U Microfinance Bank (U Bank) has been honored as the Best Microfinance Bank for Islamic Retail Banking Offerings in Pakistan 2024 at the 10th Islamic Retail Banking Awards (IRBA) hosted by Cambridge IFA. The award was received by Mr. Asim Anwar, Chief Business and Digital Officer at U Bank. The ceremony, held in Dubai, recognized U Bank’s trailblazing efforts and significant contributions to promoting Shari’ah-compliant financial services in Pakistan.
U Bank has established itself as a pioneer in the microfinance industry by introducing Islamic banking services at an extensive scale in Pakistan. Since the launch of its Islamic banking services in 2022, the bank has expanded its network from just five branches to a growing ecosystem of Islamic banking windows and branches, offering a comprehensive suite of Shari’ah-compliant financial products and services. This rapid growth has culminated in the achievement of a PKR 6 billion+ Gross Financing Portfolio (GFP) for Islamic Banking—a remarkable milestone within just two years.
“We are deeply honored to receive this recognition from the Islamic Retail Banking Awards 2024,” said Mr. Mohamed Essa Al Taheri, President & CEO – U Bank. “This accolade is a testament to our unwavering commitment to delivering innovative and inclusive Islamic financial solutions that empower individuals and contribute to a riba-free economy in Pakistan.”
The Islamic Retail Banking Awards, organized by Cambridge IFA, celebrate excellence and best practices in Islamic retail banking across the world. The strongest Islamic retail banks are selected based on an Islamic Banking Efficiency Study conducted by Cambridge IFA, which ranks over 150 Islamic retail banks. The awards employ a rigorous assessment process, ensuring that only the most impactful and forward-thinking institutions are acknowledged.
This award reinforces U Bank’s strategic focus on the growth of its Islamic banking services as a cornerstone of its long-term vision.
