Ashfaque Ahmed, the Chief Information Officer (CIO) at BankIslami, brings more than 25 years of experience in IT leadership. As a Certified in the Governance of Enterprise IT (CGEIT) professional, he has a proven track record of leading large-scale IT projects and driving technological innovation. His expertise in software project management, IT governance, and digital transformation has made him a valuable asset to BankIslami and the broader IT community.
In his role as CIO, Ashfaque Ahmed oversees BankIslami’s information technology strategies and operations, ensuring the implementation of cutting-edge digital banking solutions. His commitment to continuous process improvement and fintech collaboration has reinforced the bank’s position as a leader in digital banking.
Prior to joining BankIslami, Mr. Ahmed held senior leadership roles in technology and digital transformation within the financial sector, where he played a key role in IT strategy, innovation, and operational efficiency. His extensive experience underscores his ability to drive technology initiatives that enhance customer experience, streamline operations, and ensure regulatory compliance.
With a forward-thinking approach, Ashfaque Ahmed continues to lead BankIslami’s digital evolution, fostering innovation, resilience, and excellence in banking technology.
Passion for Technology
Mr. Ahmed feels blessed to start his professional career in the IT sector. He started his journey as a student of finance but soon realized that the world is fast moving towards business automation where no business impact can be achieved without IT. This early realization helped him to change his focus towards IT, very early in his career. After graduating with a Degree in Computer Science, Mr. Ahmed worked with Oracle development and quickly rose through the ranks to a senior managerial role and then joined international software house where he used to implement ERP in more than half a dozen companies. This sparked his passion for synergizing ERP along with digital solutions in the insurance sector. Now, Mr. Ahmed is heading the technology of one of Pakistan’s fastest-growing Islamic Banks i.e. Bankislami Pakistan Limited.
Bringing Innovation in Banking
BankIslami was the first bank in Pakistan to receive an Islamic Banking license under the Islamic Banking Policy of 2003, cementing its role as a pioneer in the industry. Established in 2006, BankIslami offers a comprehensive range of Shariah-compliant financial solutions, including personal, corporate, and trade finance, investment opportunities, and digital banking services, all rooted in Islamic finance principles.
With a mission to provide ethical and interest-free financial services, BankIslami is dedicated to offering 100% Shariah-compliant products under the supervision of a renowned Shariah Board. This ensures that all banking operations adhere strictly to Islamic guidelines, providing an alternative to conventional banking and reinforcing the bank’s commitment to saving humanity from Riba.
Today, BankIslami is offering a wide range of Islamic banking products for different segments of customers from over 500 branches in 210 cities across Pakistan. The bank ensures accessibility to its services nationwide while maintaining its core values of Islamic banking.
The bank promotes diversity and inclusivity by welcoming people from different backgrounds, encouraging everyone to share their unique ideas and always thinking about the areas of improvement as a continuous process in all segments of business and operations. BankIslami integrates modern banking technology with Shariah-compliant practices, offering services like Biometric banking in branches, biometric ATMs, digital banking platforms, and seamless mobile banking experiences. The bank emphasizes ethical practices, transparency, and fairness in its dealings, resonating with customers seeking value-based financial solutions.
Shariah-compliant Solutions
Offering Shariah-compliant financial products and services requires a meticulous approach. Banks like BankIslami must ensure all products adhere strictly to Islamic principles, such as the prohibition of interest (riba), uncertainty, and gambling. BankIslami’s process begins with a thorough understanding of customer needs while ensuring compliance with Islamic principles. Every product is meticulously reviewed and structured under the guidance of its Shariah Board, comprising renowned scholars. Products are designed using Islamic finance principles like Murabaha (cost-plus financing), Ijarah (leasing), and Mudarabah (profit-sharing).
“Any citizen of Pakistan can avail of the services by visiting the nearest branch or contact us digitally via website or phone banking. Our representative will guide you regarding the initial requirements and how to avail the Islamic banking facilities. Also, the details of each service are also available on our website and social media platforms,” shares Mr. Ahmed.
Challenges in the Role
Challenges are an inherent part of any operational role within an organization. As the CIO, Mr. Ahmed’s primary responsibility is to ensure that all systems operate seamlessly 24/7. While he and his team often encounter various obstacles, they are equipped with the right talent and tools to address them effectively, guided by a strategy Mr. Ahmed has put in place.
Operating within a limited technology budget is a reality for every organization, and they manage to sustain operations despite dealing with outdated, end-of-life systems, process inefficiencies, and regulatory project deadlines. On some occasions, Mr. Ahmed and his team have faced last-minute crises, but with carefully planned contingency measures and effective risk management, they successfully ensured smooth operations and minimized disruptions.
“Time is often a critical factor in decision-making, and there are instances when swift, decisive actions are necessary to navigate through challenging situations and steer the organization safely,” says Ashfaque Ahmed.
Approach to Risk Management and Compliance
At BankIslami Pakistan Limited, risk management and compliance are critical functions handled by a dedicated department that operates independently to ensure robust governance and regulatory adherence. As the CIO, Mr. Ahmed’s role is to support the bank’s risk management initiatives by implementing secure, resilient, and compliant IT systems that align with the broader risk framework.
