Friday, February 23, 2024
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HomeNEWSBanking & FinanceU microfinance Bank Receives Commercial License for Extending Nationwide Islamic Banking Services

U microfinance Bank Receives Commercial License for Extending Nationwide Islamic Banking Services

U Microfinance Bank (U Bank), Pakistan’s fastest-growing microfinance bank, has received the commercial license for launching full-scale Islamic Banking services across Pakistan.

U Bank commenced its pilot Islamic Banking operations earlier this year, starting with five branches, and later on extended it further across the country to include cities of Karachi, Lahore, Peshawar, Gujranwala, Sahiwal, and many more. After its promising performance, U Bank has now received the license from the State Bank of Pakistan (SBP) to commercially launch its Islamic Banking branches across Pakistan.

U Bank Islamic Banking provides a full suite of tailor-made, Shari’ah-compliant financial solutions to its customers. Its product offerings include financing facilities against housing, business, and agricultural needs of up to PKR 3 million, along with Current, Savings, and Term Deposit account services.

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