Dubai, UAE – December 2, 2024: U Microfinance Bank (U Bank) has been recognized as the 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 received by Mr. Asim Anwar, Chief Business and Digital Officer at U Bank, during a ceremony held in Dubai. This accolade highlights U Bank’s groundbreaking efforts in promoting Shari’ah-compliant financial services and its significant contributions to the microfinance sector in Pakistan.
Since launching its Islamic banking services in 2022, U Bank has emerged as a pioneer in the industry by expanding its network from just five branches to a growing ecosystem of Islamic banking windows and branches. The bank now offers a comprehensive range of Shari’ah-compliant financial products, achieving a remarkable PKR 6 billion+ Gross Financing Portfolio (GFP) for Islamic Banking within just two years.
Speaking at the event, Mr. Mohamed Essa Al Taheri, President & CEO of U Bank, expressed his gratitude:
“We are deeply honored to receive this recognition from the Islamic Retail Banking Awards 2024. This accolade is a testament to our unwavering commitment to delivering innovative and inclusive Islamic financial solutions that empower individuals and contribute to a riba-free economy in Pakistan.”
The Islamic Retail Banking Awards, organized by Cambridge IFA, celebrate excellence and best practices in Islamic retail banking globally. Winners are determined through a rigorous assessment process based on the Islamic Banking Efficiency Study, which evaluates over 150 Islamic retail banks worldwide.
U Bank’s recognition underscores its strategic focus on Islamic banking as a cornerstone of its long-term vision. The award not only reflects the bank’s rapid growth in the Islamic banking domain but also its dedication to fostering financial inclusion and supporting a Shari’ah-compliant economic framework in Pakistan.
This achievement reaffirms U Bank’s position as a leader in the microfinance industry, setting a benchmark for innovation and excellence in Islamic retail banking.