BankIslami‘s IT infrastructure is designed to facilitate real-time risk monitoring, data integrity, and regulatory reporting while ensuring alignment with the bank’s compliance policies and cybersecurity standards.
Emphasizing a collaborative approach, Mr. Ahmed shares:
“We work closely with the Risk Management and Compliance teams to ensure that our technology solutions meet the stringent requirements set by the State Bank of Pakistan (SBP) and internal Shariah governance frameworks. By incorporating effective security measures, proactive monitoring, and streamlined reporting, we support the bank’s risk management efforts and help maintain smooth and resilient operations across all banking channels.”
Leveraging Technology for Efficiency and Security
BankIslami Pakistan Limited leverages a range of advanced technologies to enhance operational efficiency and deliver seamless customer experiences. The bank’s key technology solutions include core banking systems that support Shariah-compliant financial services, One Touch Banking for quick and hassle-free transactions, bill payments via its extensive ATM network, IVR banking for convenient phone-based banking services, and a dedicated help desk support system to assist customers in real-time.
Security and compliance are top priorities at BankIslami. The bank employs robust cybersecurity measures, including multi-layered firewalls, advanced encryption protocols, Security Information and Event Management (SIEM) solutions, and routine penetration testing. Furthermore, BankIslami ensures strict compliance with data protection regulations, including the State Bank of Pakistan’s (SBP) cybersecurity framework and internationally recognized standards to safeguard their clients’ sensitive information and maintain trust.
Staying Ahead with Technology
Keeping pace with technological advancements is essential in the rapidly evolving banking sector. Ashfaque Ahmed is deeply committed to continuous learning, dedicating time to industry research, attending conferences and webinars, and engaging with thought leaders in Fintech. He stays informed by subscribing to industry publications, following key influencers on social media, and actively participating in professional discussions and forums.
This commitment enables him to identify emerging trends such as Open Banking, AI and machine learning, and evolving cybersecurity challenges. He translates these insights into practical strategies for BankIslami, guiding the bank through a major transformation. The core banking and mobile banking systems have already been upgraded, and network enhancements are largely completed, with some components still in progress. Additionally, the bank is exploring AI-driven solutions and actively collaborating with leading technology providers to drive innovation and operational efficiency.
Client Engagement
BankIslami prioritizes ongoing client support to ensure the continued success of their financial solutions. The bank achieves this through dedicated client support teams, regular performance reviews, and continuous technological upgrades. Ashfaque Ahmed makes it a point to actively explore and implement innovative solutions, leveraging the evolving Fintech industry in Pakistan and incorporating best practices/technologies that are provisioned by working with the best companies in Pakistan. It gives BankIslami a competitive edge by utilizing vendor expertise and the lessons that have been incorporated into the bank’s system deployment procedures.
“Despite conducting thorough Quality Assurance (QA), including Load Testing and Beta Testing, I always strive to plan meticulously and define a contingency plan. This proactive approach, coupled with open and transparent communication, ensures that our clients’ financial solutions remain effective, efficient, and aligned with their evolving business objectives,” says Ashfaque Ahmed.
An Eye for the Trends
The biggest trend, per Ashfaque Ahmed, in the Banking industry is the transformation of the complete Banking System into Islamic Banking. BankIslami is already offering Shariah-compliant products and services to the customers. On the other hand, more banks are also transforming their business towards Shariah-compliant practices which will create a healthy competitive environment in the industry.
In technology, the AI revolution is also becoming the biggest trend in the industry. Initially, banks are adopting some smaller use cases for chatbots, RPAs, and machine learning. However, AI technology is becoming more advanced and lots of solutions are now available in the market that can enhance operations and customer services.
“We are also working on the digital transformation of our back office processes and considering various tools that can leverage our operations,” shares Ashfaque Ahmed.
Looking Ahead
Mr. Ahmed’s vision for BankIslami is to be the leading Islamic bank in Pakistan, recognized for innovation, customer centricity, and unwavering commitment to Shariah principles. To achieve this, he, along with the core members, is focusing on several key initiatives:
- Digital Transformation: The bank is investing heavily in digital channels, including mobile banking, online banking, and AI-powered solutions, to provide seamless and personalized experiences for the customers.
- Product Innovation: The team is continuously developing and introducing innovative Shariah-compliant products and services to meet the evolving needs of the customers.
- Customer Focus: BankIslami is committed to building strong customer relationships through exceptional service, personalized advice, and a focus on customer satisfaction.
- Talent Development: The bank is investing in the human capital by attracting and developing top talent, and fostering a culture of innovation and excellence within the organization.
- Sustainable Growth: The team is committed to sustainable growth, ensuring the long-term viability and success of the bank while contributing positively to the socio-economic development of Pakistan.
Mr. Ahmed concludes our interaction with a quote that he finds particularly helpful in his role as CIO:
“Talent wins games, but teamwork and intelligence win championships.”
