Islamabad: In accordance with the Licensing and Regulatory Framework for Digital Banks (the Framework), Raqami Islamic Digital Bank (RIDB) received a no objection certificate (“NOC”) and in-principal approval (IPA) from the State Bank of Pakistan (SBP) to create an Islamic digital retail bank in Pakistan.
Dr. Mufti Muhammad Imran Ashraf Usmani, the chairman, and Mufti Hassaan Kaleem, the deputy chairman, lead the bank’s powerful Shariah Board, which is in line with its mission to offer financial services that comply with Shariah. The other three members of RIDB’s five-person Shariah Board are Mufti Muhammad Muaz Ashraf, a board member; Muhammad Ashja Khan, a resident Shariah board member; and Mufti Azfer Iqbal.
Sheikh Dr. Mufti Imran Usmani is a graduate of Jamia Darul Uloom in Karachi, where he specialized in Islamic Fiqh. He also holds an LLB and a PhD in Islamic finance. Currently, Dr. Imran Usmani is a member of the Steering Committee on Implementation of Islamic Banking and Finance, which is presided over by the SBP Governor and the Finance Minister, as well as the boards of several domestic and foreign financial institutions.
Mufti Hassaan Kaleem serves on the Shariah boards of numerous national and international financial organizations, including the Islamic Development Bank. He has extensive experience in areas pertaining to Shariah teachings and guidance. In addition, Mufti Hassaan trains Shariah standards at Bahrain’s Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and serves as a visiting faculty member at the National Institute of banking and finance.
Muhammad Ashja Khan finished ten years of religious instruction at Wafaqul Madaris Al Arabiya, Pakistan, in Islamic Jurisprudence (Dars-e-Nizami). Additionally, Mr. Ashja undertook a three-year program at Jamia Darul Uloom in Karachi to specialize in drafting Shariah rulings (Takhassus-fil-Ifta), and he received accreditation from AAOIFI Bahrain as a Certified Shariah Advisor & Auditor. Mr. Ashja is listed with the Securities & Exchange Commission of Pakistan (SECP) as a Shariah Advisor.
The Shahadat ul A’alimiyyah of Mufti Azfer Iqbal, a registered Shariah Advisor (SECP), was finished at Wifaq-ul-Madaris al-Arabiah, Pakistan. He graduated from Jamia Darul Uloom in Karachi in 2004 with a Takhassus-fil-Ifta, and the Federal Urdu University of Arts, Science, and Technology awarded him an MPhil (Islamiat) in 2020.
Muhammad Muaz Ashraf holds several certifications, including Registered Shariah Advisor with the Security & Exchange Commission of Pakistan (SECP), Certified Halal Lead Auditor (Malaysia/Pakistan), and Certified Shari’ah Advisor & Auditor (CSAA-AAOIFI Bahrain). Muhammad Muaz Ashraf graduated from Jamia Darul Uloom in Karachi with a degree in Shariah Scholar (Shahadat-ul-Almiyah) and a focus on Mufti (Takhassus Fil Ifta). Furthermore, he is pursuing a PhD in Islamic FinTech after completing his Mphil in Islamic Banking & Finance from The University of Management & Technology.
Dr. Imran Usmani said, “Raqami bank will play a very important role in promoting Islamic banking and economic system for sustainable and inclusive development,” highlighting the need for Islamic and digital financial services in Pakistan. Insha’Allah, the Sharia Board will offer direction and oversight to guarantee that financial activities and transactions are always compliant with Shari’ah.
“I expect Raqami Islamic Digital Bank to play a role in eradicating Riba from the small-ticket size segment and to seamlessly introduce halal alternatives to those who are more deserving and less connected,” stated Mufti Hassaan Kaleem.
“As we build our operational readiness as a fully Shariah-compliant digital bank, we remain committed to learning from the best,” stated Mr. Nadeem Hussain, Coach at Raqami Islamic Digital Bank. Raqami’s Shariah Board and I consider ourselves incredibly privileged to have mentors like them on our team as we strive to meet Pakistanis’ goals and create inclusive, socially conscious financial services.
“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,” said Mr. Abdullah Al-Mutairi, Chairman of Raqami Islamic Digital Bank, in reference to the organization’s recently established Shariah Board.
Pakistan, with an estimated population of 240 million, stands out as a crucial market for Islamic financial solutions in this ever-changing scenario. The nation is home to a thriving Islamic banking sector, with assets reaching an astounding total of over PKR 8 trillion as of June 2023—nearly 20 percent of the local market share.
I am delighted to observe Raqami Islamic Digital Bank’s excellent development in keeping pace with the growth of this rapidly expanding sector. Prominent Pakistani Islamic scholars who are well-known for their knowledge of Islamic finance have endorsed the bank. Through this strategic partnership, Raqami Islamic Digital Bank will be better equipped to meet the nation’s growing need for Islamic financial services and set the standard for digital innovation.
