Prime Minister Shehbaz Sharif on Tuesday described the granting of a commercial licence to Raqami Islamic Digital Bank as a major milestone for the financial sector and a significant step towards strengthening economic cooperation between Pakistan and Kuwait.

Addressing the concluding session of the licence awarding ceremony, the prime minister said strong political relations must be underpinned by meaningful economic engagement, stressing that lasting partnerships could not be sustained without trade, investment and financial collaboration.

“Pakistan and Kuwait are brotherly countries bound by decades of strong cultural, political, and people-to-people relations,” PM Shehbaz said.

“It is now time to further strengthen our economic and investment ties so that this relationship grows from strength to strength,” he added.

Congratulating Raqami Islamic Digital Bank on becoming Pakistan’s third licenced digital retail bank, the prime minister expressed confidence that the institution would promote financial inclusion, innovation and Shariah-compliant banking.

He said digital Islamic banking would play a vital role in modernising the country’s financial ecosystem while remaining aligned with Islamic principles.

The Kuwaiti ambassador congratulated the Raqami team and termed the licensing of the digital bank a practical expression of the deep-rooted brotherly relations between Pakistan and Kuwait.

He said Kuwait’s leadership had consistently supported Pakistan and was keen to expand cooperation in trade, investment and financial services.

Abdullah Al-Mutari, chairman of Raqami Islamic Digital Bank’s board of directors, thanked the government and the State Bank of Pakistan for their support and presented a commemorative memento to PM Shehbaz

Raqami Islamic Digital Bank Chief Executive Officer Umair Ijaz said the bank would provide fully Shariah-compliant digital banking services aimed at improving accessibility, efficiency and customer experience, while supporting Pakistan’s broader financial inclusion agenda.