Karachi: In a major step toward accelerating Pakistan’s digital and financial inclusion landscape, Mashreq has officially launched Mashreq NEO, the country’s first Islamic-first digital banking platform. The launch is a significant milestone for the MENA-based financial institution as it expands its digital footprint into Pakistan.
Fully operational nationwide, Mashreq NEO offers a seamless, paperless, and Shariah-compliant digital banking experience designed for both resident and non-resident Pakistanis. Customers can open accounts within minutes, access profit-bearing current and savings accounts, and enjoy free digital transactions along with nationwide ATM availability.
A key highlight of the platform is its Shariah-compliant remunerative current account, offering a market-first profit rate of up to 5% per annum. Additionally, its Islamic savings account delivers competitive returns of up to 10%, further strengthening its appeal in a country where Islamic banking adoption continues to grow.
“Mashreq’s mission has always been to advance how people bank, save, and grow,” said Fernando Morillo, Group Head of Retail Banking at Mashreq and Chairman of Mashreq Bank Pakistan. “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.”
Built on a cloud-based infrastructure aligned with State Bank of Pakistan regulations, Mashreq NEO integrates international-grade security, scalability, and transparency. The bank aims to onboard 10 million customers within the next five years, with a strong focus on salaried professionals, freelancers, women entrepreneurs, and overseas Pakistanis.
The platform’s debit cards, powered by leading payment networks, provide access to exclusive discounts at more than 30,000 outlets nationwide. For Non-Resident Pakistanis based in the UAE, the bank will offer instant account opening and zero-fee remittances by leveraging Mashreq’s global systems.
“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 of Mashreq Bank Pakistan. “Our Islamic-first digital model is designed to make everyday banking simple, transparent, and inclusive.”
Industry observers note that Mashreq NEO’s entry aligns with the country’s broader push toward a digitally enabled financial ecosystem, as highlighted in recent analyses calling for deeper integration of digital channels to expand financial inclusion.
With its global expertise and localized approach, Mashreq NEO aims to serve as a bridge between technological innovation and Pakistan’s evolving financial needs offering secure, ethical, and accessible digital banking to millions across the country.