ISLAMABAD – U Microfinance Financial institution (U Financial institution) Islamic Banking has obtained the distinguished worldwide award for Upcoming Islamic Retail Banking Window in Pakistan 2022 through the eighth Islamic Retail Banking Awards 2022, hosted by Cambridge IFA in Indonesia.
The award honours U Financial institution’s latest introduction of Shari’ah-compliant monetary options in Pakistan and comes quickly after U Financial institution’s full-scale industrial launch of Islamic Banking providers nationwide. The financial institution’s Islamic Banking providers had been piloted earlier this 12 months and have now encompassed many cities throughout Pakistan, thus financially together with the phase of society that seeks banking providers in step with Islamic values.
Mr Kabeer Naqvi, President & CEO – U Microfinance Financial institution shared, “It is an honour for us to be recognized for the efforts towards making U Bank one of the first microfinance banks in Pakistan to introduce Islamic Banking services. With an enhanced deposit and financing products portfolio that complies with the Shari’ah principles, we will continue to accelerate our Islamic Banking expansion efforts to serve customers across Pakistan.”
The Islamic Retail Banking Awards developed by Cambridge IFA are based mostly on probably the most academically rigorous evaluation of world Islamic Banking effectivity efficiency. The taking part banks are assessed by unbiased consultants and honour establishments which have made a big contribution in the direction of the expansion and success of Islamic Retail Banking around the globe.
Beforehand, U Financial institution Islamic Banking has additionally obtained the award for the Islamic Banking Initiative of the 12 months – Pakistan from the Asian Banking & Finance Retail Banking Awards 2022. U Financial institution Islamic Banking supplies a full suite of tailored, Shari’ah-compliant monetary options to its prospects. It presents financing of as much as PKR three million, which incorporates Diminishing Musharakah financing for low-cost housing, Murabaha financing for MSMEs, and Salam financing to assist fulfil agricultural wants. As well as, U Financial institution Islamic Banking presents Present, Financial savings, and Time period Deposit account providers to its prospects, together with BancaTakaful merchandise in collaboration with its company companions.