IBA Karachi, Bank Alfalah and Stanford Life Design Lab collaborate to foster Design Thinking in Pakistan

August 23, 2024: Institute of Business Administration (IBA), Karachi, and Bank Alfalah, partnered to introduce the Design Thinking Program in Pakistan. In collaboration with Stanford Life Design Lab, this innovative initiative aims to equip management professionals and senior executives with the powerful tools and mindset of Design Thinking. The collaboration was officially launched at a curtain-raiser event held at the flagship Bank Alfalah Islamic Branch in Sky Tower, attended by key stakeholders from both organizations.

Design thinking is a methodology focused on understanding user needs, generating creative solutions, and developing prototypes, which has proven to be a catalyst for innovation and problem-solving. Organizations that embrace this methodology often witness significant improvements in revenue, customer satisfaction, and employee engagement.

Executive Director, IBA Karachi, Dr. S Akbar Zaidi expressed his enthusiasm for the collaboration and shared that “We are delighted to partner with Bank Alfalah and Stanford Life Design Lab to introduce Design Thinking to our students and the business community. This program will equip our graduates with the skills they need to become future leaders and innovators.”

Recognizing the transformative potential of Design Thinking, Bank Alfalah is spearheading this initiative by becoming the first organization in Pakistan to implement the program within its senior management. By partnering with IBA Karachi and leveraging Stanford Life Design Lab's expertise, Bank Alfalah aims to foster a culture of innovation and enhance its ability to deliver exceptional customer experiences.

President and CEO, Bank Alfalah, Atif Bajwa stated “We are excited to collaborate with IBA and Stanford Life Design Lab to bring Design Thinking to Pakistan.” He expressed “This partnership aligns with our vision of driving innovation and creating customer value. By equipping our leadership team with Design Thinking skills, we are confident in our ability to stay ahead of the curve and deliver exceptional results.”

Group Head, Islamic Banking Group, Bank Alfalah, Dr. Muhammad Imran emphasized the importance of innovation in the banking industry, stating, “Design Thinking is a powerful tool that can help us better understand our customers' needs and develop solutions that meet their expectations. We are committed to leveraging this methodology to create innovative financial products and services.”

This partnership between Bank Alfalah, IBA, and Stanford Life Design Lab marks a significant milestone in Pakistan's journey towards a knowledge-based economy. This collaboration will contribute to the country's economic growth and development by fostering a culture of innovation and creativity.

About IBA Karachi:

The Institute of Business Administration (IBA), Karachi, with almost seven decades of legacy, is a multi-disciplinary Institute. In 2020, the institution broadened its academic landscape by launching three new schools: the School of Business Studies (SBS), the School of Economics and Social Sciences (SESS), and the School of Mathematics and Computer Science (SMCS). This strategic expansion features IBA’s commitment to advancing educational innovation and maintaining excellence across diverse fields.