Dubai, UAE – December 2, 2024: U Microfinance Bank (U Bank) has earned the title of Best Microfinance Bank for Islamic Retail Banking Offerings in Pakistan at the prestigious 10th Islamic Retail Banking Awards (IRBA), hosted by Cambridge IFA.
The award was accepted by Mr. Asim Anwar, Chief Business and Digital Officer at U Bank, during a ceremony held in Dubai. This recognition underscores U Bank’s pioneering efforts in advancing Shari’ah-compliant financial services and its significant impact on Pakistan’s microfinance sector.
Since introducing its Islamic banking services in 2022, U Bank has expanded its operations from five branches to a growing network of Islamic banking windows and dedicated branches. The bank now offers a comprehensive suite of Shari’ah-compliant financial products, achieving an impressive Gross Financing Portfolio (GFP) of over PKR 6 billion for Islamic Banking within just two years.
Expressing his gratitude at the event, Mr. Mohamed Essa Al Taheri, President & CEO of U Bank, said:
“This recognition from the Islamic Retail Banking Awards 2024 reflects our unwavering commitment to delivering innovative and inclusive Islamic financial solutions. We remain focused on empowering individuals and driving a riba-free economy in Pakistan.”
Organized by Cambridge IFA, the Islamic Retail Banking Awards celebrate global excellence in Islamic retail banking. Winners are chosen through a rigorous evaluation process based on the Islamic Banking Efficiency Study, which assesses over 150 Islamic retail banks worldwide.
U Bank’s achievement highlights its strategic emphasis on Islamic banking as a cornerstone of its growth. This accolade reaffirms the bank’s role as a leader in microfinance, setting new standards for innovation and excellence in Shari’ah-compliant financial services while promoting financial inclusion in Pakistan.
