mortar branches
nationwide to RIDBL, facilitating their digital banking clientele with seamless physical Cash In/Cash Out
(CICO) transaction services and other branch banking facilities. This collaboration signifies the coming
together of the traditional and digital banking worlds, opening a new era of accessibility and
convenience for customers across Pakistan. The regulatory framework for digital banks, which was
unveiled by the State Bank of Pakistan (SBP) in January 2022, encourages such partnerships in a
bid to maximize the utilization of brick-and-mortar infrastructure, with specific objectives to
optimize financial access to the citizenry while driving down the cost of financial services for the
end customer.
The partnership was officiated in a recent ceremony held in Islamabad in the presence of Mr. Mohamed
Essa Al Taheri, President & CEO – U Bank and Mr. Umair Aijaz, CEO – RIDBL, as well as other members of
both organizations.
Mr. Mohamed Essa Al Taheri, President & CEO – U Bank, stated, “With this partnership with RIDBL, we
are not only facilitating transactions for a wider segment of customers, but we are furthering our
agenda of financial inclusion and economic empowerment in Pakistan. At U Bank, we believe in the
power of collaboration to drive positive change and we look forward to leveraging our combined
strengths with RIDBL to deliver unique financial solutions in line with the evolving needs of customers.”
Commenting on the partnership, Mr. Umair Aijaz, CEO Raqami Islamic Digital Bank Ltd., stated, “At
Raqami, we actively nurture the vision of a transformative banking landscape—one where accessibility
evolves into empowerment. Along with U Bank, we are not merely reimagining banking; we will
fundamentally reshape it, ushering in new standards for seamless Islamic digital experiences.”
Such strategic collaborations and relentless innovation open avenues to explore additional use cases to
expand digital banking in Pakistan and reinforce both the organizations’ shared vision for a more
inclusive and accessible banking ecosystem in the country.
- End –
About U Microfinance Bank:
U Microfinance Bank Ltd. (U Bank) is a wholly-owned subsidiary of Pakistan Telecommunication
Company Limited (PTCL) – e& Group (formerly known as Etisalat Company). The bank has a network of
Press Release
more than 375+ branches, across 210 cities and rural areas in Pakistan and offers a wide range of micro
financing products, deposit products, and branchless banking solutions. U Bank’s branchless banking
offers services under the banner of UPaisa in collaboration with Ufone (Pak Telecom Mobile Limited).
About Raqami Islamic Digital Bank Ltd.:
RIDBL is one of five aspirants for the Islamic digital retail bank license, which is to be awarded by the
State Bank of Pakistan under the Licensing and Regulatory Framework for Digital Banks (the Framework)
2022 and after incumbents achieve operational readiness and successfully conclude a pilot. At Raqami
we actively nurture the vision of a transformative banking landscape—one where accessibility
evolves into empowerment. Our mission is unequivocal: to pioneer customer-centric, Shariah-
compliant digital banking in Pakistan. Through the fusion of cutting-edge technology, Islamic
principles of finance and an unwavering commitment to financial inclusivity, we fashion tailored
solutions for the unbanked and underbanked.
