BankIslami wins US case

KARACHI: BankIslami, Pakistan’s leading Islamic finance institution, won a restitution case in the US as one of the victims of a cybercrime that occurred in 2018, a statement said on Friday.

The proceedings were initiated by the US Department of Justice and on September 7, 2021, the court sentenced the culprit to 140 months in prison and to pay $30 million to the victims, including BankIslami.

The bank submitted its claim in this case and successfully defended its case on foreign soil. This case is an exemplary achievement of how the right legal expertise, especially with respect to forensics, international law, and cybersecurity could provide remediation even abroad for Pakistani entities.

BankIslami President and CEO Syed Amir Ali said cybercrimes were one of the most pressing challenges, especially for financial institutions these days. It was only recently that this has reared its head significantly.

“At BankIslami, we have continuously made efforts to upgrade and revamp our cybersecurity infrastructure through investments of resources and technical expertise. We are grateful to our customers and stakeholders for their constant trust in our services and we make sure to live up to their expectations,” he added.