KARACHI: One of the top Islamic banks in Pakistan, Faysal Bank (FBL), has teamed up with DataCheck to develop the first industry partnership for a “Hosted Decision Engine,” licensed by Qarar. By using sophisticated credit-scoring techniques, the Bank hopes to improve process efficiency in the consumer digital lending market and facilitate quick decision-making.At the signing ceremony, senior management representatives from Faysal Bank, DataCheck, and Qarar were present, including Mr. Yousaf Hussain, President and CEO of the bank, Mr. Raheel Ijaz, Chief Operating Officer of the bank, Mr. Tariq Jan, CEO of DataCheck, and Mr. Zaid Kamhawi, CEO of Qarar.Speaking at the event, Mr. Yousaf Hussain, President and CEO of FBL, stated, “We are honored to be working with DataCheck and Qarar on this ground-breaking project. We want to provide our customers with the best possible experiences by utilizing the newest developments in “Automated Credit Decisioning” technology and the combined strength of our industry peers. Our goal at Faysal Bank is to provide a dynamic and inclusive banking experience. We have high hopes that this partnership would be crucial to the development of Pakistan’s digital lending sector.Tariq Jan, CEO of DataCheck, emphasized the significance of data-driven decision making, saying, “We are thrilled to collaborate with Qarar to offer an industry-wide credit decisioning solution, with Faysal Bank leading the way.” Given that DataCheck and Qarar’s teams oversee the entire solution, it offers the lender enormous value and allows for automated decision-making for the client of Faysal Bank.Zaid Kamhawi, CEO of Qarar, praised Faysal Bank’s efforts and stated, “We’re thrilled to welcome and onboard Faysal Bank as our first hosted-decisioning customer in Pakistan.” We look forward to building a successful partnership with Faysal Bank as our esteemed partner because of Qarar’s demonstrated experience and deployment of DecisionSmart in other markets, which have developed a sturdy platform that allows our hosted solutions to swiftly and simply expedite the credit lifecycle.
Faysal Bank is committed to creating an accessible and technologically empowered financial environment. “Automated Credit Decisioning,” which is fueled by complex algorithms and data analysis, is poised to revolutionize the traditional lending model’s speed and accuracy. This will enable clients to get approved more quickly while still adhering to strict risk management guidelines.
