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Dubai-based Mashreq has officially launched Mashreq NEO in Pakistan, marking the country’s first fully Islamic-focused digital banking platform. The move aims to offer Shariah-compliant current and savings accounts with competitive profit rates, targeting salaried professionals, freelancers, women entrepreneurs, and Non-Resident Pakistanis (NRPs).
Launched in Karachi under the patronage of Prime Minister Shehbaz Sharif, Mashreq NEO allows account opening in minutes, nationwide ATM access, free digital transactions, and profit-bearing Islamic accounts offering up to 10% annual returns. Fernando Morillo, Group Head of Retail Banking at Mashreq, highlighted that the platform reflects the bank’s commitment to innovation and financial inclusion.
The initiative comes amid Pakistan’s push to expand digital banking and financial services for unbanked citizens, nearly 36% of adults in the country.
Mashreq plans to onboard 10 million Pakistanis within five years, including offering zero-fee remittances for NRPs and lifestyle-linked debit card discounts at over 30,000 outlets. The launch positions Mashreq NEO as a paperless, modern alternative to traditional banking while aligning with the country’s fintech growth and financial inclusion goals.
