U Microfinance Bank (U Bank), Pakistan’s fastest-growing microfinance bank, has been granted a commercial licence to deliver comprehensive Islamic Banking services throughout Pakistan.
U Bank launched its experimental Islamic Banking operations earlier this year, beginning with five branches, and then expanded it to include Karachi, Lahore, Peshawar, Gujranwala, and Sahiwal, among others. U Bank has got a licence from the State Bank of Pakistan (SBP) to commercially launch its Islamic Banking branches across Pakistan due to its impressive performance.
Mr. Kabeer Naqvi, President & CEO of U Microfinance Bank, commented, “I am pleased to report that we are now at the forefront of Islamic Banking in Pakistan’s microfinance ecosystem. This is a major accomplishment for the microfinance industry and U Bank in particular. This action will enable the bank to further the financial inclusion objective by meeting the people’s Shari’ah-based banking needs. There is a substantial unmet need for Shari’ah-compliant banking services, and U Bank is eager to play an important part in filling this void. With continuous support from the SBP, we will penetrate farther into Pakistan, bringing us closer to our goal of integrating the unbanked population into the banking system and servicing all segments of society.”
U Bank Islamic Banking offers its clients a comprehensive portfolio of Shari’ah-compliant financial solutions. In addition to Current, Savings, and Term Deposit account services, its product offers include financing options for home, business, and agricultural needs up to 3 million PKR.
