Press Release
VIS Finalizes Entity Ratings of Raqami Islamic Digital Bank Limited
Karachi, February 06, 2026: VIS Credit Rating Company Limited (VIS) has finalized entity ratings of ‘AA/A1’ (Double A/A One) of Raqami Islamic Digital Bank Limited (‘RIDBL’ or ‘Raqami’ or the ‘Bank). Medium to long term rating of ‘AA’ indicates high credit quality; protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions. Short term rating of ‘A1’ indicates strong likelihood of timely repayment of short-term obligations with excellent liquidity factors. Outlook on the assigned rating is ‘Stable’. Previous rating action was announced on November 12, 2025.
The Bank has been formally notified as a Scheduled Bank by the State Bank of Pakistan and granted approval to commence commercial operations as a fully Shariah-compliant digital retail bank. Accordingly, subsequent to the grant of the Scheduled Bank license, RIDBL formally commenced its commercial operations on 6 February 2025.
The assigned ratings of RIDBL reflect strong sponsor support, sound capitalization, and a robust governance framework underpinning its establishment as Pakistan’s first fully Islamic digital retail bank. The ratings draw comfort from the sponsorship of Pakistan Kuwait Investment Company and Enertech Holding Company, both of which possess strong financial strength and institutional credibility. Support is also evidenced by sponsor undertakings to the State Bank of Pakistan, including financial guarantees to cover potential capital shortfalls during the initial operating years.
RIDBL has established a robust governance framework with balanced representation of sponsor and independent directors to ensure effective oversight and accountability. The Board, supported by an experienced management team, provides strategic direction while maintaining strict regulatory and Shariah compliance. Oversight is further reinforced through specialized management committees overseeing risk, compliance, liquidity, and technology functions. An independent Shariah Board, chaired by Dr. Mufti Muhammad Imran Ashraf Usmani and comprising distinguished scholars, ensures that all products and operations remain fully aligned with Islamic finance principles. Following the successful completion of its pilot phase, the Bank has transitioned into full commercial operations. RIDBL’s services are now available to the general public, offering a comprehensive suite of digital banking solutions, including seamless onboarding, current and savings accounts, Term Deposit Receipts (TDRs), fund transfers, utility bill payments, takaful, mobile top-ups, and other everyday banking services — all delivered through a fully digital platform. In the next phase of its strategic roadmap, the Bank will focus on expanding into SME financing, digital supply chain solutions, corporate collections, and payroll management services. Over time, RIDBL aims to broaden its footprint across consumer segments by introducing Shariah-compliant retail, wealth management, and remittance products, while leveraging advanced data analytics and artificial intelligence to deliver personalized, efficient, and customer-centric financial solutions.
The Bank’s forward-looking, digital-first business model aims to deliver scalable and efficient Shariah-compliant banking solutions through primarily digital channels, reducing reliance on physical infrastructure and supporting financial inclusion. Its core technology platform, based on a regionally proven digital banking system, offers flexibility, security, and integration with fintech partners, supported by strong cybersecurity and business continuity capabilities.
For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria:
Applicable Rating Criteria: Financial Institutions
https://docs.vis.com.pk/Methodologies%202024/Financial-Institution-v2.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf