Monday, April 15, 2024
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U Microfinance Bank now a commercially licensed full-scale Islamic Bank

 U Microfinance Bank has become Pakistan’s rapidly growing microfinance bank to obtain a commercial license after bringing in Islamic Banking services at a full scale across the country.

Earlier this year, U bank started its plans to launch Islamic banking services and operations with five branches and expand it across Pakistan. This includes major cities like Lahore, Gujranwala, Peshawar, Karachi and Sahiwal, and other cities. After an excellent performance in recent years, the bank now receives a license from the State Bank of Pakistan (SBP) to launch further commercial branches of its Islamic banking. 

Mr.Kabeer Naqvi, CEO & President of U microfinance bank, spoke about the remarkable innovation and added, 

“I am glad to announce that we are spearheading Islamic Banking in the microfinance ecosystem in Pakistan. This is a landmark achievement for the microfinance industry in general and U Bank in particular. This step will enable the bank to further the agenda of financial inclusion by catering to the Shari’ah-based banking needs of the people. There is a huge unmet demand for Shari’ah-based banking services, and U Bank is looking forward to playing a significant role in bridging this gap. This is just the beginning – with continued support from the SBP, we will be penetrating further into Pakistan, bringing us closer to our ambition of bringing the unbanked population into the banking net and serving all segments of the society.”

U bank Islamic Banking also provides all customer-tailored financial solutions according to Shari’ah-compliant in Pakistan.

The product U- bank offers all financial facilities for business, agricultural, and housing needs that are up to three million PKR, alongside the services of savings, term deposits, and current accounts. Now the nation can get an Islamic banking Shari’ah-compliant service through the U- microfinance bank across all the major cities like Lahore, Karachi, Peshawar, and other cities across Pakistan.

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