PM Shehbaz hails Pak-Kuwait relation as SBP issues licence to Raqami Islamic Digital Bank

Islamabad (Web Desk): Prime Minister Shehbaz Sharif on Tuesday underscored the close and longstanding bonds between Pakistan and Kuwait, describing the relationship as one built on brotherhood and mutual trust, with significant potential for further growth through enhanced economic, investment and trade collaboration.

He shared these views while speaking at a ceremony in Islamabad held to mark the granting of a digital banking licence to Raqami Islamic Digital Bank.

Addressing the gathering, PM Shehbaz congratulated the institution on becoming the country’s third digital retail bank to receive official approval.

He expressed confidence that Raqami would operate strictly in line with Islamic principles while also introducing modern and innovative services capable of boosting the development of Pakistan’s banking industry.

The premier said the establishment of the digital bank would serve as an important step toward strengthening economic links between Pakistan and Kuwait.

PM Shehbaz also conveyed his appreciation to the Kuwaiti leadership for the support and cooperation extended to Pakistan on various occasions.

Raqami Islamic Digital Bank Limited was granted a restricted banking licence by the State Bank of Pakistan in May 2025 under the regulator’s framework for digital banks, enabling it to begin pilot operations as a digital retail banking entity.

The bank is supported by the Pakistan Kuwait Investment Company (Private) Limited — a joint venture of the two governments — along with Enertech Holding Company KSC, which is linked to Kuwait’s sovereign wealth fund, the Kuwait Investment Authority.