CBS implementation: BAJK, Malaysia tech consortium sign contract agreement
ISLAMABAD: The Bank of Azad Jammu and Kashmir (BAJK), on Friday, signed a contract agreement with Malaysia-based global technology consortium Silverlake to implement a state-of-the-art “Core Banking System (CBS)” envisaging digital transformation, enhance efficiency, improve customer experience, and enable the rollout of innovative digital services.
The contract-signing ceremony, held here on Friday was attended among others by AJK Prime Minister Azad Kashmir Chaudhry Anwarul Haq, senior officials from BAJK and the Consortium partners, government representatives and key stakeholders from the financial and technology sectors marking a pivotal moment in the financial modernisation of the region.
The major technology upgrade is set to replace BAJK’s legacy systems with a modern, centralised, and real-time banking platform. The new CBS will integrate all of the bank’s operations, enhance efficiency, improve customer experience, and enable the rollout of innovative digital services. The CBS project will be rolled out in phases and is expected to fully operational across all BAJK branches within next 24 months. With a growing network of branches and commitment to development, BAJK plays a vital in the socioeconomic uplift of Azad Jammu and Kashmir.
Addressing on this occasion, Anwarul Haq reaffirmed the government’s commitment to utilising all possible resources to modernise the BAJK and align it with present day financial requirements.
Terming modernisation of the bank as a significant milestone in the financial sector, he said that the government will provide all resources for the development of the bank.
He said that the people of Azad Kashmir were eager to seeing this institution ranked among the country’s top banks. The PM further stated that the scope of AJK Bank would be further expanded. The government, he said, was determined to secure scheduled bank status for the institution.
"Today is a momentous occasion for Azad Jammu & Kashmir as we witness a strategic leap in our financial infrastructure. The agreement between BAJK and Silverlake is not merely a technological upgrade—it is a game-changer for our economy and a testament to our government’s commitment to digital progress,” Haq added.
Speaker Azad Jammu and Kashmir Legislative Assembly Chaudhry Latif Akbar said that the BAJK should enhance service delivery and create more facilities for the customers.
"With this transformation, BAJK is on its way to becoming a scheduled bank—a milestone that will elevate financial services in the region,” he added.
The President BAJK, Shahid Shahzad Mir, provided a detailed overview of the bank’s modernisation plans, the aims and objectives of the agreement. “Today marks a historic step forward for BAJK. The Core Banking System will not only strengthen our operational backbone but also allow us to serve our customers with speed, security, and innovation. This project is part of our broader vision to become a fully digital and customer-centric bank across Azad Jammu & Kashmir”, he added.
BAJK was established in 2005 under an Act passed by the Legislative Assembly of Azad Jammu and Kashmir. The bank with a network of 88 branches spread across the length and breadth of AJK, the Bank has a strong grassroots presence, ensuring banking access to remote and underserved areas. The growing branch network is evidence to the bank’s dedication to financial inclusion and community empowerment.
The bank has strong ties with the overseas diaspora, particularly in the Middle East and the United Kingdom which contributes significantly to remittances and economic activity in AJK, he added.
Implementing a core banking system (CBS) is very critical for the Bank to enhance operational efficiency, improve customer experience, ensure regulatory compliance, and remain competitive in an increasingly digital financial landscape.
iConsult consortium partners particularly, David Lim, Co-CEO of the Silverlake the principal solution Provider expressed their commitment to delivering a robust and scalable solution tailored to BAJK's requirements.
“We are proud to partner with BAJK in this transformation. David Lim – Co-CEO, Silverlake said that this partnership signifies a major digital transformation. Silverlake is committed to delivering a robust, scalable, and secure banking solution tailored to BAJK’s needs, ensuring compliance with global standards while empowering customers with real-time, 24/7 banking services.”
Our solution will support their growth and ensure compliance with global standards while empowering customers with real-time, anytime banking services, said Shahid Khan, lead partner.
Abdul Majid Khan, chairman of the BAJK, said the Bank has achieved remarkable financial results met all key performance targets and taken significant steps toward institutional excellence. We are committed to continue this momentum with unwavering dedication to transform the Bank of AJK into a scheduled bank from the State Bank of Pakistan. The Bank of AJK will not only emerge as the most profitable institution in the State, but will also play a key role in the socio economic development of JK, he added. Forewarning and digital readiness are the backbone of modern banking. This initiative lays the foundation for BAJK’s scheduled bank status, economic empowerment, and AJK’s digital development.
Copyright Business Recorder, 2025