PTCL Group injects Rs4bn into U Bank to fuel Islamic banking growth
KARACHI: PTCL Group announced on Tuesday a Rs4 billion ($15 million) capital injection into its subsidiary, U Microfinance Bank, to bolster its Islamic banking offerings and digital initiatives.
The investment comes as U Bank embarks on its ‘Year of Transformation’, focusing on operational conversion to Islamic banking and expanding its digital footprint to cater to the growing demand for Sharia-compliant financial solutions.
“This investment underscores our confidence in U Bank’s potential to transform the microfinance landscape in Pakistan,” said President and Group CEO of PTCL & Ufone 4G Hatem Bamatraf. “By empowering U Bank to expand its Islamic banking services and enhance its digital capabilities, we are investing in the economic empowerment of underserved communities.”
Mohamed Essa Al Taheri, president & CEO of U Bank, expressed his enthusiasm, stating, “With this support, we are poised to leverage technology and create a lasting impact.” PTCL Group has consistently supported U Bank, with previous investments exceeding Rs13 billion.
-
Sam Levinson Donates $27K To Eric Dane Family Fund After Actor’s Death -
Savannah Guthrie Mother Case: Police Block Activist Mom Group Efforts To Search For Missing Nancy Over Permission Row -
Dove Cameron Calls '56 Days' Casting 'Hollywood Fever Dream' -
Prince William, Kate Middleton ‘carrying Weight’ Of Reputation In Epstein Scandal -
Timothée Chalamet Compares 'Dune: Part Three' With Iconic Films 'Interstellar', 'The Dark Knight' & 'Apocalypse Now' -
Little Mix Star Leigh-Anne Pinnock Talks About Protecting Her Children From Social Media -
Ghislaine Maxwell Is ‘fall Guy’ For Jeffrey Epstein, Claims Brother -
Timothee Chalamet Rejects Fame Linked To Kardashian Reality TV World While Dating Kylie Jenner -
Sarah Chalke Recalls Backlash To 'Roseanne' Casting -
Pamela Anderson, David Hasselhoff's Return To Reimagined Version Of 'Baywatch' Confirmed By Star -
Willie Colón, Salsa Legend, Dies At 75 -
Prince Edward Praised After Andrew's Arrest: 'Scandal-free Brother' -
Shawn Levy Recalls Learning Key Comedy Tactic In 'The Pink Panther' -
King Charles Fears More Trouble As Monarchy Faces Growing Pressure -
Inside Channing Tatum's Red Carpet Return After Shoulder Surgery -
Ryan Coogler Brands 'When Harry Met Sally' His Most Favourite Rom Com While Discussing Love For Verstality