ISLAMABAD - U Microfinance Bank (U Bank), Pakistan’s fastest-growing microfinance bank, has received the commercial license for launching full-scale Islamic Banking services across Pakistan.
U Bank commenced its pilot Islamic Banking operations earlier this year, starting with five branches, and later on extended it further across the country to include the cities of Karachi, Lahore, Peshawar, Gujranwala, Sahiwal, and many more. After its promising performance, U Bank has now received a license from the State Bank of Pakistan (SBP) to commercially launch its Islamic Banking branches across Pakistan.
Speaking on this remarkable new feat, Mr Kabeer Naqvi, President & CEO – U Microfinance Bank stated, “I am glad to announce that we are now spearheading Islamic Banking in the microfinance ecosystem in Pakistan. This is a landmark achievement for the microfinance industry in general and U Bank in particular. This step will enable the bank to further the agenda of financial inclusion by catering to the Shari’ah-based banking needs of the people. There is a huge unmet demand for Shari’ah-based banking services and U Bank is looking forward to playing a significant role in bridging this gap. This is just the beginning – with continued support from the SBP, we will be penetrating further into Pakistan, bringing us closer to our ambition of bringing the unbanked population into the banking net and serving all segments of the society.”
U Bank Islamic Banking provides a full suite of tailor-made, Shari’ah-compliant financial solutions to its customers. Its product offerings include financing facilities against housing, business, and agricultural needs of up to PKR 3 million, along with Current, Savings, and Term Deposit account services.
Pakistani rupee remained stable against the US dollar, and other currencies in the open market on Friday.
On Friday, the US dollar remained stable 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||36.71|
|New Zealand Dollar||NZD||174.54||176.54|
Gold price in Pakistan increased as the yellow metal witnessed an upward trend in the international market.
On Friday, the price of a single tola of 24-karat gold stands at Rs217,400 and 10 grams of 24k gold costs Rs186,390.
Single tola of 22 Karat Gold costs Rs199,282, 21 karat rate for per tola is Rs190,225 and 18k gold rate is Rs163,050 each tola.
In the global market, gold prices hover at around $2026, gaining $8.30 on Friday.
Today Gold Price in Pakistan (8 December 2023)
|Lahore||PKR 217,400||PKR 2,583|
|Karachi||PKR 217,400||PKR 2,583|
|Islamabad||PKR 217,400||PKR 2,583|
|Peshawar||PKR 217,400||PKR 2,583|
|Quetta||PKR 217,400||PKR 2,583|
|Sialkot||PKR 217,400||PKR 2,583|
|Attock||PKR 217,400||PKR 2,583|
|Gujranwala||PKR 217,400||PKR 2,583|
|Jehlum||PKR 217,400||PKR 2,583|
|Multan||PKR 217,400||PKR 2,583|
|Bahawalpur||PKR 217,400||PKR 2,583|
|Gujrat||PKR 217,400||PKR 2,583|
|Nawabshah||PKR 217,400||PKR 2,583|
|Chakwal||PKR 217,400||PKR 2,583|
|Hyderabad||PKR 217,400||PKR 2,583|
|Nowshehra||PKR 217,400||PKR 2,583|
|Sargodha||PKR 217,400||PKR 2,583|
|Faisalabad||PKR 217,400||PKR 2,583|
|Mirpur||PKR 217,400||PKR 2,583|