Tuesday, June 25, 2024

U Bank Inaugurates its First Islamic Banking Window in Karachi

U Microfinance Bank (U Bank) has inaugurated its first Islamic Banking Window in its branch in Karachi. This will be followed by the availability of Islamic Banking Windows across all 28 of its branches in the metropolitan city. The launch marks a significant milestone in U Bank’s mission to provide accessible and Shari’ah-compliant banking services to its customers.

The inaugural ceremony of the first Islamic Banking Window was held at U Bank’s Clifton branch and was graced with the presence of Mr. Mohamed Essa Al Taheri, President & CEO – U Bank, Mr. Syed Irfan Ali, Executive Director Financial Inclusion Group – State Bank of Pakistan as the Chief Guest, and other members of the SBP and management committee of U Bank.

Speaking at the ceremony, Mr. Mohamed Essa Al Taheri, President & CEO – U Bank stated, “Today is a significant milestone in U Bank’s journey toward inclusive banking. By introducing Islamic Banking Windows, we are expanding our service offerings and fulfilling our commitment to providing accessible banking services to all segments of society. This initiative underscores our dedication to the national agenda of financial inclusion and will contribute to the growth of Islamic banking in Pakistan.”

Mr. Syed Irfan Ali, Executive Director Financial Inclusion Group – SBP commented, “I commend U Bank for taking this initiative towards expansion of Islamic Banking Window outreach, as it has the potential to bring a positive difference to Pakistan’s economy and make Islamic microfinance banking functional in more geographic areas. Customers who do not want to avail conventional banking services will now be able to get services through Islamic Banking. I appreciate it that U Bank has invested in the capacity building of its staff by providing training in Islamic Banking services. This is a great step towards enhancing accessibility of Shari’ah-compliant financial services and we expect this move to significantly contribute to the growth of the Islamic Banking industry in Pakistan.”

The inauguration of Islamic Banking Windows is a testament to U Bank’s dedication to innovation and excellence in banking services. This is the first step in U Bank’s strategic plan to roll out these services across its network of 375+ branches throughout Pakistan. This initiative is part of U Bank’s commitment to promoting Islamic Banking in the country and enhancing financial inclusion by offering a diverse range of products and services, while adhering to Islamic principles.

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