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Konnect Islamic account launched

Our Correspondent
Thursday, Sep 01, 2022

KARACHI: Habib Bank Limited (HBL) has launched a branchless banking Islamic account to promote Islamic financial inclusion in the country, a statement said on Wednesday.

The Konnect Islamic account can be opened by using a Computerized National Identity Card (CNIC) and a mobile number, the bank said.

The account would offer all branchless banking transactions/services such as fund transfers, bill payments, corporate payments and much more. The account holder could also apply for an Islamic Debit Card to access nationwide ATMs for cash withdrawal and point of sale transactions, it added.

Commenting on the launch, Abrar Ahmed Mir, chief innovation and financial inclusion officer at HBL, said their branchless banking channels had played a key role in addressing the issue in line with their focus to become more customer-centric. “We understand the need for shariah-compliant services is growing fast and we believe this service will help enhance inclusion.”

Shahzad Babar, head retail banking Islamic at HBL, said the bank invests in Islamic modes of financing such as ijarah, modaraba and offer riba-free products to serve Islamic banking needs of its customers.