U Bank inaugurates its first Islamic Banking Window in Karachi

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 Mohamed Essa Al Taheri, President & CEO – U Bank, 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 on the occasion, 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.”

Copyright Business Recorder, 2024