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The State Bank of Pakistan (SBP) declared Raqami Islamic Digital Bank Limited a Scheduled Bank effective February 6, 2026. SBP’s notification was dated February 9, 2026, and says the declaration followed the grant of a Digital Retail Bank (DRB) license.
What SBP announced
Notification BPRD (DBD)/5492/2026 invokes clause (a) of subsection (2) of Section 37 of the State Bank of Pakistan Act, 1956. It states that Raqami is a Scheduled Bank “with effect from February 06, 2026.” The effective date is February 6; the notification date is February 9. Read the SBP notification.
How Raqami reached this stage
Raqami’s scheduled-bank declaration is the latest step in a regulatory sequence. The stages are distinct: an earlier in-principle approval was not the same as permission to operate, and pilot activity was not itself the DRB license or the later scheduled-bank declaration.
| Stage | What SBP records |
|---|---|
| In-principle approval | On September 20, 2023, SBP announced in-principle approval for five proposed Digital Retail Banks, including Raqami. SBP announcement. |
| Pilot license | SBP’s Financial Stability Review 2025 reports that Raqami received a pilot license in May 2025. SBP Financial Stability Review 2025. |
| Restricted pilot operations | SBP’s 2024–25 Annual Report says Raqami commenced operations under a restricted pilot phase during FY25. SBP Annual Report 2024–25. |
| DRB license and scheduled-bank declaration | The February 2026 notification says the scheduled-bank declaration followed the grant of a DRB license and took effect February 6, 2026. The notification is dated February 9, 2026. SBP notification. |
What scheduled-bank status means for customers
The notice establishes Raqami’s regulatory status and the legal basis and effective date of its declaration. It does not set out account eligibility, deposit or transaction limits, fees, available services, or where customers can access them. Those details cannot be inferred from the scheduled-bank notice; check Raqami’s current terms and product information before opening or using an account.
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SBP’s current regulated-institutions directory lists Raqami among Digital Banks and lists Commercial Banking under its license/authorizations. The directory also names Umair Aijaz as President/CEO and provides a Karachi address and complaint contact. Directory details can be checked directly with SBP for the latest listing.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why Pakistan has a digital-bank framework
SBP introduced its digital-bank licensing and regulatory framework in January 2022. The framework’s stated aims include expanding financial inclusion and making digital financial services affordable or cost-effective, particularly for unserved and underserved groups. Those are policy objectives, not evidence that Raqami has already achieved particular customer or access outcomes. SBP’s digital-bank framework circular explains the regulator’s approach.
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