Dubai’s Mashreq launches Pakistan’s first Islamic-focused digital banking platform

Representatives of Dubai-based Mashreq posing for picture at the launch of Mashreq NEO in Karachi, on November 25, 2025. (Mashreq)
Short Url
Updated 25 November 2025
Follow

Dubai’s Mashreq launches Pakistan’s first Islamic-focused digital banking platform

  • Mashreq NEO to offer Shariah-compliant current, savings accounts with market-first profit rates
  • Bank aims to serve 10 million Pakistanis in five years, including overseas Pakistanis

KARACHI: Dubai-based Mashreq on Tuesday launched Mashreq NEO in Pakistan, introducing what it says is the country’s first fully Islamic-focused digital banking platform as the United Arab Emirates–headquartered lender expands its regional footprint into South Asia’s fast-growing fintech market.

Pakistan’s banking regulator has encouraged digital entrants in recent years in an effort to expand access for millions of unbanked citizens, especially women and freelancers. As of 2023, about 36 percent of adults in Pakistan remain unbanked.

Mashreq’s arrival follows the government’s push to accelerate financial inclusion and digital payments, with the bank positioning its platform as a Shariah-compliant, paperless alternative to traditional banking.

Launched in Karachi under the patronage of Prime Minister Shehbaz Sharif, Mashreq NEO is now fully operational nationwide. The platform offers account opening “in minutes,” free digital transactions, nationwide ATM access and profit-bearing Islamic accounts, including what the bank describes as a “market-first profit rate” of up to 5 percent per annum on remunerative current accounts and up to 10 percent on Islamic savings accounts.

“Mashreq’s mission has always been to advance how people bank, save, and grow,” Fernando Morillo, Group Head of Retail Banking at Mashreq & Chairman of Mashreq Bank Pakistan, said in a statement.

“The launch of Mashreq NEO underscores our long-term commitment to empowering individuals and businesses in one of the world’s most dynamic digital markets with our global innovation legacy.”

Mashreq NEO aims to target salaried professionals, freelancers, women entrepreneurs and Non-Resident Pakistanis (NRPs), offering instant account opening for Pakistanis in the UAE, zero-fee remittances and lifestyle-linked debit card discounts at more than 30,000 outlets nationwide. The digital platform is built on cloud-based infrastructure aligned with State Bank of Pakistan regulations and incorporates international cybersecurity standards, according to the bank.

“Pakistanis have always found a way to adapt, innovate, and move forward. It’s time their banking did the same,” said Muhammad Hamayun Sajjad, CEO Mashreq Bank Pakistan. “Our Islamic-first digital model is designed to make everyday banking simple, transparent, and inclusive to empower customers to bank with trust and ease.”

Mashreq, one of the Middle East’s oldest financial institutions, said it aims to onboard 10 million customers in Pakistan within five years as digital banking adoption accelerates. The bank said NEO’s expansion aligns with Pakistan’s broader transition toward financial technology, secure digital payments and increased participation in the formal economy.
 


Pakistan making diplomatic efforts to de-escalate Middle East tensions, FM says

Updated 4 sec ago
Follow

Pakistan making diplomatic efforts to de-escalate Middle East tensions, FM says

  • The statement came as Iran pressed on with a third day of strikes in the Gulf in response to US-Israeli air raids
  • Pakistan’s position is clear that all countries must abide by principles of UN Charter, international law, FM says

ISLAMABAD: Pakistan is making diplomatic efforts to de-escalate heightened tensions in the Middle East, Foreign Minister Ishaq Dar said on Monday, amid US-Israeli strikes on Iran and Tehran’s counterstrikes against US bases in Gulf countries.

Tensions escalated across the Middle East on Saturday after coordinated US-Israel strikes killed Supreme Leader Ali Khamenei among other senior Iranian officials. Tehran responded by targeting US military bases in the UAE, Bahrain, Qatar, Kuwait and Jordan. Saudi Arabia said Iran also launched attacks targeting Riyadh and the Eastern Province.

The Iranian missile and drone strikes continued on Monday in retaliation for the ongoing US-Israeli air raids, casting uncertainty over the future of the Islamic republic and heightening the risk of broader instability in the already volatile region.

Speaking at a press conference, FM Dar, who recently returned from Saudi Arabia where he attended an Organization of Islamic Cooperation OIC) meeting on Palestine, said Pakistan is very closely monitoring the evolving situation in Iran and the tensions which are building up in the region.

“These serious developments have taken place at a time when diplomatic efforts were underway to reach a peaceful and negotiated solution to [Iran nuclear program],” he said.

“We are making our full diplomatic efforts and, you know, requesting all parties to de-escalate and to refrain.”

Dar said Islamabad was concerned over a violation of the norms and international law, and the age-old tradition that the heads of state and the government should not be targeted.

“Post-World War II, we all know that these institutions were created to create some international, you know, law and order, and that’s why there was a UN Charter. There are certain conventions which we all are supposed to follow,” he said.

“But things are on ground moving very differently, which obviously is worrisome... The international law must prevail and the conventions must be respected.”

The statement came hours after the Ras Tanura oil refinery in Saudi Arabia sustained limited damage as a result of debris from the interception of two drones in its vicinity, the Saudi Press Agency reported, citing an official source at the Saudi Ministry of Energy.

Several American warplanes crashed in Kuwait on Monday morning but their crew survived, Kuwait’s defense ministry said, as Iran pressed on with a third day of strikes in the Gulf.

Dar said Pakistan’s position has been clear and persistent that all countries must abide by the principles of UN Charter and international law, including respect for the sovereignty and territorial integrity of other states as well as international humanitarian law.

“In my latest conversation with [Iranian] Foreign Minister Abbas Araqshi on 28th of February, I conveyed Pakistan’s condemnation of the attacks and called for restraint and diplomacy and dialogue, which he positively responded,” he shared.

“But on ground, we are seeing that things are not yet settling or easing out.”

Pakistan stands in full solidarity with all its brotherly countries and underscores the need to exercise maximum restraint, according to FM Dar.

“This is a message we have been giving to whosoever prime minister speaks, whosoever I speak, or whosoever Field Marshal Asim Munir speaks to, his counterparts on the defense side,” he said.