KARACHI, May 10: Bank Alfalah on Wednesday signed an agreement with a consultancy firm to implement Basel-II banking reforms. Shad Qureshi, country head, risk management division of Bank Alfalah, and Ahmed Adil, partner, Ernst and Young Middle East, signed an advisory contract to enhance the bank’s risk management strategy in pursuance of the new capital adequacy accord, Basel-II. Saleem Akhtar, CEO of Bank Alfalah, was also present on the occasion.

Mr Akhtar said the implementation of Basel-II would improve the risk management ability of the bank. He appreciated the team of the bank which made it as the fastest growing bank in the industry.

Shad Qureshi, who will head the project for implementation of Basel-II accord, said the implementation was not being done just to satisfy the State Bank but the purpose was to adopt best international practices to enhance stakeholders’ value.