Announcing a business partnership with Faysel Bank and DataCheck
Faysel Bank has signed an agreement with DataCheck, Pakistan’s premier credit bureau, forming the industry’s first partnership for a hosted decision engine, DecisionSmart. Licensed by Qarar, DecisionSmart will enable Faysal Bank, a leading commercial and Islamic bank in Pakistan, to get instant decisions on loan applications that are run through application scores and bureau scores, as well as credit and regulatory checklists. The hosted solution provides the Bank with the ability to handle large volumes of transactions with speed, accuracy, and objectivity. It is a scalable “pay-as-you-go” solution that does not require capital investment from the Bank.
Zaid Kamhawi (CEO of Qarar), Raheel Ijaz (COO of Faysal Bank), and Tariq Nasim Jan (CEO of DataCheck Ltd) signed the agreement. The signing ceremony was attended by Junaid Khatri (Regional Sales Head at Qarar), Yousaf Hussain (CEO & President of Faysal Bank), Syed Amin-ur-Rahman (Chief Digital Officer at Faysal Bank), Aneeq Malik (Group Head of Consumer Finance at Faysal Bank), Mahwish Saad Khan (Commercial Head at DataCheck Ltd), Owais Patel (Sales Head at DataCheck Ltd), and other senior officials from both organizations.
Tariq Jan said, “We are delighted to partner with Qarar to host a much-needed credit decisioning solution for the industry, with Faysal being the first to go. There is immense value in it for the lender because the end-to-end solution is managed by DataCheck and Qarar’s teams and does not require technical expertise of the bank.”
Mr. Yousaf Hussain, CEO & President of Faysal Bank, stated, “The collaboration will enable us to offer a more inclusive and dynamic Banking experience and will play a key role in the expansion of digital lending ecosystem in Pakistan”.
Mr. Junaid Khatri added, “Through DecisionSmart, Qarar is bringing a very cost-effective credit decisioning capability that can lower lenders’ acquisition costs and enable them to pass on the benefits to end consumers.”
Qarar’s increasing presence in Pakistan
Qarar has formed strong partnerships in Pakistan over recent years. As part of our expanding commitment to Pakistan, this video captures the essence of Qarar’s strategic partnership with HBL, Pakistan’s largest bank, showcasing how our innovative solutions are driving positive changes in the country’s financial landscape. In this insightful clip, Aamir Kureshi, Head of Consumer, Rural, and SME Banking, HBL, sheds light on the transformative initiatives undertaken by Qarar to support and enhance the bank’s operations.