U Microfinance Bank joins hands with NBP for promotion of financial inclusion in Pakistan

12:02 PM | 6 Apr, 2022
U Microfinance Bank joins hands with NBP for promotion of financial inclusion in Pakistan

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 registers marginal gain against US Dollar, Euro, Pound, Riyal and Dirham; Check forex rates

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.

Dollar Rate in Pakistan Today

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.

Today's currency exchange rates in Pakistan - 7 December 2023

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar USD 283.2 286.15
Euro EUR 308 311
UK Pound Sterling GBP 358.5 362
U.A.E Dirham AED 77.4 78.1
Saudi Riyal SAR 76 76.8
Australian Dollar AUD 187.2 189
Bahrain Dinar BHD 757.23 765.23
Canadian Dollar CAD 209 211
China Yuan CNY 39.89 40.29
Danish Krone DKK 41.19 41.59
Hong Kong Dollar HKD 36.41 36.76
Indian Rupee INR 3.42 3.53
Japanese Yen JPY 1.39 1.45
Kuwaiti Dinar KWD 921.71 930.71
Malaysian Ringgit MYR 61.02 61.62
New Zealand Dollar NZD 174.54 176.54
Norwegians Krone NOK 26.05 26.35
Omani Riyal OMR 739.62 747.62
Qatari Riyal QAR 78.22 78.92
Singapore Dollar SGD 211 213
Swedish Korona SEK 27.12 27.42
Swiss Franc CHF 324.94 327.44
Thai Bhat THB 8.06 8.21

Gold prices in Pakistan move down despite positive global cues; Check latest rates here

Gold price in Pakistan remained under pressure as the yellow metal moved down despite an upward trend in the international market.

Gold Rates in Pakistan Today - 7 December 2023

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 Rate in Pakistan

Today Gold Price in Pakistan (4 September 2023)

City Gold Silver
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


Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter