In October 2016, Al Baraka Bank (Pakistan) Limited, a subsidiary of the Bahrain-based Al Baraka Banking Group (ABG), a leading international Islamic banking group, received approval from the State Bank of Pakistan (SBP) for amalgamation of Burj Bank Limited; one of Pakistan’s five full-fledged Islamic Banks into Al Baraka.
Prior to the merger Al Baraka Bank had 150 branches which have been powered by AutoSoft Dynamics’ purpose-built Shariah compliant Islamic Banking system, AutoIBANKER since 2006. Al Baraka had also implemented a range of AutoSoft’s vertical niche products for complete end-to-end automation including its Commercial and Consumer Islamic Financing (AutoIBANKER Islamic Financing), Trade Finance (AutoTRADE), Treasury (ADAMS) and Human Capital Management (AutoHRM) systems. A comprehensive MIS system is attachable to all of these modules, which allows for both Central Bank and management reporting. Conversely, 74 branches of Burj Bank Limited has been using Path Solutions iMAL system since 2013 to support its Islamic Banking Operations.
After a lengthy evaluation process, in February 2017, AutoSoft received the final approval from Al Baraka Bank to implement its product suite in the 74 Ex-Burj Bank Limited Branches. After completion of the system integration activities, AutoIBANKER will support Al Baraka Bank (Pakistan) Limited’s network of 224 branches, 208 ATM touch points with access in over 100 cities across Pakistan. AutoSoft team has initiated the implementation activities at Al Baraka Bank, which it plans to complete expediently using its strong and mature implementation & data migration.
On this milestone, Mr. Shafqaat Ahmed (CEO, Al Baraka Bank Pakistan) commented,“We are excited on the completion of this transformational merger with Burj Bank and appreciate the support provided throughout the evaluation process by both vendors. We see technology as a key enabler and have taken the strategic decision to deploy AutoSoft’s Islamic Banking System across the bank to continue to provide a platform to effectively and efficiently manage growth. The AutoIBANKER Suite enables us to provide innovative products and services to our customers in a cost effective manner. Coupled with the AutoSoft’s excellent local support services, the overall solution offers an integrated technology set that will enable a straightforward implementation and a platform that Al Baraka Bank can build on for future initiatives.”
On the occasion, Ms. Sadia Khan (CEO, AutoSoft) commented, “AutoSoft is delighted to be working with Al Baraka Bank Pakistan on this significant project and is deeply honored at the opportunity to enhance our decade old partnership with the bank. We look forward to utilizing our fast track implementation methodology to migrate the Ex-Burj Bank branches and support the bank in this key M&A activity thereby allowing it to leverage the benefits of the merger in the shortest possible time frame. We are confident that Al Baraka Bank Pakistan’s selection of AutoIBANKER will play an important role in ensuring that the bank is prepared for its future growth and expansion needs.”
More information about AutoSoft Dynamics (Pvt.) Limited is available atwww.autosoftdynamics.com