Raqami Islamic Digital Bank and Haball join hands to launch Shariah compliant embedded finance for Pakistan’s SME sector

In a major milestone for Pakistan’s digital financial ecosystem, Raqami Islamic Digital Bank, the country’s first Islamic digital bank, has partnered with Haball, a pioneering fintech focused on B2B supply chain digitisation, to roll out Shariah-compliant, embedded supply chain financing targeted at addressing key pain points of small and medium enterprises (SMEs).

By embedding Islamic financing options directly within the corporate’s existing supply chain workflows, the platform provides SMEs access to collateral-free liquidity based on their receivables and purchase orders—without the friction of traditional financing applications and pledging of assets.

The partnership responds to a critical national need: despite contributing over 40% to GDP and employing the majority of the workforce, over 90% of Pakistan’s SMEs remain financially underserved.

Through this partnership, Raqami’s SME customers will be able to use Haball’s
platform to operationalise a digitally native finance model that empowers SME businesses with access to working capital, precisely when and where it’s needed—within existing business workflows.

This initiative supports a cornerstone of the State Bank of Pakistan’s financial inclusion roadmap and promotes innovation and digitisation in the sphere of Supply Chain Finance.

Key features of the Raqami - Haball partnership entail:

• End-to-end digital onboarding and Shariah- compliant KYC
• Murabaha-based financing structures for fresh purchase orders
• Seamless integration with ERPs, anchor-led ecosystems and distributor networks
• Instant disbursements through embedded Islamic financing rails, ensuring immediate liquidity and cashflow relief
• AI-powered credit assessment based on actual cash flows and transaction history, reducing dependency on static credit scording
• Full audit trails and real-time exposure tracking, ensuring compliance, transparency, and control for both financiers and anchors

Umair Aijaz, CEO of Raqami Islamic Digital Bank quoted:

Our mission at Raqami is to reimagine Islamic banking through innovation. This partnership with Haball enables us to bring Shariah-compliant embedded finance to the very heart of Pakistan’s supply chains—empowering SMEs to enjoy real, tangible access to capital and growth, without compromising their values.

Omer Bin Ahsan, Founder and CEO of Haball, added:

At Haball, we’ve always believed that the future of finance lies in embedded, contextual offerings. By partnering with Raqami, we are embedding Islamic finance into the transactional core of the existing SME ecosystem—democratising access to capital and accelerating supply chain transparency.

About Raqami Islamic Digital Bank
Raqami Islamic Digital Bank Limited is Pakistan’s first Islamic digital retail bank, awarded a Restricted License by the State Bank of Pakistan to commence Pilot Operations under the Licensing and Regulatory Framework for Digital Banks. Raqami aims to offer inclusive, Shariah-compliant financial solutions through a digitally innovative, tech-first approach.

The bank is backed by Pakistan Kuwait Investment Company (Private) Limited and Enertech Holding Company KSC, a subsidiary of Kuwait’s sovereign wealth fund, Kuwait Investment Authority. With a vision to build trust and transparency, Raqami intends to serve the evolving needs of modern retail banking customers.

About Haball
Haball is a leading Pakistani fintech transforming B2B payments and supply chains through embedded finance. Haball works with banks, corporates, and distributors to digitise transactions and enable access to credit and liquidity for SMEs through secure, real-time infrastructure.