Mashreq Pakistan, a part of the financial institution Mashreq in the MENA region, has received a restricted license from the State Bank of Pakistan (SBP) to begin pilot operations as a digital retail bank. This move underscores Mashreq’s commitment to driving financial inclusion and delivering innovative digital banking solutions in Pakistan.
The bank plans to introduce a digital banking model with Islamic banking solutions, aiming to serve millions of retail customers over the next five years. Mashreq Pakistan is focused on meeting the evolving needs of Pakistan’s growing population by providing advanced personal and business banking solutions. The bank’s approval is part of its broader strategy to promote financial accessibility and contribute to Pakistan’s economic development.
Since establishing its operations in 2023, Mashreq Pakistan has reached significant milestones, including In-Principal Approval (IPA) for digital banking and Islamic banking solutions. It has also submitted an Operational Readiness Report to the SBP and made key investments in technology and talent.
Fernando Morillo, Chairman of Mashreq Pakistan, expressed enthusiasm about the potential to drive transformation in Pakistan’s digital banking landscape, particularly by serving underserved and unbanked communities. Muhammad Hamayun Sajjad, CEO of Mashreq Pakistan, highlighted the bank’s commitment to innovation, financial inclusion, and providing tailored solutions for women, youth, and small businesses.
