Soneri Bank selects Advanced Financial Solutions for IFRS 9 compliance

KARACHI: Soneri Bank Ltd has signed an agreement with Advanced Financial Solutions (AFS) to facilitate the implementation of IFRS 9 compliant credit models in line with the regulatory guidelines of Pakistan.

The agreement would see AFS develop IFRS 9 models for Soneri Bank Limited to enhance its credit scorecards for optimal risk undertaking in the light of fluctuating dynamics across the market, and also to provide strategic solutions for model management.

Present at the signing ceremony was the management of Soneri Bank Limited led by Mubarik Ali, Chief Risk Officer and Country Manager of AFS, Sadaqat Sattar.

Speaking on the occasion, Mr. Mubarik Ali stated, “Soneri Bank Limited finds AFS to be the right partner to work with, as we value the potential of dealing with an international consultant and solutions provider with proven track record of similar engagements in mature markets based on their combined ability to implement software and advice on best practices.”

Soneri Bank is one of the first banks in Pakistan to have signed up for advisory services and risk management solutions from AFS, who formally entered the Pakistan market at the beginning of 2020 and who have already developed IFRS9 models for Pakistan to facilitate their clients in the country.

Soneri Bank Limited is diligently working on credit solutions and is proactively investing in systems that ensure safety and security for their customers. With its ethos of Roshan Har Qadam, Soneri Bank Limited has achieved betterment through new collaborations, and aims to introduce innovative solutions within its growing network of 300+ branches across Pakistan.

Speaking on the prospect of this engagement, Sadaqat Sattar from AFS said, “We find Soneri Bank to be one of the most forward-looking financial institutions in Pakistan and are confident that under the wise leadership of its management, our association will not only result in the bank being self-sufficient in complying with international financial reporting standards, but also lead to a positive impact on its risk and credit management going forward.”

Further commenting on the potential outlook of their initiatives in Pakistan, Mr. Sattar added; “Pakistan has a great potential for growth due to its emerging nature, and the global pandemic is a proof that the country’s financial sector requires to be fully conscious of the risks it is exposed to at any given time. With the push of the local regulator to comply with international standards, it is an ideal environment for international service providers like us to bring best practices and solutions into the country”.

More about AFS

Advanced Financial Solutions, part of the Midis Group, is a risk management software and consulting company with operations spread across territories in the Middle East, North Africa, Eastern Europe and South Asia, with a representative office in Pakistan. AFS specializes in delivering software solutions and modeling advisory services to banks for improved credit risk management in all types of portfolios.