Islamabad June 28 2024: In a landmark move, Mashreq Pakistan, a branch of the prominent financial institution Mashreq operating in the MENA region, has been granted In-Principle Approval (IPA) by the State Bank of Pakistan to commence its Islamic Banking operations within the country. This development underscores the bank’s commitment to offering ethical, innovative, and robust banking services aligned with Shariah principles, thereby significantly contributing to Pakistan’s financial landscape and catalyzing future growth.
Mashreq Pakistan is now advancing towards acquiring a restricted license from the State Bank of Pakistan to launch pilot digital retail banking operations in the country. To commemorate this pivotal achievement, the bank organized a celebratory event attended by its leadership team and employees. The event also marked the recognition of Mashreq Al Islami as the World’s Best Islamic Digital Bank by the Euromoney Islamic Finance Awards 2024, for the second consecutive year, solidifying Mashreq’s leadership in Islamic banking innovation.
Mashreq’s continuous investment in digital offerings has facilitated the creation of a nearly 100% digital customer experience, setting new global benchmarks for digital Islamic Banking. Additionally, the bank was recently awarded the ‘Most Innovative Islamic Banking Product – Nature Saver – UAE 2024’ at the 2024 International Finance Awards, further enhancing its global reputation.
Fernando Morillo, Group Head of Retail Banking at Mashreq, stated, “Our goal is to provide enriching experiences that go beyond traditional banking services, ensuring every interaction with our customers is meaningful and rewarding. We are not just adapting to technological advancements; we are driving them. Our advanced digital capabilities have set a benchmark in the global Islamic banking industry, and we are excited to bring the same level of excellence to our operations in Pakistan.”
Muhammad Humayun Sajjad, CEO of Mashreq Pakistan, added, “Receiving the IPA for Islamic banking operations is a pivotal step towards realizing our vision of offering innovative, customer-centric banking solutions that cater to the diverse needs of the Pakistani market. We are poised to be an Islamic-first digital bank in the country, aspiring to deliver the best Islamic Banking solutions to not just meet Pakistanis’ expectations but to exceed them.”
G.M. Abbasi, Director of the Islamic Finance Policy Department at the State Bank of Pakistan, commented, “The SBP has worked proactively over the years to promote and develop Islamic Banking in Pakistan through the introduction of a comprehensive legal, regulatory, and Shariah compliance framework, different training and capacity-building initiatives, and awareness drives for various stakeholders on Islamic banking and finance. These efforts are part of SBP’s strategy to foster a more inclusive financial environment in Pakistan, which will include digital banks like Mashreq.”
Mashreq Pakistan’s advanced digital platform is poised to revolutionize the banking experience, offering unparalleled convenience, security, and customer service for Pakistanis. The bank’s innovative digital solutions, such as Mashreq NEO, NEOBIZ, NEO NXT, and NEOPAY, are expected to set new industry standards. Notably, NEO has been recognized by Brand Finance as the strongest digital banking brand in the UAE. The bank aims to leverage advanced technologies such as AI and blockchain to provide intuitive, seamless, and personalized banking experiences.
Aligning with national objectives of financial inclusion and economic empowerment, Mashreq Pakistan’s strategic vision aims to integrate seamlessly into the fabric of Pakistani society, focusing on underrepresented segments and demographics, including women, youth, and SMEs.
