U Microfinance Bank (U Bank), the fastest-growing microfinance institution in Pakistan, has received a commercial license from the State Bank of Pakistan (SBP) to offer comprehensive Islamic banking services nationwide.
Earlier this year, U Bank initiated trial operations of Islamic banking with five branches, expanding subsequently to include branches in major cities like Karachi, Lahore, Peshawar, Gujranwala, and Sahiwal. Due to its exceptional performance, U Bank has now been granted official approval by the SBP to establish its Islamic banking offices across the country.
Mr. Kabeer Naqvi, President & CEO of U Microfinance Bank, stated, “We are now at the forefront of Islamic Banking in Pakistan’s microfinance ecosystem. This marks a significant achievement for the microfinance sector as well as U Bank. By catering to the public’s demand for Shari’ah-based banking, this step will further our financial inclusion agenda.”
The CEO further emphasized the bank’s commitment to addressing the unmet need for Shari’ah-compliant banking services and expanding its presence in Pakistan. U Bank aims to bring the unbanked population into the banking system and serve all segments of society with the continued support of the SBP.
U Bank Islamic Banking offers a diverse range of financial solutions that comply with Shari’ah principles. Its product offerings include financing options for household, commercial, and agricultural needs up to 3 million Pakistani rupees, along with current, savings, and term deposit account services.