The Institute of Business Administration (IBA) in Karachi and Bank Alfalah have collaborated to launch the design thinking program in Pakistan. In partnership with the Stanford Life Design Lab, this groundbreaking initiative is designed to provide management professionals and senior executives with the robust tools and mindset of Design Thinking.

The official launch of this collaboration took place at a preliminary event at the main Bank Alfalah Islamic Branch in Sky Tower, attended by key representatives from both organizations.

Design thinking is a strategy that emphasizes understanding user needs, creating innovative solutions, and building prototypes. It has been shown to be a driving force for innovation and problem-solving. Companies that adopt this strategy often see substantial increases in revenue, customer satisfaction, and employee engagement.

Executive Director of IBA Karachi, Dr. S Akbar Zaidi, shared his excitement about the collaboration, mentioning:

We are thrilled to collaborate with Stanford Life Design Lab to bring Design and Bank Alfalah to bring innovative design thinking to the business sector and students. This initiative will provide our graduates with the necessary skills to become future leaders and innovators.”

Acknowledging the transformative power of Design Thinking, Bank Alfalah is leading this initiative by being the first institution in Pakistan to incorporate the program into its senior management. Through its partnership with IBA Karachi and utilizing the expertise of Stanford Life Design Lab, Bank Alfalah aims to cultivate an innovative culture and improve its capacity to provide outstanding customer experiences.

Atif Bajwa, President and CEO of Bank Alfalah, announced: “We are thrilled to partner with IBA and Stanford Life Design Lab to introduce Design Thinking in Pakistan.” He added, “This collaboration is in line with our goal of fostering innovation and enhancing customer value. We believe that by training our leadership team in Design Thinking, we can stay competitive and achieve outstanding results.”

Dr. Muhammad Imran, Group Head of the Islamic Banking Group at Bank Alfalah, underscored the significance of innovation in the banking sector: “Design Thinking is a potent instrument that can assist us in comprehending our customers’ requirements and crafting solutions that fulfill their expectations. We are dedicated to utilizing this approach to develop innovative financial products and services.”

The alliance of Bank Alfalah, IBA, and Stanford Life Design Lab signifies a crucial step in Pakistan’s progression towards an economy driven by knowledge. This joint effort will aid the nation’s economic expansion and evolution by promoting innovation and originality.