KARACHI, November 26, 2024: Meezan Bank Limited, Pakistan’s first and largest Islamic banking institution, has announced a transformative partnership with Systems Limited and Temenos to upgrade its Core Banking Platform. The modernization effort, unveiled at the “Bank of the Future Forum 2024,” aims to position Meezan Bank at the forefront of Islamic banking innovation.
The event was graced by industry leaders, including Irfan Siddiqui, Founding President & CEO of Meezan Bank; Syed Amir Ali, Deputy CEO; Faiz ur Rehman, Group Head IT at Meezan Bank; Asif Peer, Group CEO & MD of Systems Limited; and Ammara Masood, Global Industries GM BFS at Systems Limited.
This partnership builds on a history of successful collaborations between Meezan Bank, Systems Limited, and Temenos. Notable past achievements include the development of a Financing Origination System for consumer services, implementation of IBM’s Enterprise Service Bus, the Roshan Digital Accounts initiative, and innovation-focused design workshops.
The primary focus of the modernization is to upgrade Meezan Bank’s core banking system to the latest version of Temenos software, incorporating customizations tailored for Islamic banking. The initiative also aims to enhance compatibility with existing interfaces and modernize the bank’s overall infrastructure. Systems Limited will leverage its Pakistan Model Bank (PKMB) framework to provide pre-packaged functionalities and localized templates, ensuring an efficient and seamless transition.
Driving Innovation in Islamic Banking
This upgrade underscores Meezan Bank’s commitment to maintaining its leadership in Islamic banking by adopting cutting-edge technologies. The transformation will enable the bank to improve operational efficiency, accelerate the launch of new products, and deliver an enhanced Sharia-compliant banking experience to its customers.
Key Voices on the Collaboration
- Ammara Masood, GM Global Industries BFS, Systems Limited: “At Systems Limited, we aim to lead digital transformation for financial institutions globally. Through our Pakistan Model Bank framework, we are helping Meezan Bank modernize its operations and deliver next-generation Islamic banking solutions.”
- Syed Amir Ali, Deputy CEO, Meezan Bank: “Meezan Bank is committed to shaping the future of Islamic banking through innovation and technology. This partnership with Systems Limited ensures we remain customer-centric and Sharia-compliant while meeting evolving market needs.”
- William Moroney, Chief Revenue Officer, Temenos: “This upgrade highlights Meezan Bank’s dedication to adopting modern technology to deliver superior Islamic financial products. With Temenos’ advanced solutions, Meezan Bank can enhance efficiency, introduce products faster, and continue to lead in Islamic banking.”
Meezan Bank’s initiative is poised to reinforce its reputation as a pioneer in Islamic banking, setting a benchmark for innovation and excellence in the financial sector.
