BankIslami enters into an agreement with K-Electric

F.P. Report

KARACHI: BankIslami Pakistan Ltd (BankIslami) has entered into an agreement with K-Electric Limited (KE) to enrol in their Centralized Billing Mechanism (CBM). By signing the agreement, BankIslami becomes the first Islamic bank to enter this program. The signing ceremony was held at BankIslami head office, attended by Mr. Farooq Anwar, Head of Operations, BankIslami, Sadarudin Pyar Ali, Head of Administration, Bankislami,and Mr Amer Zia, Chief Distribution Officer, K-Electric, amongst other senior executives of both companies.

Under the agreement, CBM consumers will be able to make a single centralized payment to pay for multiple due payments for all their KE meter connections. A designated KE Corporate Consumer Desk will also be available to assist consumers to facilitate them in exemptions from late payment surcharges and exemption from disconnection.

The desk will also fast-track processing of new connection requests and serve as a way to promptly resolve technical or billing complaints. Furthermore, a “Change of Name” facility on long-term tenancy agreements will be available to enable customers to file speedy tax returns and claim withholding tax on a priority basis. It is important to mention that this arrangement is exclusive and is not available to all K-Electric consumers. Certain pre-qualification requirements, such as verifiable payment history, etc. must be fulfilled to avail the CBM which BankIslami has successfully completed.

At the signing ceremony, Mr Sadarudin Pyar Ali, Head of Administration, BankIslami said “It is a sign of dynamic and progressive companies to always seek improvement in processes to enable faster growth. Being part of KE’s centralized billing mechanism is a progressive step towards adopting best practices that are mutually beneficial to both organizations and foster a corporate culture of innovation.”

Speaking at the signing ceremony Mr. Amer Zia, CDO said,” K-Electric is continuously driving improvement in growth and quality of service is strongly linked to the consumers. To recognize and appreciate conscientious and prompt due payments by the consumers, KE is introducing the Centralized Billing Mechanism – CBM.”

As part of its ever expanding Islamic Banking footprint, BankIslami focuses on products and partnerships that will enable its customer base with the latest technologies and innovations taking place in the banking industry.