Digital bank licence marks milestone for financial inclusion and bilateral trade, says premier
By Mehrab Shah Afridi
ISLAMABAD: Prime Minister Shehbaz Sharif welcomed the launch of a Kuwaiti bank in Pakistan on Tuesday, describing the granting of its commercial licence as a significant milestone for the country’s financial sector and a fresh boost to bilateral economic ties.
Speaking at the licence awarding ceremony in Islamabad, he said that strong political relations between Pakistan and Kuwait needed to be matched by robust economic engagement, emphasizing that sustainable partnerships could not flourish without trade, investment, and financial collaboration.
The prime minister congratulated Raqami Islamic Digital Bank on becoming Pakistan’s third licensed digital retail bank and expressed confidence that it would play a central role in promoting financial inclusion, fostering innovation, and offering Shariah-compliant banking services.
PM Shehbaz said digital Islamic banking was not only a modern approach to finance but also a step towards aligning the country’s financial ecosystem with the principles of Islam. “Pakistan and Kuwait are brotherly countries bound by decades of strong cultural, political, and people-to-people relations,” he said.
“It is now time to further strengthen our economic and investment ties so that this relationship grows from strength to strength.” His remarks highlighted a broader vision in which the deep-rooted friendship between the two nations would translate into concrete economic benefits for both sides.
The Kuwaiti ambassador also praised the launch of the bank, describing it as a practical demonstration of the long-standing brotherly relations between the two countries. He noted that Kuwait’s leadership had consistently supported Pakistan and was keen to expand cooperation further in trade, investment, and financial services.
The chairman of the bank expressed gratitude to the government of Pakistan and the State Bank of Pakistan (SBP), presenting a commemorative memento to the prime minister. Another senior bank official said the institution would provide fully Shariah-compliant digital banking services designed to enhance accessibility, improve efficiency, and elevate the customer experience, while simultaneously supporting Pakistan’s broader financial inclusion agenda.
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