Home arrow News arrow World arrow UK-based Pak bank launches Islamic deposits scheme
 

Today is,

Tuesday, 31 March 2015

 

Home | About Us | News | User Login | Jobs | Employees | Contact Us | Tender Notices
Untitled Document
Main Menu
Home
News
Blog
Links
Search
Contacts
News Section
National
World
Sport
Business
Forex
Weather
Articles & Features
World News
UN deputy chief calls for hydro-diplomacy as world faces growing water shortages -
UNITED NATIONS, Mar 30 (APP): The international community must gear up for a new era of hydro-diplomacy as the threat of water scarcity risks plunging the world into a period of geopolitical tension and stunted development, U.N. Deputy Secretary-General Jan Eliasson told delegates gathered at the General Assembly Monday.


UNESCO launches social media campaign in Baghdad aimed at protecting cultural heritage -
UNITED NATIONS, Mar 30 (APP):  The head of the United Nations Educational, Scientific and Cultural Organization (UNESCO), Irina Bokova, Monday launched at Baghdad University #Unite4Heritage, a social media campaign to support Iraqi youth and to mobilize young people worldwide for the protection of cultural heritage.


UN dims lights to focus attention on climate change -
UNITED NATIONS, Mar 29 (APP): The United Nations went dark later Saturday evening as the Organization shuts off the lights at its iconic Headquarters complex in New York and other facilities around the world in observance of ‘Earth Hour,’ an annual global event raising awareness about the need to take action on climate change and promoting sustainable energy consumption.


Pakistan renew its commitment to UN peacekeeping at first-ever defence chiefs conference -
UNITED NATIONS, Mar 28 (APP): Pakistan has renewed its commitment to the “noble cause” of United Nations peacekeeping, the world body’s flagship activity that helps countries torn by conflict to create the conditions for lasting peace.


At UN, Pakistan urges action to end violence against religious, ethnic minorities in Mideast -
UNITED NATIONS, Mar 28 (APP):  Pakistan Friday called for U.N. Security Council action to end the religiously and ethnically-motivated violence sweeping the Middle East by promoting a global consensus for resolving the challenges confronting Iraq, Syria, Yemen and “most importantly” Palestine.


Sport News
Sindh, Army reach Netball final
ISLAMABAD March 30 (APP): Sindh and Army will face each other in the final of 14th National Women Netball Championship to be played here at Hamidi Hall on Tuesday.
 
Army, Air force qualify for National Basketball Championship'2015 Final
WAH CANTT, Mar 30 (APP): Army, Air force qualified for National Basketball Championship'2015 final beside beating their rivals in semi finals played here at POF Sports Complex on Monday.
 
Starc named as player of the ICC Cricket World Cup 2015
From Ehsan Qurshi
 
MELBOURNE, March 29 (APP): Australia fast bowler Mitchell Starc was Monday named as the player of the ICC Cricket World Cup 2015.
 
Border express sympathy for no International cricket in Pakistan

From Ehsan Qureshi

MELBOURNE, March 29 (APP): Former Australian skipper Alan Border has expressed his sympathy that international  cricket is not being staged in Pakistan.

 
Australia grabs 5th Cricket World Cup crown with an emphatic victory over New Zealand

From Ehsan Qureshi

MELBOURNE, March 29 (APP): Australia regained the Cricket World Cup crown on Sunday when they routed their Trans Transman neighbors New Zealand by seven wickets in the day/night final here at the Melbourne Cricket Ground for their overall fifth title.

