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Bank Alfalah, U Microfinance Bank enter into strategic collaboration for a financing facility of PKR 10 billion

12:47 PM | 19 Dec, 2023
Bank Alfalah, U Microfinance Bank enter into strategic collaboration for a financing facility of PKR 10 billion

KARACHI - U Microfinance Bank (U Bank), one of the largest microfinance banks in Pakistan, has forged a strategic partnership with Bank Alfalah Limited, one of the country's largest commercial banks, to secure a short-term financing facility of PKR 10 billion aimed to facilitate U Bank's corporate funding collaboratively.

The collaboration was officiated in a formal ceremony held recently in Karachi, where Mr Mohamed Essa Al Taheri, President & CEO – U Bank, and Mr Atif Bajwa, President & CEO – Bank Alfalah, signed a Memorandum of Understanding in the presence of key management representatives from both the organizations. The ceremony underlined resilience and harmony within the financial sector in Pakistan and signified a collective effort to drive positive change and a shared commitment towards financial inclusion.

Mr Mohamed Essa Al Taheri, President and CEO - U Bank, spoke about the collaboration: “We are delighted to enter into this strategic alliance with Bank Alfalah that significantly contributes to our efforts towards offering inclusive financial products and services to the underbanked population, expanding our outreach further to more regions of Pakistan, and driving overall economic development in the country. At U Bank, we work towards creating real and meaningful impact in communities we serve, and this collaboration enables us to achieve that.”

Mr. Atif Bajwa, President and CEO – Bank Alfalah, expressed the collaboration: "The extension of this fully underwritten facility seeks to strengthen our partnership with U Microfinance Bank and reflects our commitment to promote financial inclusion in Pakistan. Our shared goal is to empower underserved communities and drive inclusive economic growth ultimately."

The partnership signifies a pivotal move to strengthen relations between the two banks and to enhance U Bank’s efforts towards financial inclusion in Pakistan. With this financing facility, U Bank aims to fortify its endeavours towards further building the microfinance sector in Pakistan and pursue strategic initiatives that contribute to the bank’s sustained growth. Bank Alfalah's role in providing a PKR 10 Billion facility highlights its commitment to supporting critical players in the financial sector, aligning with its broader strategy of fostering growth in banking in Pakistan. This collaboration is a testament to the dynamic and cooperative spirit within the local banking industry and sets a precedent for future synergies that enable collective progress.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan - Pakistani rupee to US Dollar, Euro, Pound, Dirham, Riyal - 22 June 2024

Pakistani currency rates against US Dollar and other currencies on June 22, 2024 (Saturday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.6 for buying and 280.75 for selling.

Euro's buying rate stands at 297 and selling rate is 299.5 while British Pound rate is 350.5 for buying, and 354 for selling.

UAE Dirham AED was at 74.80 and Saudi Riyal at 72.75.

Currency Rates in Pakistan

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.7 280.85
Euro EUR 294.3 297.9
UK Pound Sterling GBP 352 355.5
U.A.E Dirham AED 75 75.8
Saudi Riyal SAR 72.85 73.6
Australian Dollar AUD 182.2 184
Bahrain Dinar BHD 740.98 748.98
Canadian Dollar CAD 202 204
China Yuan CNY 38.4 38.8
Danish Krone DKK 40.15 40.55
Hong Kong Dollar HKD 35.68 36.03
Indian Rupee INR 3.34 3.45
Japanese Yen JPY 1.9 1.98
Kuwaiti Dinar KWD 908.7 917.7
Malaysian Ringgit MYR 59.07 59.67
New Zealand Dollar NZD 170.98 172.98
Norwegians Krone NOK 26.38 26.68
Omani Riyal OMR 723.75 731.75
Qatari Riyal QAR 76.53 77.23
Singapore Dollar SGD 202 204
Swedish Korona SEK 26.68 26.98
Swiss Franc CHF 315.21 317.71
Thai Bhat THB 7.59 7.74

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