U Microfinance Bank (U Bank), Pakistan’s fastest-growing microfinance institution, has added three highly regarded honours from Asian Banking & Finance (ABF) Awards, 2022, to its extensive record of triumphs.
U Microfinance Bank has won the Asian Banking & Finance Retail Banking Award 2022 for Microfinance Bank of the Year – Pakistan (from the Domestic Retail Bank entry) and Islamic Banking Initiative of the Year – Pakistan for its performance in 2021–2022. It also won the Asian Banking & Finance Wholesale Banking Award 2022 for Domestic Initiative of the Year – Pakistan.
These honours honour U Microfinance Bank’s tenacious efforts over the past seven years to broaden financial inclusion in the nation and assist the unbanked. U Bank is extending its network this year by an extra 100 branches nationally, solidifying its position as the fastest-growing microfinance bank in the sector and earning the right to be named the Microfinance Bank of the Year, 2022 – Pakistan by ABF.
U Bank has won the title for Islamic Initiative of the Year – Pakistan for being one of the microfinance banks in Pakistan to launch Islamic banking services. These services offer its clients specialised, Shariah-compliant financing alternatives.
U Bank has expanded its opportunities by successfully issuing its first-ever Social Impact Bond, which will be used to finance loans for renewable energy, private education, affordable housing, and Small and Medium-Sized Enterprises (SMEs), especially in rural Pakistan.
U Bank has received the Asian Banking & Finance Wholesale Banking Award 2022 for Domestic Effort of the Year – Pakistan for this creative social initiative, which received high praise from ABF.
To read our blog on “Meezan Bank & Samba Bank collaborate with the Embassy of Pakistan to celebrate the success of Roshan Digital Account – A Banking Service for Non-Resident Pakistanis,” click here.