Raqami Islamic Digital Bank Partners with Haball to Empower SMEs

KARACHI: In a significant advancement for Pakistan’s digital financial landscape, Raqami Islamic Digital Bank, the nation’s premier Islamic digital banking institution, has formed a strategic alliance with Haball, an innovative fintech enterprise specializing in B2B supply chain digitization. The collaboration aims to introduce Shariah-compliant, integrated supply chain financing solutions designed to alleviate the challenges faced by small and medium enterprises (SMEs).

By directly incorporating Islamic financing options into existing corporate supply chain operations, the platform enables SMEs to secure collateral-free funding based on their accounts receivable and purchase orders. This eliminates the complexities associated with conventional financing applications and asset pledging.

This alliance addresses a vital national necessity, as SMEs, which contribute over 40% to the GDP and constitute a significant portion of the workforce, remain largely underserved financially.

Through this collaborative effort, Raqami’s SME clientele can leverage Haball’s platform to implement a digitally-driven finance model. This model facilitates access to working capital precisely when and where it’s required within their established business processes.

This initiative aligns with the State Bank of Pakistan’s financial inclusion strategy and promotes innovation and digitization within supply chain finance.

Key Features of the Raqami-Haball Partnership:
  • Comprehensive digital onboarding and Shariah-compliant KYC protocols.
  • Financing structures based on Murabaha principles for new purchase orders.
  • Effortless integration with ERP systems, anchor-led ecosystems, and distribution networks.
  • Immediate fund disbursement via integrated Islamic financing channels, ensuring prompt liquidity and improved cash flow.
  • AI-driven credit assessments grounded in actual cash flows and transaction history, diminishing reliance on traditional credit scoring methods.
  • Comprehensive audit trails and real-time monitoring of exposure, guaranteeing adherence, transparency, and control for both financiers and anchors.
Statements:

Umair Aijaz, CEO of Raqami Islamic Digital Bank, stated, “Our goal at Raqami is to revolutionize Islamic banking through innovation. This alliance with Haball allows us to deliver Shariah-compliant embedded finance directly into Pakistan’s supply chains, empowering SMEs with tangible access to capital and growth without compromising their values.”

Omer Bin Ahsan, Founder & CEO of Haball, commented, “We have always believed that embedded, contextual solutions represent the future of finance. Through our partnership with Raqami, we are integrating Islamic finance into the transactional core of the SME ecosystem, democratizing capital access and enhancing supply chain transparency.”

About Raqami Islamic Digital Bank:

Raqami Islamic Digital Bank Limited is Pakistan’s pioneering Islamic digital retail bank, granted a Restricted License by the State Bank of Pakistan to initiate Pilot Operations under the Licensing and Regulatory Framework for Digital Banks. Raqami aims to deliver inclusive, Shariah-compliant financial solutions using a digitally innovative approach. The bank is supported by Pakistan Kuwait Investment Company (Private) Limited and Enertech Holding Company KSC. Raqami intends to meet the evolving needs of modern retail banking clients with a focus on building trust and transparency.

About Haball:

Haball is a prominent Pakistani fintech company transforming B2B payments and supply chains through embedded finance. Haball collaborates with banks, corporations, and distributors to digitize transactions and facilitate credit and liquidity access for SMEs through secure infrastructure.