 
Archive
Latest News
Efforts continued to evacuate all stranded Pakistani from Yemen: FO - Pakistan to play role in Yemen conflict to maintain peace: Khaqan - Karachi operation being carried out across the board: Saad - Pakistan willing to play role in resolving Yemen conflict: Marvi - Pre-scheduled Pak-Saudi joint exercise being carried out since March... - Minister distributes cheques among Christian families
UK-based Pak bank launches Islamic deposits scheme PDF Print E-mail
HTML clipboard

LONDON, Feb 02 (APP)-A UK-based Pakistani bank has launched its Islamic deposit products to cater to the needs of both the business community as well as individuals interested in conducting their economic activities in accordance with the tenets of Islamic Shariah.United National Bank which was created in 2002 and is now a joint venture of United Bank Limited, a major share holder with 55 per cent, and National Bank of Pakistan which has 45 per cent stake.

The management is under the control of United Bank Limited now owned by the UK’s richest British-Pakistani businessman Sir Anwar Pervez who also has other extensive business interests in Pakistan.

These deposit products are 90 Days Notice Deposit account and Fixed Term deposits for six months and one year and are based on Mudaraba structure, a permitted Sharia mode.

Speaking on the occasion, UNB CEO Mansoor Khan said London has emerged as a global hub for Islamic Finance and a huge market potential exists in the UK market for Islamic products.

He further said the bank is focussing on the South Asian Muslim community and have set them as their initial target market for these products.

“Predominantly over a one million people are clustered across the UK and the philosophy behind launching their products is a belief that savings play a vital role in managing future needs.”

“The people generally try to save a portion of their income with a view to protecting themselves from future financial hardship and also to enhance their earnings for their benefit and the benefit of their family,” said Mr.Khan.

Explaining further, he noted most of the Muslim community does not believe in accepting interest (ribah) as it is prohibited in Islam and therefore tend to keep their savings in current accounts or in the shape of cash at home or in their lockers.

He said the UNB Islamic deposit products will provide them an opportunity to invest their surplus funds in the new scheme to protect their capital and earn purely “halal” profit with no fear of interest.

Setting out future strategy of the bank, Mr.Khan said this will be based on introducing new technology such as debit cards and internet banking. “We intend to bring in the new technology across all our British branches by the end of this current year.”

The CEO said though UNB is not competing with other major UK high street banks, yet it knows its target market and hope to do well in selling the new products.

The bank has branches in London, Birmingham, Bradford, Glasgow and Manchester. He spoke of the hugely successful remittance scheme launched by the bank which deliver free, secure next day cash payment in Pakistan at over 700 UBL branches.

Atif Bukhari, President, UBL, and Board Director, UNB, who flew in especially from Karachi for the launching of the Islamic deposit product, told the media that UNB was already offering Ijara Mortgages to its customers and has booked a sizeable portfolio.

UNB, he added, has taken the lead to offer a complete Shariah compliant solution where the customers will have peace of mind that their money has been invested in a sound product and they are sharing profit not interest.

The marketing head of the bank Mir Muhammad Akhlaq said the Islamic products are also very attractive to the general public by virtue of their product features and benefits.

Ehsan Mani, a bank Director and Aamir Karachiwala, Chief Controller, also spoke on the occasion, and said the deposits generated through these products will be utilised in the bank’s existing Ijara mortgage product.

 

 

Grievance Commissioner Wafaqi Mohtasib
Grievance Commissioner Wafaqi Mohtasib
Budget 2014-2015
Federal Budget
Highlights 2014-2015
Punjab Budget
Sindh Budget
KPK Budget
Balochistan Budget
A.J.K Budget
Gilgit Baltistan Budget
Elections 2013
Elections 2013 News
Code of Conduct
Code of Conduct
Manifestos of Parties
Manifestos of Political Parties
Economic Survey
Economic Survey 2013-2014
Presidential address to the joint sitting of parliament
Presidential address to the joint sitting of parliament
Profiles
Profile of the President
Profile of Prime Minister
Profiles of Chairman and deputy Chairman Senate
Profiles of Speakers and Deputy Speakers
Profile of Governors
Profiles of Chief Ministers
Profiles of Federal Ministers
Portfolios of Federal Ministers
Portfolios of Provincial Ministers
Parlimentary Proceedings
National Assembly
Senate
Latest News