Monday, 31 Aug, 2015 :

Karachi, September 2015: Faysal Bank Limited, Barkat Islamic Banking, one of the leading Islamic Banking divisions in Pakistan will be acquiring “Al-Qist”, a dynamic, user friendly and Shariah Compliant Islamic Banking software, developed, designed and implemented by Arittek Limited.

“Al-Qist”, having the capability to be integrated on any core banking platform, will cater to all requirements of Barkat Islamic Banking pool management requirements related to allocation of (a) Deposits, (b) Financing, Investments and Placements, (c) Equity (d) Income and Expenses and (e) Movement of Assets to/from different pools under Pool Management and Profit Distribution policy framework.

Furthermore, this system will ensure that all Barkat Islamic Banking – Pool Management is executed in line with the regulatory requirements defined by the State Bank of Pakistan (SBP) and Shariah principles.

Mr. Hasan Junaid Nasir – Head Islamic Banking, Faysal Bank Limited said, “We are very pleased to enter into this venture and acquiring of “Al-Qist” from Arittek Limited. We are confident that through this system automation we will deliver improved services to our customers and adding another success to Faysal Bank Barkat Islamic Banking.”

About Faysal Bank Limited:

Faysal Bank Limited was incorporated in Pakistan on October 3rd, 1994 as a public Limited company under the Companies Ordinance, 1984. Faysal Bank Limited launched “Barkat”, an Islamic banking division in 2009, providing Shariah Compliant products i.e. deposit products, asset products, treasury products, and services to a niche target market of Shariah compliant mindset individuals and entities.

Today, Faysal Bank Barkat Islamic Banking is spread over a network of 63 branches and 1 sub branch in 29 cities across Pakistan.

About Arittek:

Arittek was founded on a simple insight, to serve the always-connected world by creating and nurturing smart technology solutions aimed at business excellence. At Arittek we have an insatiable appetite for thinking about what’s now and what’s coming next. We are fast and responsive to the changing world of business and believe strongly in the insights of consumers to deliver smart ideas and technology solutions that drive your businesses, regardless of channel or geography.

Press contacts:

Communications Team
Faysal Bank Limited
111-747-747