Karachi, Pakistan – August 26, 2024 – Risk Associates, a leading accredited management systems certification body, has signed an agreement with Raqami Islamic Digital Bank Limited (RIDBL) to provide ISO/IEC 27001:2022 compliance certification.
The signing ceremony took place at Raqami Bank’s office in Karachi, with Mr. Kashif Hassan, Managing Director of Risk Associates, and Mr. Umair Aijaz, CEO of Raqami Islamic Digital Bank Ltd (RIDBL), formalising the partnership.
In light of the State Bank of Pakistan’s (SBP) circular on enhancing the security of digital banking products and services, the implementation of the ISO 27001 security framework has become essential for banks. By engaging Risk Associates, Raqami Bank aims to demonstrate their adherence to these regulatory requirements and reinforce its commitment to maintaining the highest standards of information security.
| Group Photo from the Raqami Islamic Digital Bank Signing Ceremony
Mr. Kashif Hassan – Managing Director of Risk Associates, remarked: “Implementing an effective Information Security Management System (ISMS) is foundational for any digital bank operating in today’s environment. This partnership marks a significant milestone for Raqami Bank in demonstrating their commitment to information security and will enable us to verify and confirm the effective implementation of robust security frameworks that safeguard sensitive information. The implementation of ISO/IEC 27001:2022 will not only enhance its compliance posture of Raqami Bank but also reinforce its commitment to maintaining the highest standards of information security in the digital banking sector across Pakistan’s financial sector.”
Umair Aijaz, CEO, Raqami Islamic Digital Bank Ltd., commented on the partnership, “At Raqami Bank, we are committed to safeguarding our clients’ data with the highest standards of security. Our collaboration with Risk Associates to achieve ISO/IEC 27001:2022 compliance is a testament to this commitment. This certification will further enhance our ability to deliver secure and Shariah-compliant digital banking services to our valued customers.”
Syed Alay Raza, Group Head / CISO, Raqami Islamic Digital Bank Ltd., added, “Implementing ISO/IEC 27001:2022 is a significant step forward to establishing an information security management framework. It will not only align us with global best practices but also strengthen our overall security posture against the ever-growing threats in the cyber world.”
Benefits of ISO/IEC 27001:2022 Compliance for Raqami Bank
– Regulatory Compliance: Align with the stringent information security requirements set forth by the SBP and other regulatory bodies.
– Enhanced Cybersecurity: Strengthen the bank’s defenses against cyber threats by improving its organisational information security structure.
– Increased Trust: Minimise human errors and build higher levels of trust among clients and stakeholders by demonstrating effective security practices.
– Security Awareness: Elevate the security consciousness among employees and clients, fostering a culture of security within the bank.
ABOUT
Risk Associates
Risk Associates is a leading information security management systems certification body accredited by UKAS to provide ISO/IEC 27001 certifications. It also offers assessments against various standards, including Payment Card Industry standards such as PCI DSS, PCI SSF, PCI PIN, PCI 3DS, and C.S.A., Offensive security testing services such as Penetration Testing, Vulnerability Scans, Red Teaming, Managed Services, SOC I, and II. With a legacy spanning two decades, Risk Associates is committed to mitigating risks and delivering comprehensive compliance, testing, audits, and certifications.
About
Raqami Islamic Digital Bank LTD.
At Raqami, we actively nurture the vision of a transformative banking landscape—one where accessibility evolves into empowerment. Our mission is unequivocal: to pioneer customer-centric, Shariah-compliant digital banking in Pakistan. We are not merely reimagining banking; we’re fundamentally reshaping it, ushering in new standards for seamless digital experiences. Through the fusion of cutting-edge technology and an unwavering commitment to financial inclusivity, we fashion tailored solutions for the unbanked and underbanked. Our journey is rooted in trust, innovation, and sustainability—a promise to elevate our customers across all dimensions of life.
