KARACHI – President & CEO U Microfinance Bank Limited (U Bank) Mr. Kabeer Naqvi and President & CEO National Bank of Pakistan (NBP) Mr. Arif Usmani signed Memorandum of Understanding (MOU) of strategic partnership between two organizations to promote financial inclusion in the country.
This collaboration between the institutions will create synergies between the two institutions. This strategic partnership creates a platform for strengthening the capability of both organizations to provide a comprehensive range of banking services and promote various forms of cooperation including medium to long term Debt Finance, Housing Finance (Low Cost Housing under KPP), Working Capital Funding, Structured Finance and various other funding options.
Speaking at the occasion, Mr. Kabeer Naqvi, President & CEO of U Bank said both institutions have developed a strong mutually beneficial relationship and are willing to extend the cooperation by entering into various innovative transactions including Structured Finance with NBP acting as a Lead arranger and advisor backed by a credit guarantee facility and exchange of Gold Shroff details for better financial worthiness assessment. This alliance will provide an exciting opportunity to bring state of the art financial solutions to our combined customer bases. The synergy will pave way towards promoting financial inclusion in the country
President & CEO of NBP, Mr. Arif Usmani appreciated U Bank’s efforts towards digitization and financial inclusion of unbanked economy. He further emphasized that inclusion of U Bank in Karyana Store product, recently launched by Prime Minister, will not only provide outstanding results but also help in better reach of product due to U Bank’s grass root experience. He expressed the desire to further strengthen the engagement between two institutions going forward. He also discussed the need of developing industry vide lending controls to minimize non-performing loans and investing on human resources to deliver quality services and financial solutions to the masses.
The ceremony was held at NBP’s Head Office and was witnessed by the senior management of both institutions including Mr. Rehmat Ali Hasnie – Group Chief Corporate Investment Banking Group, Mr. Ahmer Liaquat – Divisional Head Microfinance & Special Initiative, Mr. Muhammad Ahmed Qadar – Wing Head Microfinance Institutions and Ms. Mariam Pervaiz - Chief Commercial Officer & Chief of Staff, Ms. Ambreen Malik – Chief Business Officer & Chief Digital Officer, Mr. Farooq Kamran – Chief Corporate & Investment Banking and Mr. Mohsin Raza Aslam – Head Budgeting Planning & Corporate Finance of U Bank.
Pakistani rupee continued its momentum against the US dollar, and orther currencies in the open market on Thursday, as the local currency also improved in the inter-bank market.
On Thursday, the US dollar moved down and was being quoted at 283.2 for buying and 286.15 for selling.
Euro comes down to 308 for buying and 311 for selling. British Pound rate dropped to 358.5 for buying, and 362 for selling.
UAE Dirham AED witnessed slight drop and new rate stands at 77.4 whereas the Saudi Riyal remained stable at 76.
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||358.5||362|
|Hong Kong Dollar||HKD||36.41||36.76|
|New Zealand Dollar||NZD||174.54||176.54|
Gold price in Pakistan remained under pressure as the yellow metal moved down despite an upward trend in the international market.
On Thursday, the price of a single tola of 24-karat gold stands at Rs217,100 and 10 grams of 24k gold costs Rs186,130.
Single tola of 22 Karat Gold costs Rs199,000, 21 karat rate for per tola is Rs189,960 and 18k gold rate is Rs162,825.00 for each tola.
In the global market, gold prices hover at around $2026, gaining $8.30 on Thursday.
Today Gold Price in Pakistan (4 September 2023)
|Lahore||PKR 217,100||PKR 2,565|
|Karachi||PKR 217,100||PKR 2,565|
|Islamabad||PKR 217,100||PKR 2,565|
|Peshawar||PKR 217,100||PKR 2,565|
|Quetta||PKR 217,100||PKR 2,565|
|Sialkot||PKR 217,100||PKR 2,565|
|Attock||PKR 217,100||PKR 2,565|
|Gujranwala||PKR 217,100||PKR 2,565|
|Jehlum||PKR 217,100||PKR 2,565|
|Multan||PKR 217,100||PKR 2,565|
|Bahawalpur||PKR 217,100||PKR 2,565|
|Gujrat||PKR 217,100||PKR 2,565|
|Nawabshah||PKR 217,100||PKR 2,565|
|Chakwal||PKR 217,100||PKR 2,565|
|Hyderabad||PKR 217,100||PKR 2,565|
|Nowshehra||PKR 217,100||PKR 2,565|
|Sargodha||PKR 217,100||PKR 2,565|
|Faisalabad||PKR 217,100||PKR 2,565|
|Mirpur||PKR 217,100||PKR 2,565|