Raqami Islamic Digital Bank Raqami Savings Account
Islamic Bank Accounts in Azad Kashmir
App-only Mudaraba savings from Pakistan's first Shariah-compliant digital retail bank (SBP commercial licence May 20, 2026; sponsored by Pakistan Kuwait Investment Company and Kuwait's EnerTech): June 2026 declared tiers of 10.00% up to Rs 500K, 10.50% to Rs 1M, and 11.00% above Rs 1M - among the highest published Islamic savings rates in Pakistan, up from a flat 7.30% at the December 2025 launch. Onboarding is CNIC + selfie + biometric with no branch visit, goal-based Saving Pots earn profit on automated savings, and the branchless-bank cash problem is solved through free deposits at 700+ Askari Bank branches and withdrawals at 800+ Askari ATMs. Governance is unusually senior for a startup - a five-scholar board chaired by Sheikh Dr. Mufti Muhammad Imran Ashraf Usmani, Vice Chairman of Meezan's SSB - though the Mudarib share and pool weightages behind the chart-topping rates stay unpublished.
Raqami pairs the strongest scholar bench a Pakistani fintech has assembled with the most aggressive published Islamic deposit rates in the market. Both facts deserve weight: the governance is real, and so is the suspicion that 10–11% tiers reflect launch-phase deposit gathering rather than a durable Mudaraba yield. A strong secondary account for yield with genuine religious oversight - keep the mechanics gap and the five-week-old commercial licence in mind before making it your primary bank.
Pros
- Rate leadership with receipts: the June 2026 tiers (10.00-11.00%) are published in a monthly PDF series going back to launch
- A Shariah board of unusual seniority for a startup - the chairman helps govern Meezan, the market leader
- Zero-fee cash access through the Askari agency network solves the branchless-bank cash problem
- Fully digital onboarding (CNIC + selfie + biometric) with no branch visit; the simplified Asaan tier covers balances to Rs 3M, the Full tier is uncapped
Cons
- Mudarib share and pool weightages are not published - incumbent banks like BankIslami print their 50:50 splits; Raqami asks you to trust the outcome without the mechanics
- The ~300bps rate ramp since December 2025 reads as deposit-acquisition pricing by a newly licensed bank (commercial licence May 20, 2026) - sustainability is unproven
- No financing, Takaful or investment products yet, and no operating history to judge how rates behave through a rate-cut cycle
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Raqami Islamic Digital Bank in Azad Kashmir
Raqami Islamic Digital Bank's account serves customers in Azad Kashmir. Islamic savings accounts in Pakistan pay declared Mudarabah profit rather than interest, with rates announced from actual pool results. Deposits at SBP-regulated banks are covered by the Deposit Protection Corporation up to the prescribed limit. Raqami Islamic Digital Bank operates across Pakistan, so Azad Kashmir residents have full access to this product.
Shariah Compliance & Oversight
Five-scholar Shariah Board chaired by Sheikh Dr. Mufti Muhammad Imran Ashraf Usmani (PhD Islamic Finance; Vice Chairman of Meezan Bank's Shariah Supervisory Board; son of Justice Mufti Taqi Usmani), with Mufti Hassaan Kaleem (Vice Chairman, DIB Pakistan Shariah Board; Islamic Development Bank boards), Mufti Muhammad Muaz Ashraf (CSAA; ex-Meezan), Mufti Azfer Iqbal, and Resident Member Muhammad Ashja Khan (SECP-registered Shariah advisor; ex-Faysal Bank, EY Ford Rhodes). Operates under SBP's 2024 Shariah Governance Framework with AAOIFI standards adopted; an operations Shariah certificate and account fatwas are published.
2026-08-05
Why It's Halal
Raqami's savings account is a Mudaraba partnership with unusually direct language for a rate-led product: 'Real profits are shared from actual investment performance, not promises.' The governance bench outweighs the bank's size: a five-scholar Shariah Board chaired by Sheikh Dr. Mufti Muhammad Imran Ashraf Usmani - Vice Chairman of Meezan Bank's Shariah Supervisory Board and son of Justice Mufti Taqi Usmani - alongside Mufti Hassaan Kaleem, Vice Chairman of DIB Pakistan's board, operating under SBP's 2024 Shariah Governance Framework with AAOIFI standards adopted. A Shariah certificate for the bank's operations and a current-account fatwa are published on the governance page. The counterweight: unlike incumbent Islamic banks, Raqami does not publish its Mudarib share or pool weightages, so you can see what it paid but not how the split works.
Regional Availability
Raqami Islamic Digital Bank serves all of Pakistan
✓ Available nationwide including Azad Kashmir
Open Account: Raqami Islamic Digital Bank
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NationwideFrequently Asked Questions
What is Raqami Islamic Digital Bank Raqami Savings Account?
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Is Raqami Islamic Digital Bank Raqami Savings Account available in Azad Kashmir?
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