Saturday, May 10, 2008, Jamadi-ul-Awwal 3, 1429    

Askari Bank purchases FUBS

Observer Report

Islamabad—Askari Bank Ltd has signed an agreement with Oracle Financial Services, a subsidiary of Oracle Corporation for the purchase of their Flexcube Universal Banking Solution (FUBS), so as to align itself with international banking standards.
This banking Solution will revolutionise Askari Bank’s processes and enhance its offerings for customers, enabling them to enjoy innovative, leading-edge banking services. Askari Bank has also acquired Risk Management, Brokerage and investor services modules to complement this state-of-the-art core banking system. This will also enable the bank to be fully compliant with Base II Accord.
A graceful signing ceremony was held in Islamabad for this purpose on May 5, 2008. At the ceremony, Mr M R Mehkari, the Acting President of the Bank, assured of his management’s resolve to bring Askari Bank at par with competing international banks and to become a market leader in providing its customers with innovative and leading banking services in Pakistan and abroad.
The signing ceremony was attended by dignitaries from the Bank, Oracle Corporation and Technologix, a Pakistani company which will be the implementation partners of Askari Bank.