Meezan Bank, Pakistan’s first and largest Islamic bank, has selected Bahrain-based BenchMatrix Solutions, an advisory services and software solutions provider, for implementation of its state-of-the-art financing origination system (FOS).

The application, Risk Nucleus Financing Origination System, will automate the end-to-end cycle of financial request review and will be implemented at Meezan Bank’s 571 branches across Pakistan, said a statement.

Implementation of this automated work-flow-based system will accelerate Meezan Bank’s financing approval process by digitizing the currently used manual system and allow the bank to go paperless. It will also improve process efficiency levels by providing the bank with more system-based controls and reducing the overall time it takes for taking a decision on a financing request, the statement said.

The signing ceremony was attended by Meezan Bank CEO/president Irfan Siddiqui; chief risk officer Syed Tariq Hassan; chief information officer Faiz Ur-Rehman; and from BenchMatrix chairman Kamran Shahzad and CEO Irfan Fazli.

BenchMatrix Solutions has representative offices in Pakistan and Canada.  - TradeArabia News Service