Faysal Bank joins forces for state-of-the-art consumer-credit decision engine

Faysal Bank (FBL), one of Pakistan’s premier Islamic banks, has partnered with DataCheck, forming the industry’s first collaboration for “Hosted Decision Engine,” licensed by Qarar. Through this initiative, the Bank aims to enhance process efficiency in the consumer digital lending space through advanced credit-scoring techniques for the enablement of instant decision-making.

The signing ceremony took place at Faysal Bank Head Office, attended by Mr. Yousaf, President and CEO of Faysal Bank; Mr. Raheel Ijaz- Chief Operating Officer of Faysal Bank; Mr. Tariq Jan-CEO DataCheck; Mr. Zaid Kamhawi-CEO Qarar, along with other senior management representatives from Faysal Bank, DataCheck and Qarar.

Speaking at the occasion, Mr. Yousaf Hussain, President & CEO of FBL, said, “We feel privileged to collaborate with DataCheck and Qarar for this pioneering initiative. By harnessing the collective strength of our industry peers, we aim to deliver superior customer experiences, leveraging the latest advancements in ‘Automated Credit Decisioning’ technology. At Faysal Bank, we strive to offer an inclusive and dynamic Banking experience. We are optimistic that this collaboration will play a key role in expanding the digital lending ecosystem in Pakistan.”

Reiterating the importance of data-driven decision-making, Tariq Jan, CEO of DataCheck, said, “We are delighted to partner with Qarar to host a much-needed credit decisioning solution for the industry, with Faysal Bank being the first to go. It has immense value for the lender since DataCheck and Qarar’s teams manage the end-to-end solution, enabling automated decisions for Faysal Bank’s customers.”

Commending the efforts of Faysal Bank, Zaid Kamhawi, CEO of Qarar, said, “We’re excited to welcome and onboard Faysal Bank as our first hosted-decisioning customer in Pakistan. Qarar’s proven expertise and deployment of DecisionSmart in other markets has created a robust platform whereby our hosted solutions can quickly and easily streamline the credit lifecycle, and we look forward to creating a success story with Faysal Bank as our esteemed partner.”

Faysal Bank stands dedicated to fostering a digitally empowered and accessible financial environment. ‘Automated Credit Decisioning,’ powered by sophisticated algorithms and data analysis, is set to redefine the speed and accuracy of the traditional lending model, thereby expediting the approval process for customers while maintaining stringent risk management protocols.