Karachi, June 16, 2011: The North Karachi Industrial Area Branch of UBL was recently inaugurated as a complete Islamic Banking Branch by Mr. Syed Usman Ali, CEO-North Karachi Industrial Development & Management Company.

At present, Islamic Banking in Pakistan represents approximately 8% of the total banking activity nationwide – but it is a fast growing financial trend that has attracted the attention of many Pakistanis who not only want to be financially sound but also religiously correct. Within the past one year this is evident from the fact that deposits in the Islamic Banks of Pakistan have increased from about US$3 billion to almost US$4 billion and it continues to attract funds with more and more Islamic Banks coming up as well as all existing traditional banks, also, initiating their own Islamic Banking divisions. UBL’s Islamic Banking business “Ameen”, established in 2006, has also doubled its deposit base in 2010 with expectations of strong growth in 2011.

At the branch inauguration Mr. Nusrat Ullah Khan, Group Head-UBL Islamic Banking highlighted the need for a full-fledged Islamic Banking Branch of UBL in the North Karachi Industrial Area in order for the people there to get the benefits of and avail Islamic Banking services and facilities.

He further said that all the diversified products and services of UBL Ameen Islamic Banking would be offered from this branch to the respective customers in a personalized manner.

Mr. Shahid Feroz, Founder/CEO-Port Grand added “Port Grand welcomes UBL to its shores. As our exclusive financial partner the bank will provide financial ease, convenience and peace of mind to all our visitors so that their visit here is a memorable one”.