The MoU Signing Ceremony was held between BankIslami Pakistan Limited & Central Depository Company. CDC whereby both institutions have entered into an arrangement for implementation of CDC’s Efficient Payment Mechanism (EPM) via BankIslami Cash Management Services. BankIslami is the first Islamic Bank to implement CDC’s EPM Services.
The ceremony was graced by the presence of President & CEO BankIslami Syed Amir Ali and CDC CEO Badiuddin Akber along with other key officials of both the organizations. Islamic Banking and its products were mainly part of the discussion, President & CEO BankIslami – Syed Amir Ali enlightened CDC about Bank’s innovative products and services especially “BankIslami’s One Touch Banking”.
He also appreciated CDC initiative for implementing e-payments and digitization of payment mechanism viz “Efficient Payment Mechanism” and said that this overall proposition will add efficiency to subject payments. Badiuddin Akber congratulated BankIslami on being the first Shariah Compliant Bank to integrate and implement “Efficient Payment Mechanism”.
He displayed full confidence in BankIslami for a mutually beneficial business relationship that would add value to the CDC payments being done on behalf of Asset Management Companies (AMCs).