KARACHI: President & CEO U Microfinance Bank Limited (U Bank) Kabeer Naqvi, President & CEO Allied Bank Limited (ABL) Aizid Razzaq Gill and CEO ABL Asset Management Company Limited (ABL AMC) Alee Khalid Ghaznavi, signed Memorandum of Understandings (MOUs) of strategic partnership to promote financial inclusion in the country.

This collaboration between the institutions will open avenues to support financial and social inclusion of the unbanked population. The areas of interest between U Bank, ABL& ABL AMC include medium to long term debt finance, structured finance, housing finance, Islamic finance, mutual funds and various other funding options.

Speaking on the occasion, Kabeer Naqvi, President & CEO of U Bank stated that this strategic partnership with ABL group will strengthen our ability to provide a broad range of banking services to the underserved segment of the society.

Furthermore, this will allow us to create efficient synergies with both entities to design and introduce innovative financing solutions.

President & CEO of ABL Aizid Razzaq Gill appreciated U Bank’s relationship with ABL and expressed the desire to further strengthen their engagement going forward. He also discussed the need of developing industry vide-lending controls to minimize non-performing loans, and investing on human resources to deliver quality services and financial solutions to the masses.

Copyright Business Recorder, 2022