Pakistan Kuwait Investment Company (PKIC) partners with Systems Limited and Temenos for Core Banking Transformation
October 17, 2024
Karachi, Pakistan, 17 October 2024 – Pakistan Kuwait Investment Company (Pvt) Limited (PKIC), the largest development financial institution in Pakistan, has signed an agreement with Systems Limited to implement Temenos Core Banking platform. This strategic collaboration will enhance PKIC’s capabilities across its product portfolio.
PKIC, established in 1979 as a joint venture between the Governments of Pakistan and Kuwait, has been instrumental in promoting industrial activity through equity and debt investments. PKIC is a key player in Pakistan’s development financing landscape.
Under this agreement, Systems Limited will implement Temenos Core Banking platform for PKIC along with comprehensive Investment, structured financial and treasury products. PKIC will also commence shariah compliant business operations on the core banking as per SBP directives. Systems will also integrate FCM, ERP and other regulatory channels. Systems Limited’s Islamic Pakistan Model bank offering will enable PKIC to comply with local market regulations and practices.
This transformation will support PKIC’s ongoing mission to support priority sectors of the economy including technology, infrastructure, power, housing, and tourism with innovative and traditional financing solutions.
With this transformation, PKIC will be equipped to provide innovative financial and investment products faster, enhance operational efficiency, improve customer experience, and support the institution's vision of facilitating the expansion and modernization of its customers. The implementation of advanced analytics and data management tools will empower PKIC to make data-driven decisions, optimize its financial services, and strengthen its position in the market. Furthermore, the adoption of Islamic banking will enable PKIC to cater to the growing demand for Shariah-compliant financial products, reinforcing its commitment to inclusive growth and financial stability.
On this occasion, Saad Ur Rahman Khan, Managing Director, PKIC said: "We are thrilled to collaborate with Systems Limited on this transformative journey. This partnership is a key driver for PKIC's vision of supporting priority sectors of the economy, including infrastructure, power, technology, housing, and tourism. By integrating the modern platform of Temenos, we are reinforcing our commitment to delivering innovative financial services that meet the evolving needs of our clients and stakeholders."
Ammara Masood, Global Industries GM BFS, Systems Limited said: "As a leader in digital transformation, Systems Limited is proud to support PKIC in this modernization journey. Our extensive experience and expertise in implementing mission critical systems in Islamic banks and financial institutions across diverse regions and client bases uniquely position us to drive this transformation. We look forward to enabling PKIC to meet the evolving needs of the small and medium enterprises and contribute to the growth of sectors through the platform vital for long term development”
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