Pakistan Kuwait Investment Company partners with Systems Limited and Temenos for core banking transformation

KARACHI: The Pakistan Kuwait Investment Company (Pvt) Limited (PKIC), a development financial institution in Pakistan, has entered into a strategic partnership with Systems Limited to implement the Temenos Core Banking platform. This collaboration aims to enhance PKIC’s capabilities across its extensive product portfolio.

Established in 1979 as a joint venture between the governments of Pakistan and Kuwait, PKIC has played a vital role in promoting industrial activity through both equity and debt investments. As a key player in Pakistan’s development financing landscape, PKIC is set to benefit significantly from this transformation.

Under the terms of the agreement, Systems Limited will implement the Temenos Core Banking platform for PKIC, along with a comprehensive suite of investment, structured financial and treasury products. PKIC will commence Sharia-compliant business operations in accordance with directives from the State Bank of Pakistan (SBP). Systems Limited will also integrate various regulatory channels, including FCM and ERP, to streamline operations.

This transformation aligns with PKIC’s ongoing mission to support priority sectors of the economy, including technology, infrastructure, power, housing and tourism, by offering both innovative and traditional financing solutions.

With the new system in place, PKIC will be positioned to provide innovative financial and investment products more swiftly, enhance operational efficiency, improve customer experiences, and facilitate the expansion and modernization of its clientele.

The implementation of advanced analytics and data management tools will empower PKIC to make data-driven decisions, optimize its financial services, and strengthen its market position. Moreover, the adoption of Islamic banking will enable PKIC to cater to the growing demand for Sharia-compliant financial products, reinforcing its commitment to inclusive growth and financial stability.

On this occasion, Saad-ur-Rahman Khan, managing director of PKIC, expressed enthusiasm about the collaboration. “This partnership is a key driver for PKIC’s vision of supporting priority sectors of the economy, including infrastructure, power, technology, housing, and tourism. By integrating the modern platform of Temenos, we are reinforcing our commitment to delivering innovative financial services that meet the evolving needs of our clients and stakeholders,” Khan stated.

Ammara Masood, Global Industries GM BFS at Systems Limited, also shared her thoughts on the partnership. “As a leader in digital transformation, Systems Limited is proud to support PKIC in this modernization journey. Our extensive experience and expertise in implementing mission-critical systems in Islamic banks and financial institutions across diverse regions and client bases uniquely position us to drive this transformation,” Masood said.