National Bank of Pakistan (NBP) announced that they have upgraded their pool management system with ten-year-long partner Codebase Technologies (CBT).
NBP is a subsidiary of State Bank of Pakistan (SBP), a government owned commercial bank. It holds roughly $17.2 billion in assets. The announcement said,
“[The upgrade] will help our Islamic banking division to be more transparent to our customers”
Dubai-based CBT is an open banking provider which provides both conventional and sharia-compliant banking solutions. CBT’s managing partner, Raheel Iqbal, says the upgrade “promises to set an industry standard for Islamic banking in the country”.
He adds that it will allow Islamic banks to have a deeper visibility into their asset, liability and depositor profiles. NBP also intends to use the upgrade to develop new deposit products.
CBT says the new version of its ‘DigibancTM PoolSmart’ brings the bank “a modern technology stack coupled with highly customisable data driven models”.
A bank spokesperson says the upgrade allows it to manage profit distribution in real time whilst honouring sharia law.
“[The upgrade] will help our Islamic banking division to be more transparent to our customers”, the bank adds.
Source: Fintech Futures