UBL introduces ‘Ameen’ Islamic Banking
December 19, 2006
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.
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.
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.
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.
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.”
UBL Ameen BTL Activity at Park Towers
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.
Pak-Qatar General Takaful & UBL Ameen sign MOU!
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”.