U Microfinance Bank (U Bank) Islamic Banking has received the prestigious international award for Upcoming Islamic Retail Banking Window in Pakistan 2022 during the 8th Islamic Retail Banking Awards 2022, hosted by Cambridge IFA in Indonesia.
The award honors U Bank’s recent introduction of Shari’ah-compliant financial solutions in Pakistan, and comes soon after U Bank’s full-scale commercial launch of Islamic Banking services nationwide. The bank’s Islamic Banking services were piloted earlier this year and have now encompassed many cities across Pakistan, thus financially including the segment of society that seeks banking services in line with Islamic values.
Mr. Kabeer Naqvi, President & CEO – U Microfinance Bank shared, “It is an honor for us to be recognized for the efforts towards making U Bank one of the first microfinance banks in Pakistan to introduce Islamic Banking services. With an enhanced deposit and financing products portfolio that complies with the Shari’ah principles, we will continue to accelerate our Islamic Banking expansion efforts to serve customers across Pakistan.”
The Islamic Retail Banking Awards developed by Cambridge IFA are based on the most academically rigorous analysis of global Islamic Banking efficiency performance. The participating banks are assessed by independent experts and honor institutions that have made a significant contribution towards the growth and success of Islamic Retail Banking around the world.
Previously, U Bank Islamic Banking has also received the award for the Islamic Banking Initiative of the Year – Pakistan from the Asian Banking & Finance Retail Banking Awards 2022. U Bank Islamic Banking provides a full suite of tailor-made, Shari’ah-compliant financial solutions to its customers. It offers financing of up to PKR 3 million, which includes Diminishing Musharakah financing for low-cost housing, Murabaha financing for MSMEs, and Salam financing to help fulfill agricultural needs. In addition, U Bank Islamic Banking offers Current, Savings, and Term Deposit account services to its customers, along with BancaTakaful products in collaboration with its corporate partners.