Islamabad, Dec 2: U Microfinance Bank (U Bank) has been named Best Microfinance Bank for Islamic Retail Banking Offerings in Pakistan 2024 at the 10th Islamic Retail Banking Awards (IRBA) held in Dubai.
The award, presented by Cambridge IFA, acknowledges U Bank’s outstanding contributions to promoting Shari’ah-compliant financial services in Pakistan.
Rapid Growth in Islamic Banking
Since launching Islamic banking services in 2022, U Bank has:
- Expanded from five branches to a robust network of Islamic banking windows and branches.
- Achieved a remarkable PKR 6 billion+ Gross Financing Portfolio (GFP) in just two years.
Leadership Remarks
Mr. Mohamed Essa Al Taheri, President & CEO of U Bank, expressed gratitude for the recognition, stating:
“This accolade reaffirms our commitment to empowering individuals through innovative and inclusive Islamic financial solutions while fostering a riba-free economy in Pakistan.”
About the Islamic Retail Banking Awards
The IRBA, organized by Cambridge IFA, celebrates excellence in Islamic retail banking worldwide. Winners are selected through an Islamic Banking Efficiency Study, which evaluates over 150 Islamic retail banks based on rigorous criteria.
This award highlights U Bank’s strategic focus on Islamic banking as a key element of its long-term vision and growth trajectory.
