AZAD KASHMIR: In a major step toward digital transformation and financial modernization, the Bank of Azad Jammu and Kashmir (BAJK) signed a landmark agreement on Friday with i-Consult Consortium for the implementation of a state-of-the-art Core Banking System (CBS).
This strategic initiative marks a new era of innovation, transparency, and customer-focused services in the region’s banking sector.
The consortium includes leading technology partners—MegaPlus, i-Consult, Silverlake, and i-TANS—who will collaborate on the Core Banking System with an objective to elevate BAJK’s infrastructure to global standards, significantly enhancing service accessibility, operational efficiency, and transparency across Azad Jammu and Kashmir.
The high-profile signing ceremony was attended by key dignitaries, including Prime Minister of Azad Jammu and Kashmir, Chaudhry Anwar-ul-Haq; Speaker of the AJK Legislative Assembly, Chaudhry Latif Akbar; Finance Minister and Chairman of BAJK’s Board of Directors, Abdul Majid Khan; and BAJK President Shahid Shehzad Mir, along with senior government officials and representatives from the participating organizations.
Speaking at the event, Prime Minister Anwar-ul-Haq hailed the agreement as a milestone in the region’s financial evolution.
“We are fully committed to transforming the Bank of Azad Jammu and Kashmir into a modern, secure, and efficient institution. Our people deserve a banking system that inspires trust and facilitates safe investment,” he said.
He further announced the government’s intention to expand the bank’s operations throughout Pakistan and AJK, with the goal of upgrading it to a scheduled bank. The Prime Minister also emphasized the importance of an efficient banking system in managing the 25% of national remittances received by AJK.
Finance Minister Abdul Majid Khan echoed the significance of the initiative, calling the Core Banking System the “backbone of modern banking.”
“This transformation will not only enhance transparency and performance but also enable better service delivery to remote and underserved communities,” he said adding the agreement reflected broader vision of a robust, digitized financial infrastructure for Azad Jammu and Kashmir.
Speaker of the AJK Legislative Assembly, Chaudhry Latif Akbar, congratulated all stakeholders involved in the agreement and expressed optimism about the bank’s future growth and modernization.
President BAJK, Shahid Shehzad Mir, described the agreement as a “revolutionary step” toward world-class banking.
“The implementation of CBS and digital channels will significantly upgrade our service standards, ensuring our customers enjoy a seamless, modern banking experience,” he noted.
With a network of 88 branches across the region, BAJK is positioning itself as a leader in digital banking transformation, aiming to drive financial inclusion, empower local communities, and contribute meaningfully to the region’s economic growth.
“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, “ said Co-CEO, Silverlake, David Lim.
