PTCL Group has announced a capital injection of Rs4 billion ($15 million) into its subsidiary, U Microfinance Bank (U Bank), to strengthen its Islamic banking services and digital initiatives.
According to reports, this investment aligns with U Bank’s “Year of Transformation,” focusing on converting its operations to Islamic banking and expanding its digital footprint to meet 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 Hatem Bamatraf, President and Group CEO of PTCL & Ufone 4G.
He highlighted that the funds would empower U Bank to expand its Islamic banking offerings and enhance its digital capabilities, contributing to the economic empowerment of underserved communities.
Mohamed Essa Al Taheri, President and CEO of U Bank, expressed optimism about the initiative, stating that the support would help leverage technology to create a meaningful and lasting impact.
This latest funding continues PTCL Group’s consistent financial backing for U Bank, with its total investments now exceeding Rs13 billion. The group’s support aims to position U Bank as a key player in Pakistan’s evolving microfinance sector.
