Pakistani financial firm Raqami Islamic Digital Bank plans to invest $100 million over the next five years as it gears up to start operations next month. The Karachi-based lender, which is backed by the Kuwait Investment Authority sovereign wealth fund, has completed its pilot phase and will start commercial operations in February, according to Chief Executive Officer Umair Aijaz. The digital bank...
Pakistani financial firm Raqami Islamic Digital Bank plans to invest $100 million over the next five years as it gears up to start operations next month. The Karachi-based lender, which is backed by the Kuwait Investment Authority sovereign wealth fund, has completed its pilot phase and will start commercial operations in February, according to Chief Executive Officer Umair Aijaz. The digital bank aims to attract at least a million customers within three years with a focus on small commercial lending. “We are very excited to explore this opportunity of a digital bank in the small- and medium-sized enterprise space,” Aijaz said in an interview in Karachi Wednesday. “Globally, it has already picked up with a lot of traction.” Pakistan is seeing a new wave in its financial sector after the central bank granted licenses to five new digital banks in 2023. The liberalization drive pits lenders with overseas backing, such as Telenor ASA ’s Easy Paisa and the United Arab Emirates’ Mashreqbank PSC , which has already started operations, against local lenders Hugo Bank and Buraq Bank Pakistan. The lenders will initially operate under certain limitations but will be eligible to upgrade to a fully fledged digital bank license in three years that will allow them to do corporate banking. Raqami intends to invest most of the planned $100 million in people, technology and information security. It has already spent 8 billion rupees ($28.6 million) to bring it to the launch phase. The bank will focus on lending to small- and medium-sized enterprises, independent entrepreneurs and others segments that find it difficult to get loans, said Aijaz. The bank plans to break even in four years. Kuwait’s sovereign wealth fund owns a stake in one of Pakistan’s largest lenders, Meezan Bank Ltd.
Russian President Vladimir Putin claimed Ukraine's losses are eight times higher than those of Russia during an interview with Chinese media. Ludovic Marin | Afp | Getty Images An "abnormal hatred" between Russia and Ukraine's leaders remains a barrier to ending the war, but a peace deal is getting closer, President Donald Trump said as he prepares to resume his peacemaker role. "There's tremendou...
Russian President Vladimir Putin claimed Ukraine's losses are eight times higher than those of Russia during an interview with Chinese media. Ludovic Marin | Afp | Getty Images An "abnormal hatred" between Russia and Ukraine's leaders remains a barrier to ending the war, but a peace deal is getting closer, President Donald Trump said as he prepares to resume his peacemaker role. "There's tremendous hatred between President Zelenskyy and President Putin. That's not good. That's not good for settlements," Trump told the World Economic Forum in Davos, Switzerland, on Wednesday. "There's abnormal hatred. With that being said, I think Russia wants to make a deal. I think Ukraine wants to make a deal, and we're going to try getting a deal done," he said, adding: "If they don't, they're stupid." Trump is due to meet Ukrainian President Volodymyr Zelenskyy in Davos on Thursday, while Special Envoy Steve Witkoff and Trump's son-in-law Jared Kushner are set to meet Russian President Vladimir Putin in Moscow later in the day. Trump said both sides were "reasonably close" to a deal, while Witkoff told CNBC Wednesday that "land deals" over Ukraine were a last sticking point to ending the almost four-year long war. Witkoff made further comments on the progress of negotiations on Thursday, telling an audience in Davos that one last issue remained. "So if both sides want to solve this, we're going to get it solved," Witkoff said, in comments reported by Reuters. Europe on the sidelines Europe remains largely frozen out of U.S.-Russia-Ukraine discussions to end the conflict despite attempts to advocate for Kyiv in order to prevent unfovorable peace terms being foisted on its neighbor. While Trump and his colleagues appear to believe Putin is ready and willing to agree to a ceasefire, Ukraine and other regional leaders are skeptical, saying Russia's manpower advantage on the battlefield and incremental advances means it is willing to continue the war and is playing for time by drawin...
In this podcast, Jay Chaudhry, CEO, chairman, and founder of Zscaler, talks about entrepreneurship, AI, and the business of Zscaler with Motley Fool co-founder and CEO Tom Gardner.
In this podcast, Jay Chaudhry, CEO, chairman, and founder of Zscaler, talks about entrepreneurship, AI, and the business of Zscaler with Motley Fool co-founder and CEO Tom Gardner.
Li Auto Inc. (NASDAQ:LI) is among the 7 Best EV Battery Stocks to Buy Now. On January 16, 2026, TheFly reported that Macquarie kept its Underperform rating and dropped its price objective for Li Auto Inc. (NASDAQ:LI) from $17 to $15. The firm stated that significant cash discounts on long-range electric car models, such as […]
Li Auto Inc. (NASDAQ:LI) is among the 7 Best EV Battery Stocks to Buy Now. On January 16, 2026, TheFly reported that Macquarie kept its Underperform rating and dropped its price objective for Li Auto Inc. (NASDAQ:LI) from $17 to $15. The firm stated that significant cash discounts on long-range electric car models, such as […]