UAE’s Mashreq Bank launches full scale operations in Pakistan
UAE-based Mashreq Bank has launched
its first full-scale international digital banking platform outside the
Emirates, establishing a Shariah-compliant retail bank in Pakistan. The move is
being hailed as the beginning of a new era in the country’s banking sector.
Mashreq Bank Pakistan will operate
as a mobile-first, Shariah-compliant digital bank, offering services for both
individuals and small and medium-sized enterprises (SMEs).
To mark the launch, the Pakistan
Banks Association (PBA) hosted a reception in Islamabad, attended by senior
government officials, banking leaders, parliamentarians, diplomats, investors,
and business executives. Distinguished guests included Mashreq Chairman Abdul
Aziz Al Ghurair, Group CEO Ahmed Abdelaal, and members of the bank’s global
leadership team.
Read More Mashreq
launches pilot operations as Pakistan’s first digital retail bank
Government and SBP welcome entry
Minister of State for Finance Bilal Azhar Kayani, in his keynote remarks, said
Mashreq’s entry comes at a critical time as Pakistan accelerates its transition
to a digital and cashless economy. He highlighted Prime Minister Shehbaz
Sharif’s vision for financial modernization and praised Mashreq’s global
leadership in remittances, cashless payments, and Shariah-compliant banking.
He also underscored the vital
contribution of the banking sector to Pakistan’s economy, noting that in 2024
banks paid Rs856 billion in income tax and over Rs1.5 trillion in total taxes,
despite facing an effective tax rate of 55–59% — one of the highest in the
region.
SBP Governor Jameel Ahmed welcomed
Mashreq’s entry as a “milestone” that aligns with the central bank’s push for
innovative, transparent, and consumer-friendly banking practices. He confirmed
that SBP has already awarded five digital banking licences, with operations
expected to begin by year-end.
Industry voices and inclusion
In his address, PBA Chairman Zafar Masud emphasized the banking industry’s role
in supporting SMEs and praised Mashreq for driving innovation beyond
conventional banking. It was highlighted that Mashreq employs 450 Pakistanis
across its network, 43% of whom are women.
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Shariah Board at Mashreq Pakistan to promote Islamic Banking
Mashreq CEO Ahmed Abdelaal described the launch as part of the bank’s global digital transformation journey. “Banking is about building bridges. We are here to serve households, entrepreneurs, and businesses alike, and to help shape a healthier financial ecosystem in Pakistan,” he said.
A milestone for digital banking
Speakers noted that this marks the first international deployment of Mashreq’s
award-winning digital banking platform, underscoring Pakistan’s growing role as
a frontier for digital financial services. Known for its customer-centric
approach and commitment to financial inclusion, Mashreq’s expansion is expected
to boost investor confidence and deepen cross-border cooperation.
The ceremony concluded with the
presentation of souvenirs to Mashreq’s leadership, SBP Governor Jameel Ahmed,
and Minister Bilal Azhar Kayani.
Source: Pakistan Observer