PTCL Group’s Rs4 billion investment aims to enhance U Bank’s Islamic banking, digital transformation

KARACHI: On Tuesday, PTCL Group announced a capital infusion of Rs4 billion ($15 million) into its subsidiary, U Microfinance Bank, aimed at enhancing its Islamic banking services and advancing its digital initiatives, reported The News.

This investment aligns with U Bank’s strategic focus on its ‘Year of Transformation’, which prioritises the shift towards Islamic banking and the expansion of its digital presence to meet the increasing demand for Sharia-compliant financial products.

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In a statement, Hatem Bamatraf, President and Group CEO of PTCL & Ufone 4G, stated, “This investment reflects our belief in U Bank’s ability to revolutionise the microfinance sector in Pakistan. By empowering the bank to broaden its Islamic banking offerings and improve its digital infrastructure, we are contributing to the economic upliftment of underserved communities.”

Mohamed Essa Al Taheri, President & CEO of U Bank, expressed his excitement about the initiative, affirming, “With this backing, we are well-positioned to harness technology and make a significant impact.” PTCL Group has a history of supporting U Bank, with prior investments surpassing Rs13 billion.