Mashreq Pakistan, a division of the renowned MENA financial institution Mashreq, has achieved a significant regulatory milestone in its entry into the Pakistani market. The State Bank of Pakistan has granted Mashreq Pakistan an In-Principle Approval (IPA) to launch Islamic banking operations, marking a pivotal moment in the bank’s commitment to ethical and innovative financial solutions aligned with Shariah principles.
This approval underscores Mashreq Pakistan’s dedication to enhancing Pakistan’s financial landscape and catalyzing its future growth. In parallel, Mashreq is advancing towards securing a restricted license to commence pilot digital retail banking operations in Pakistan.
To commemorate this achievement, Mashreq Pakistan recently hosted a celebratory event, joined by its leadership team and staff. The occasion also celebrated Mashreq Al Islami being recognized as the World’s Best Islamic Digital Bank by the Euromoney Islamic Finance Awards 2024, affirming Mashreq’s leadership in Islamic banking innovation for the second consecutive year. The bank continues to invest in enhancing its digital offerings, achieving nearly 100% digital customer experience and setting new global benchmarks in digital Islamic banking.
Fernando Morillo, Group Head of Retail Banking at Mashreq, emphasized, “Our aim is to deliver enriching banking experiences that transcend traditional services, ensuring every customer interaction is meaningful and rewarding. We are not merely adapting to technological advancements; we are pioneering them.”
Muhammad Humayun Sajjad, CEO of Mashreq Pakistan, expressed, “Securing IPA for Islamic banking operations is a crucial step toward realizing our vision of delivering innovative, customer-centric banking solutions tailored to the diverse needs of the Pakistani market. We aspire to become Pakistan’s foremost digital bank, prioritizing Islamic banking solutions that not only meet but exceed local expectations.”
G.M. Abbasi, Director of Islamic Finance Policy Department at the State Bank of Pakistan, highlighted, “SBP has been proactive in promoting and nurturing Islamic banking in Pakistan, through robust regulatory frameworks, capacity-building initiatives, and awareness campaigns. Mashreq’s digital banking initiatives align with SBP’s strategy to foster a more inclusive financial environment, embracing innovative digital banks like Mashreq.”
Mashreq Pakistan’s advanced digital platform is set to revolutionize banking in Pakistan, offering unparalleled convenience, security, and customer service. Its suite of innovative digital solutions, including Mashreq NEO, NEOBIZ, NEO NXT, and NEOPAY, are poised to set new industry standards. Notably, NEO has been recognized as the strongest digital banking brand in the UAE by Brand Finance. The bank plans to leverage cutting-edge technologies such as AI and blockchain to deliver intuitive, seamless, and personalized banking experiences.
In line with national objectives of financial inclusion and economic empowerment, Mashreq Pakistan aims to integrate deeply into Pakistani society, with a particular focus on underserved segments such as women, youth, and SMEs.
