KARACHI: Mashreq Pakistan has become the first bank in the country to launch pilot operations as a digital retail bank, following the issuance of a restricted license from the State Bank of Pakistan (SBP).
As part of the leading MENA-based financial institution Mashreq, Mashreq Pakistan has achieved key milestones since incorporating operations in 2023. These include receiving In-Principle Approval (IPA) for its digital and Islamic banking solutions and submitting the Operational Readiness Report to the SBP within the required timeframe.
The bank has established a robust operational framework, made significant strategic technology investments, and onboarded top-tier talent from across Pakistan.
With its global expertise in digital banking, Mashreq aims to set new standards for financial services in Pakistan, offering best-in-class Islamic banking solutions. Over the next five years, the bank plans to onboard millions of retail customers by providing advanced solutions designed to meet the evolving demands of Pakistan’s growing population.
Muhammad Hamayun Sajjad, CEO of Mashreq Pakistan, expressed the bank’s readiness and excitement to commence operations. “At Mashreq, our ‘Bank for All’ philosophy drives everything we do, ensuring that all Pakistanis have access to essential financial services. Our focus on innovation and agility enables us to adapt quickly to market needs, empowering women, youth, and small businesses,” he said.
Sajjad also highlighted Mashreq’s commitment to financial inclusion and its role as a catalyst for Pakistan’s economic progress. “As we grow alongside Pakistan, we remain dedicated to fostering financial inclusion and contributing to the nation’s development.”
Fernando Morillo, Chairman of the Board of Directors of Mashreq Pakistan and Group Head of Retail Banking at Mashreq, expressed enthusiasm for the milestone. “As a global leader in digital banking innovation, we are thrilled to bring Mashreq’s cutting-edge solutions to Pakistan and collaborate with the SBP to further its financial inclusion goals. The swift approval from SBP reinforces our commitment to enable greater financial accessibility, particularly for underserved and unbanked communities,” he remarked.
Mashreq’s entry into Pakistan aligns with its “Rise Every Day” philosophy, emphasizing growth and innovation. With operations spanning 14 countries and a strong track record of global success, Mashreq is poised to play a pivotal role in advancing Pakistan’s financial ecosystem through modern and efficient banking solutions.
This milestone underscores Mashreq’s dedication to driving financial accessibility and delivering innovative digital banking services tailored to Pakistan’s needs.
