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UBL introduces ‘Ameen’
Islamic Banking
December 19, 2006 |
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United
Bank Limited, one of the largest private banks in the
country has been awarded an Islamic Banking Branch license
by the State Bank of Pakistan on December 16, 2006 AD
(24 Ziqa’ad 1427 AH). As a consequence, the first
UBL Ameen Islamic Banking branch will open its doors
to the public in Karachi, on December 22, 2006 (29 Ziqa’ad
1427 AH). This will be followed by more branch openings
in other parts of the country early next year. |
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UBL Ameen
will offer a range of Riba-free and Shariah-compliant
banking products to a wider and increasingly aware customer-base
in the country. Following a two-pronged strategy, the
bank will reach out to customers through dedicated UBL
Ameen Islamic Banking branches as well as specialist
Islamic Banking counters at select UBL branches. |
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The launch
of Ameen Islamic Banking is a significant milestone
for the Bank as well as a major move forward for Islamic
Banking in Pakistan, in view of UBL’s standing
as one of the largest local banks in the country, with
a network of over 1000 branches and a customer base
of over 2.8million. |
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For its part,
UBL has invested substantial resources towards the launch
of Ameen Islamic Banking products and has brought in
its fold the best Shariah Advisory, in terms of expertise
as well as experience. UBL Ameen Islamic Banking products
will progressively cater to the needs of customers in
the corporate, commercial and agricultural sectors as
well as provide finance to SMEs and individual clients,
of a standard exceeding any other bank in the country. |
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Speaking
on the occasion Mr. Hussain Mazhar, Head of the Islamic
Banking Group at UBL stated: “It is true that
Islamic Banking represents a great opportunity for people
in Pakistan. A growing number of customers today are
looking for Riba-free and Shariah-compliant banking
solutions. The launch of UBL Ameen is significant in
that it will cater to a diverse group of customers,
and will Inshallah lead to a faster development of Islamic
banking, per se”. He added: “I am extremely
grateful to the State Bank of Pakistan, whose continuing
support and policy initiatives would result in Islamic
Banking services becoming more readily available to
a larger segment of the population in future. We at
UBL Ameen welcome all religions and all sects to come
and experience empathetic banking at our branches.”
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| UBL Ameen BTL Activity at Park Towers |
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UBL Ameen recently set up a stall at the Park Towers, Clifton Karachi to attract new customers for its array of products including Current Account, Foreign Currency Account, Savings Account, Certificate of Islamic Investment, Auto Ijarah, Diminishing Musharakah, Murabaha and Commercial Ijarah.
The activity involved was a success, as lots of weekend shoppers interested in Islamic savings accounts and mode of financing approached the stalls to glean information. According to a customer who visited the stall, “It is good to see an activity like this where customers can get information on Islamic Financing without having to go to the bank branches.” Another customer was hopeful that more Shariah-compliant financial products would be launched so that people could rely completely on Islamic banking for their financial needs.
UBL Ameen started its operations in December 2006. And in a short span of time has established its presence in all major cities of Pakistan through 14 dedicated branches and 15 Islamic banking windows. It has an experienced Islamic Banking team comprising knowledgeable and dedicated in-house origination and product development specialists engaged in the development of Shariah compliant solutions without sacrificing financial viability.
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| Pak-Qatar General Takaful & UBL Ameen sign MOU! |
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Karachi, May 13, 2009 : Pak-Qatar General Takaful Limited (PQGTL) and UBL Ameen have signed an MOU today that will provide comprehensive Takaful coverage to UBL Ameen’s Auto Ijara portfolio. CEO Pak-Qatar General Takaful, Mr. M. Vaqaruddin and Mr. Abdullah Ghaffar,Former Head of UBL Ameen Islamic Banking signed the MOU on behalf of their respective organizations.
Speaking on the occasion CEO Pak-Qatar General Takaful Limited, Mr. M. Vaqaruddin said that this alliance proves that the preference of the corporate sector is moving rapidly away from conventional insurance to Takaful.
He said that the MOU with UBL Ameen is a sign of our matchless service, backed by experienced management and a powerful infrastructure. He further added that we are committed to provide our clients the best possible service and are constantly striving to attain a leading role in Pakistan’s Takaful industry.
Pak-Qatar General Takaful Ltd is a dedicated Takaful operator pioneering in General Takaful products. Along with high quality products which meet the needs of the public, the company is working to ensure accurate representation of Takaful amongst the business community.
Mr. Abdullah Ghaffar,Former Head of UBL Islamic Banking, stated that the MOU between UBL Ameen and PQGTL will help promote Islamic Banking as well as add strength to Takaful. Commenting on products and services, Mr. Ghaffar said UBL Ameen Islamic Banking already reaches out to diverse segments of society by engaging the best possible resources and offers a comprehensive range of Shariah Compliant financial products and services to its clients. “It is our aspiration to become the bank of choice for customers from a variety of market segments”.
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