The DIB Pakistan core banking overhaul is now officially underway. Dubai Islamic Bank Pakistan has signed a Core Banking System (CBS) implementation agreement with Systems Limited, Pakistan’s leading PSX-listed IT company, to replace its existing platform with a modern cloud-native solution built on Temenos Transact. The deal, announced on 29 July 2026, is one of the most significant banking technology agreements signed in Pakistan this year.
From Oracle Flexcube to Temenos Transact
Under the agreement, DIB Pakistan will migrate its core banking system from Oracle Flexcube to the Temenos Transact cloud-native platform, with Systems Limited leading the implementation as a certified Temenos partner and trusted banking transformation specialist.
In plain terms, a core banking system is the software that runs everything inside a bank, accounts, transactions, loans, and more. Moving from one platform to another is a massive undertaking, roughly like replacing the engine of a moving car. It affects every service a customer touches, from mobile apps to branch counters.
Systems Limited will serve as the execution partner responsible for translating this vision into reality, using its end-to-end implementation capabilities, deep domain expertise, and proven accelerators including its Country Model Bank.
Why DIB Pakistan Chose to Act Now
Dubai Islamic Bank Pakistan Limited started operations in 2006 and has since undertaken major initiatives to expand its branch network across the country. By 2024, DIB Pakistan had surpassed PKR 1.5 trillion in assets, which means its older Oracle Flexcube system was being asked to carry a much heavier load than it was originally designed for.
Banks that stay on legacy systems for too long face real problems: slower transaction speeds, higher maintenance costs, difficulty launching new digital products, and bigger compliance risks. Moving to a cloud-native platform like Temenos Transact solves all of these at once.
Muhammad Ali Gulfaraz, CEO of DIB Pakistan, said the bank aims to deploy cutting-edge technology to deliver convenient, fast, and effective solutions, adding that signing this partnership with Systems Limited is “the first big step on this journey to leverage Temenos’ market-leading technology.”
What This Means for DIB Pakistan Customers
For ordinary account holders, this change will not happen overnight, but over time it should make a visible difference. Customers can expect faster digital transactions, smoother mobile banking, better uptime, and new Sharia-compliant products that are easier to launch on a modern platform. DIB Pakistan aims to provide world-class banking across retail, corporate, trade, and investment banking, with a focus on unique Sharia-compliant products and services. A modern core banking engine makes all of that faster to build and easier to maintain.
Systems Limited Builds a Banking Monopoly on Temenos
What makes this deal especially significant is the pattern it continues. Systems Limited is now firmly the go-to Temenos implementation partner across Pakistan’s entire banking sector, and the DIB Pakistan core banking project is the latest proof of that.
Just in May 2026, Habib Bank Limited went live with Temenos Core Banking in one of the region’s most ambitious modernization programs, with the initial go-live supporting both conventional and Islamic banking across 200 branches. That implementation was also delivered by Systems Limited, using the Country Model Bank accelerator.
In November 2024, Systems Limited also announced a landmark agreement with the State Bank of Pakistan to upgrade and modernize its core banking platform to the latest Temenos software, and to implement the Temenos Payment Hub to modernize the central bank’s payment infrastructure.
Add to that the earlier Samba Bank deal, and Systems Limited has now handled Temenos implementations for Pakistan’s central bank, its largest commercial bank, and now a major Islamic bank. That is a remarkable run of high-value contracts for a PSX-listed company.
The company’s financials reflect this momentum. In 2025, Systems Limited’s revenue reached Rs 80.39 billion, an increase of 19.15% over the previous year, while earnings grew 48%. The banking and financial services segment is a core driver of that growth.
If you want more context on how Pakistani IT companies are winning bigger enterprise deals, see our earlier piece on Pakistan’s growing fintech sector attracting global attention.
Temenos and the Islamic Banking Edge
Dubai Islamic Bank, established in 1975, is widely recognised as the world’s first full-service Islamic bank. Its Pakistan subsidiary brings that heritage to a local market where Islamic banking is growing fast. Temenos Transact supports Sharia-compliant banking out of the box, which is one reason it is a natural fit for DIB Pakistan.
Santhosh Rao, Managing Director for the Middle East and Africa at Temenos, said the company is delighted to build on its existing relationship with DIB to support its core banking modernization in Pakistan. That phrasing matters, it signals that Temenos and DIB already had a working relationship at the group level before this Pakistan deal was signed.
Ammara Masood, Global GM of Banking and Financial Services at Systems Limited, said the company is pleased to partner with DIB Pakistan on this strategic core banking initiative and excited to provide its deep banking domain expertise as well as the Country Model accelerator.
The Bigger Picture for Pakistan’s Banking Tech Sector
Pakistan’s banking sector is going through a broad wave of technology upgrades. With HBL, SBP, Samba Bank, and now DIB Pakistan core banking all running on Temenos through Systems Limited, the country is quietly building a modern, consistent banking infrastructure. That is good for consumers, good for regulators trying to standardise reporting, and very good for a local IT firm collecting high-value contracts.
For Pakistan’s tech industry, this deal is also a signal that homegrown firms can win and deliver enterprise-scale banking projects that international companies once dominated. Systems Limited operates across Pakistan, North America, the Middle East, Africa, Europe, and the Asia Pacific, which means expertise gained on Pakistan’s banks is also being exported globally.
The DIB Pakistan core banking migration will take time to complete, but the signing of the agreement marks the formal start of a transformation that will reshape how millions of customers experience Islamic banking in Pakistan.
Frequently Asked Questions
What is the DIB Pakistan core banking deal about?
DIB Pakistan has signed an agreement with Systems Limited to replace its existing Oracle Flexcube core banking system with the Temenos Transact cloud-native platform. Systems Limited will lead the full implementation of this major technology overhaul.
What is Temenos Transact?
Temenos Transact is a cloud-native core banking platform built by Swiss company Temenos. It is used by hundreds of banks worldwide to run their core operations, including accounts, payments, and lending. It supports both conventional and Sharia-compliant Islamic banking.
Why does this matter for Systems Limited investors?
Systems Limited is listed on the Pakistan Stock Exchange (PSX). Winning major banking deals like this one, following similar contracts with HBL and the State Bank of Pakistan, adds to a strong pipeline of enterprise IT work. The company’s revenue grew over 19% in 2025 and its earnings grew 48%, partly driven by its banking technology segment.
When will DIB Pakistan customers see changes?
Core banking migrations are large, complex programs that typically run over one to three years. Customers are unlikely to see sudden changes. Over time, they should notice faster digital services, more product options, and smoother mobile and branch banking as the new Temenos Transact system goes live in phases.
