Prime Minister Shehbaz Sharif on Tuesday described the launch of Raqami Islamic Digital Bank as a major milestone in Pakistan’s financial sector and a key step towards strengthening economic cooperation with Kuwait.

Addressing the concluding session of the digital licensing ceremony, the prime minister said strong political ties must be supported by deep economic engagement, stressing that sustainable partnerships require 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, adding, “It is now time to further strengthen our economic and investment ties so that this relationship grows from strength to strength.”

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

The prime minister said digital Islamic banking would play a central role in modernising Pakistan’s financial ecosystem while remaining aligned with Islamic principles.

Speaking on the occasion, the Kuwaiti ambassador congratulated the Raqami team and described the licensing of the digital bank as a practical expression of the strong ties between Pakistan and Kuwait.

He said Kuwait’s leadership remained committed to expanding cooperation in trade, investment and financial services.

Chairman of the Board of Directors Abdullah Al-Mutari thanked the government and the State Bank of Pakistan for their support and presented a commemorative memento to the prime minister.

Raqami CEO Omer Ajaz said the bank would offer fully Shariah-compliant digital banking services aimed at improving accessibility, efficiency and customer experience while supporting Pakistan’s financial inclusion agenda.

The ceremony was attended by Ambassador Nassar Abdul Rahman Jasser, Acting SBP Governor, senior government officials and banking sector executives.