Prime Minister Shehbaz Sharif said Tuesday that the launch of Mashreq Digital Retail Bank will serve as a milestone in modernizing Pakistan’s economy and promoting a cashless business environment.
Speaking at the inauguration ceremony in Islamabad, the prime minister termed digitalization the need of the hour, stressing that a paperless system with reduced human involvement is essential for transparency and sustainable economic growth. He highlighted that youth, who make up the majority of the country’s population, are Pakistan’s greatest asset and opportunity.
The event was attended by Finance Minister Muhammad Aurangzeb, Planning Minister Ahsan Iqbal, Petroleum Minister Ali Pervez Malik, Railways Minister Hanif Abbasi, Maritime Affairs Minister Junaid Anwar, State Bank Governor Jameel Ahmad, and Finance Secretary Imdadullah Bosal.
Shehbaz Sharif welcomed the establishment of Pakistan’s second digital bank, noting the important role of the United Arab Emirates in strengthening bilateral ties and supporting Pakistan’s economic and social development. He expressed confidence that Mashreq Bank’s entry would help improve financial services and support business, agriculture, and industrial sectors.
Finance Minister Muhammad Aurangzeb said the government, under Shehbaz Sharif’s leadership, is working to ensure economic stability, strengthen remittances as the country’s “lifeline,” and implement administrative reforms across energy, banking, and state-owned enterprises. He added that international rating agencies have recognized Pakistan’s improved performance, showing the economy is moving in the right direction.
Mashreq Bank Chairman Abdulaziz Al Ghurair said Pakistan was chosen for the launch of the bank’s first fully digital operation because of its strategic location and potential to become a digital economic hub. He praised the State Bank’s digital regulatory framework and said Mashreq will not only establish a digital bank but also actively contribute to its growth journey.
Mashreq Bank CEO Muhammad Humayoun Sajjad noted that digital payments in Pakistan grew 30% last year, calling youth the future of the financial sector. He said State Bank’s efforts to expand digital banking and strengthen cybersecurity were commendable.
At the ceremony, Prime Minister Shehbaz Sharif and Abdulaziz Al Ghurair formally inaugurated Mashreq Digital Retail Bank in Pakistan.
