U Bank Teams Up with Raqami Islamic Digital Bank for Enhanced Interoperability
U Microfinance Bank (U Bank) and Raqami Islamic Digital Retail Bank Ltd. (RIDBL) have joined hands in a strategic partnership to offer branch banking services to RIDBL customers through U Bank, marking a significant step forward in Pakistan’s digital banking landscape.
In this unique collaboration, U Bank will provide its Shariah-compliant services, including its network of over 375 branches across the country, to RIDBL customers. This will allow RIDBL’s digital banking clients to easily access physical banking services like cash transactions and other branch facilities. This partnership bridges the gap between traditional and digital banking, enhancing accessibility and convenience for customers nationwide. The regulatory framework for digital banks, introduced by the State Bank of Pakistan (SBP) in January 2022, encourages such partnerships to utilize existing infrastructure effectively, aiming to improve financial access and reduce service costs for customers.
The partnership was formalized in a recent ceremony in Islamabad, attended by Mr. Mohamed Essa Al Taheri, President & CEO of U Bank, Mr. Umair Aijaz, CEO of RIDBL, and other members from both organizations.
Mr. Mohamed Essa Al Taheri emphasized, “Through this collaboration with RIDBL, we aim to facilitate transactions for a broader customer base while advancing financial inclusion and empowerment in Pakistan. At U Bank, we believe in the power of collaboration to bring about positive change, and we look forward to working with RIDBL to offer innovative financial solutions to meet evolving customer needs.”
Mr. Umair Aijaz commented, “At Raqami, we envision a transformative banking landscape focused on accessibility and empowerment. Together with U Bank, we’re not just reimagining banking; we’re reshaping it, setting new standards for seamless Islamic digital experiences.”
These strategic partnerships and ongoing innovations pave the way for exploring more opportunities to expand digital banking in Pakistan, aligning with both organizations’ shared vision of a more inclusive and accessible banking environment.
