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Pakistan to launch Islamic branchless banking

Pakistan is set to launch the world’s first Islamic branchless banking with a view to penetrate its unbanked faith-conscious market. Meezan Bank, in collaboration with Ufone, has launched commercial Islamic banking under the name of Meezan Upaisa at 10,000 points of sales across 500 cities/districts. Islamic branchless banking would not only promote microfinancing and agriculture financing to small businessmen but would also encourage savings in general public based on profit and loss sharing model. According to studies, overall demand for Islamic banking is as high as 95% among households at retail level than the businesses, which stand at 73%. In 26 districts, out of 41 covered by a survey of retail respondents of Khyber Pakhtunkhwa, northern Punjab and southern Sindh, more than 95% demanded Islamic banking.

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