Faysal Bank signs agreement to facilitate foreign trade

Faysal Bank signs agreement to facilitate foreign trade

KARACHI: Faysal Bank Limited has signed an agreement to facilitate foreign trade in an automated environment, according to a statement issued Thursday.

In line with the bank’s core value of innovation through process automation, Faysal Bank Limited has entered into an agreement with AKS IQ for the development and implementation of a state-of-the-art trade solution.

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The innovative solution will help Faysal Bank Limited to execute import and export transactions in a highly automated environment and provide flexibility to perform checks on price verifications, vessel tracking, dual use of goods etc. through pre-defined checks, validations, workflows, and reference data sources.

The investment in automation systems and processes will lead to significant improvement in overall service standards and improved customer experience while optimizing and helping bring risk levels significantly down.

The bank would be able to effectively manage the existing Risk portfolio, mitigate operation risk issues, compliance issues and also facilitate improve decision-making across key departments through more robust data-driven valuations.

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Speaking at the signing ceremony, Syed Muhammad Fraz Zaidi (Head of Operations) said: “For Faysal Bank, technology as an enabler is a key focus area. We have invested significantly in this area and are now starting to reap the benefits. As we automate and digitize our products and services delivery mechanisms, we will be able to serve our customers even better and improve on efficiencies.”

Faysal Bank Limited carries the highest local Sharia rating of SCFR1 by the International Islamic Rating Agency (IIRA) and provides the best and widest range of Shariah-compliant banking products and services to meet their customer’s Halal banking needs with convenience. With an expanding network of almost 700 Islamic branches, Faysal Bank Limited has a footprint in 253 cities/towns across Pakistan.

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