Astrik, in collaboration with Grant Thornton, has signed an engagement agreement with JS Bank to implement an advanced automation system for IFRS 9 Expected Credit Loss (ECL) and Effective Interest Rate (EIR) frameworks. The signing ceremony was held at JS Bank’s head office in Karachi, reflecting a significant step toward modernizing regulatory compliance and risk management through technology in Pakistan’s financial sector.
The event was attended by key industry leaders, including Basir Shamsie, President and CEO of JS Bank; Adeel Ehtesham, CFO of JS Bank; Noman Soomro, Chief of Staff at JS Bank, alongside senior management. Representing Grant Thornton was Khurram Jameel, Partner, with his team, while Shahnawaz Abro, Founder and CEO of Astrik, led the product development delegation.
This strategic collaboration combines Astrik’s technological strength with Grant Thornton’s expertise in financial and regulatory frameworks. The core objective of the partnership is to develop a robust, enterprise-grade platform that automates IFRS 9 ECL and EIR computation processes. The system will streamline reporting workflows by replacing manual spreadsheets with a fully secure, scalable, and audit-ready platform designed to meet both internal governance standards and regulatory requirements.
Basir Shamsie highlighted the importance of this initiative, stating that the new system will enhance the accuracy of IFRS 9 reporting while strengthening risk management and supporting data-driven decision-making. He emphasized that automation is becoming an integral part of future-ready financial institutions, especially as regulatory landscapes grow more complex.
Khurram Jameel noted that the collaboration between Astrik and JS Bank sets a benchmark for technology-led compliance in Pakistan’s banking sector. He added that combining financial expertise with automation capabilities allows institutions to achieve higher operational efficiency and greater reporting transparency.
Shahnawaz Abro shared that Astrik’s mission has always been centered on bridging compliance and technology through intelligent automation. He underscored that the project not only helps banks meet regulatory standards but also provides analytical tools for better risk modeling and scenario planning.
The new system is designed with real-time calculation capabilities, configurable scenario testing, and complete audit trails of assumptions, data, and results. It aligns with international best practices, making it easier for financial institutions to manage risk and ensure consistent reporting. Its scalable architecture will allow JS Bank to evolve its credit risk infrastructure in line with future regulatory developments and technological advancements.
This development marks another major milestone in Astrik’s expanding role as a technology enabler for Pakistan’s financial ecosystem. It also demonstrates how strategic alliances between technology providers, consulting firms, and banks can accelerate the digital transformation of compliance functions across the industry.
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