MUZAFFARABAD: In a major step towards digital modernisation, the state-run Bank of Azad Jammu and Kashmir (BAJK) has signed an agreement with a consortium of four national and international companies for the procurement and installation of Core Banking and Digital Channels Software.

“The move will enhance the bank’s operational efficiency, improve customer experience, ensure regulatory compliance and strengthen its competitiveness in an increasingly digital financial landscape,” said Shahid Shahzad Mir, BAJK president and chief executive officer, in a statement on Saturday.

The statement came a day after the signing ceremony was held in Islamabad in the presence of AJK Prime Minister Chaudhry Anwarul Haq, Legislative Assembly Speaker Chaudhry Latif Akbar, Minister for Finance and BAJK Chairman Abdul Majid Khan, several cabinet members, senior government officials as well as representatives of the consortium and the bank’s management.

The consortium, known as iConsult Consortium, comprises four renowned companies, each bringing specialized expertise to the transformative project.

Among them, Silverlake, a Malaysia-based global leader in banking software solutions, will provide the core banking and digital platforms; iConsult, the lead bidder and Silverlake’s authorised sales partner in Pakistan, will oversee project execution and coordination; Mega Plus, an Islamabad-based firm, will supply the necessary IT infrastructure; and ITANS, based in Karachi, will handle licensing and support services.

“The partnership heralds the beginning of a new era for BAJK, destined to emerge as a premier financial institution dedicated to promoting socio-economic development across the state,” Mr Mir said.

“With the implementation of cutting-edge core banking and digital technologies, we aim to deliver enhanced services to our valued customers, expand financial inclusion, and increase our contribution to the region’s development,” he added.

Established by the government through an Act of the Legislative Assembly in 2005, BAJK formally began operations in 2006. It currently operates 88 branches across the region.

The new core banking system and digital channels will enable the bank to offer real-time services, improved user experiences, and scalable operations aligned with international best practices.

In a message, PM Haq termed the signing of the agreement a result of a long-awaited process, and reiterated his government’s commitment to modernizing the bank and aligning it with contemporary financial standards.

He vowed that the government would extend full support to the bank in its technological transformation, expansion of its network across AJK and Pakistan, and eventual transition into a scheduled bank.

Published in Dawn, July 13th, 2025