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.
