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.
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