Business Desk 
Jan 22, 2025
In a bid to make Islamic banking flourish and propell its availability across Pakistan, Pakistan Telecommunication Company Limited (PTCL) Group on Monday announced to invest Rs4 billion ($15 million) into its subsidiary, U Microfinance Bank.
“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,” said Hatem Bamatraf, the president and Group CEO of PTCL & Ufone 4G.
He added that the investment is a testament to PTCL's confidence in U Bank’s potential and its commitment to revolutionising the country's microfinance sector.
Besides expanding the footprint of Islamic banking, PTCL with the help of this massive capital injection also aims to introduce digital initiatives in the country's banking sector.
This investment came shortly after U Bank announced its operational transition from a conventional bank into an Islamic bank as part of its "Year of Transformation," as reported by ProPakistani.
“With this support, we are poised to leverage technology and create a lasting impact,” remarked Mohamed Essa Al Taheri, president & CEO of U Bank, while expressing enthusiasm.
It should be noted that PTCL Group has been financially backing U Bank, as its previous investments were reportedly above Rs13bn.
By becoming an Islamic bank, the PTCL subsidiary will cater to the rapidly rising demand for Sharia-compliant financial services under the Islamic banking umbrella while attaining a wider presence of its digitally-powered financial solutions.
