KARACHI – June 26, 2024: Mashreq Pakistan, part of Mashreq Bank, has a new milestone. It received In-Principal Approval (IPA) from the State Bank of Pakistan. This approval allows Mashreq Pakistan to begin Islamic banking. Mashreq will offer banking that follows Shariah rules. The bank aims to boost Pakistan’s financial growth.
Mashreq Pakistan plans to get a restricted license soon. This will let them start pilot digital retail banking. The bank celebrated with its team and employees. The event marked their global win as the World’s Best Islamic Digital Bank. Mashreq Al Islami won this award from Euromoney Islamic Finance Awards 2024, for the second year in a row.
Mashreq Bank invests in digital tools. It creates a nearly all-digital customer experience. The bank also won the ‘Most Innovative Islamic Banking Product’ award for Nature Saver – UAE 2024. This recognition came from the International Finance Awards.
Mashreq Digital Solutions to Transform Pakistan’s Banking Landscape
Fernando Morillo, Group Head of Retail Banking at Mashreq, said, “We aim to offer great experiences beyond traditional banking. We drive tech advancements and set global benchmarks in Islamic banking.”
Muhammad Humayun Sajjad, CEO of Mashreq Pakistan, added, “Getting IPA for Islamic banking is key for us. We want to offer new, customer-focused solutions in Pakistan. Our goal is to be the top Islamic digital bank here.”
G.M. Abbasi from the State Bank of Pakistan said, “SBP promotes Islamic banking with strong legal and Shariah rules. We support efforts to create a more inclusive financial environment. Digital banks like Mashreq play a big role in this.”
Mashreq Pakistan’s digital platform will change banking in Pakistan. It will offer easy, safe, and top-notch service. Their digital solutions include Mashreq NEO, NEOBIZ, NEO NXT, and NEOPAY. NEO is the strongest digital banking brand in the UAE, according to Brand Finance.
The bank uses AI and blockchain for better services. Mashreq aims to support financial inclusion and economic growth. It focuses on helping women, youth, and small businesses in Pakistan.
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