Meezan Bank Limited selects Systems Limited and Temenos to modernize its Core Banking

Meezan Bank, Pakistan’s leading and first Islamic banking institution, has partnered with Systems Limited and Temenos to modernize its Core Banking Platform. This significant upgrade to the latest Temenos release was formalized at the “Bank of the Future Forum 2024,” a flagship event attended by prominent leaders, including Irfan Siddiqui, Founding President & CEO of Meezan Bank; Syed Amir Ali, Deputy CEO; Faiz ur Rehman, Group Head Information Technology; Asif Peer, Group CEO & MD of Systems Limited; and Ammara Masood, Global Industries GM BFS at Systems Limited. 

This initiative is the latest milestone in the long-standing collaboration between Meezan Bank, Systems Limited, and Temenos, which has seen several successful projects aimed at enhancing the bank’s technological framework. Notable past initiatives include the development of a custom-built Financing Origination System for consumer services, the implementation of IBM’s Enterprise Service Bus as a central hub for the bank’s services, the Roshan Digital Accounts project, and various design workshops focused on innovation. 

The primary driver behind this modernization effort is Meezan Bank’s commitment to staying at the forefront of technological progress to better serve its customers with an enriched suite of Sharia-compliant financial products. 

As part of this project, Meezan Bank and Systems Limited, managing respective work areas between the two entities, will undertake several key initiatives including the technical upgrade of the core banking system to the latest Temenos release, ensuring compatibility with existing interfaces, introducing new customizations for Islamic banking, and modernizing the bank’s infrastructure.  

Systems Limited will leverage PKMB framework to offer pre-packaged functionalities and localized templates tailored to meet the specific needs of Pakistani financial institutions, allowing for efficient and minimally disruptive modernization efforts. 

The transformation will enable Meezan Bank to maintain its edge in operational efficiency, expedite new product launches, and deliver a seamless, Sharia-compliant customer experience.
 
Ammara Masood, GM Global Industries BFS at Systems Limited, stated, “At Systems Limited, our goal is to drive the digital transformation of financial institutions worldwide. With our Pakistan Model Bank framework, we are supporting Meezan Bank in leveraging cutting-edge technology to enhance their operations and deliver next-generation Islamic banking solutions.” 

Syed Amir Ali, Deputy CEO of Meezan Bank, commented, “Meezan Bank is committed to leading the future of Islamic banking through innovation and technology. Partnering with Systems Limited ensures we remain agile and customer-focused, capable of meeting current and future market needs while upholding our Shariah principles.” 

William Moroney, Chief Revenue Officer, Temenos, said: "We are proud to deepen our long-standing partnership with Meezan Bank as it upgrades to the latest version of Temenos’ core banking software. This move reflects Meezan Bank’s commitment to adopting modern technology to offer better, Sharia-compliant financial products to its customers. With Temenos’ advanced and localized solutions, Meezan Bank can improve efficiency, bring new products to market faster, and continue to lead in Islamic banking.”