PTCL Group injects Rs4bn into U Bank to fuel Islamic banking growth

By Our Correspondent
January 22, 2025
The picture shows a building of the Pakistan Telecommunication Company Limited (PTCL). — PPI/File
The picture shows a building of the Pakistan Telecommunication Company Limited (PTCL). — PPI/File

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.