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U Financial institution receives industrial license for extending nationwide Islamic Banking providers

by Pakistan Latest News Update

ISLAMABAD – U Microfinance Financial institution (U Financial institution), Pakistan’s fastest-growing microfinance financial institution, has obtained the industrial license for launching full-scale Islamic Banking providers throughout Pakistan.

U Financial institution commenced its pilot Islamic Banking operations earlier this 12 months, beginning with 5 branches, and in a while prolonged it additional throughout the nation to incorporate the cities of Karachi, Lahore, Peshawar, Gujranwala, Sahiwal, and lots of extra. After its promising efficiency, U Financial institution has now obtained a license from the State Financial institution of Pakistan (SBP) to commercially launch its Islamic Banking branches throughout Pakistan.

Talking on this exceptional new feat, Mr Kabeer Naqvi, President & CEO – U Microfinance Financial institution said, “I am glad to announce that we are now 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 Financial institution Islamic Banking supplies a full suite of tailored, Shari’ah-compliant monetary options to its prospects. Its product choices embrace financing services towards housing, enterprise, and agricultural wants of as much as PKR three million, together with Present, Financial savings, and Time period Deposit account providers.

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