PM Shehbaz Inaugurates Mashreq Digital Retail Bank in Pakistan

Prime Minister Shehbaz Sharif on Tuesday inaugurated the Mashreq Digital Retail Bank, describing it as a milestone toward modernizing Pakistan’s economy and advancing a cashless business environment.

Speaking at the launch ceremony in Islamabad, the prime minister emphasized that digitalization is the need of the hour, noting that a paperless system with reduced human involvement is vital for transparency and sustainable economic growth. He highlighted that the country’s youth — who form the majority of the population — are its greatest strength and opportunity.

Event Attendees

The ceremony was attended by several senior dignitaries, including:

• Senator Muhammad Aurangzeb, Minister of Finance & Revenue
• Jameel Ahmad, Governor, State Bank of Pakistan
• Mohammad Sultan Al-Kaitoob, Head of Economic, Political and Media Affairs, Embassy of the UAE in Pakistan

Also present was Mashreq’s global leadership team, led by:

• His Excellency Abdul Aziz Al Ghurair, Chairman
• Ahmed Abdelaal, Group Chief Executive Officer

Transforming Pakistan’s Banking Sector

Mashreq Bank Pakistan aims to offer fully Shariah-compliant, technology-driven financial solutions, combining innovation with accessibility. Over the next 5–10 years, the bank intends to play a transformative role in the local financial sector by:

• Driving digital transformation
• Enhancing financial inclusion
• Promoting innovation and job creation
• Supporting sustainable development

Prime Minister Shehbaz Sharif welcomed the UAE’s role in launching Pakistan’s second digital bank, noting the importance of the move in strengthening bilateral relations and supporting Pakistan’s economic development. He expressed confidence that Mashreq Bank would enhance financial services across business, agriculture, and industrial sectors.

Statements from Key Leaders

Finance Minister Muhammad Aurangzeb

Aurangzeb said the government, under the leadership of PM Shehbaz, was focused on ensuring economic stability, strengthening remittances, and pushing forward reforms in energy, banking, and state-owned enterprises. He added that Pakistan’s improved performance had been recognized by international rating agencies, signaling progress in the right direction.

Abdul Aziz Al Ghurair, Chairman of Mashreq

Al Ghurair described Pakistan as a “natural partner” for the UAE, linked through trade, remittances, and regional stability goals. He noted Mashreq’s long-standing presence in Pakistan since 1978 and said the new chapter would be shaped by trust, regional aspirations, and long-term cooperation.

“Pakistan is a story of resilience and sustained ambition, and we’re here because the future is promising — and we want to help build it,” he remarked.

Ahmed Abdelaal, Group CEO of Mashreq

Abdelaal highlighted Pakistan’s strategic importance, citing its progressive digital banking regulations, growing technology adoption, and dynamic youth population. He said the launch reflects Mashreq’s belief in Pakistan’s digital future and commitment to long-term investment, financial innovation, and inclusive growth.

He added that Pakistan will be a key pillar in Mashreq’s strategy to build a digitally interconnected global financial ecosystem.

Fernando Morillo, Group Head of Retail Banking & Chairman, Mashreq Bank Pakistan

Morillo said Pakistan is the first international market where Mashreq is deploying its full-service digital retail bank, underscoring its strategy to redefine financial inclusion, transparency, and accessibility.

Muhammad Hamayun Sajjad, CEO of Mashreq Bank Pakistan

Sajjad described the launch as a “proud moment” for the country, saying Mashreq aims to bring world-class banking solutions while creating local opportunities and contributing to Pakistan’s fintech ecosystem.

He noted that digital payments in Pakistan grew by 30% last year, crediting the State Bank’s efforts to expand digital banking and strengthen cybersecurity.

Banking Services and Propositions

Mashreq plans to introduce specialized offerings tailored for Pakistanis:

• Mashreq NEO: Digital banking services for individuals
• Mashreq NEOBiz: Financial solutions for SMEs

Key features include:

• 24/7 paperless, mobile-first banking experience
• Zero-fee ATM withdrawals
• AI-driven risk controls
• Free debit cards
• Seamless onboarding process

The bank also intends to serve Overseas Pakistanis in the UAE, enabling them to open bank accounts in Pakistan and remit funds directly, further strengthening cross-border financial connectivity.

Formal Inauguration

At the ceremony, Prime Minister Shehbaz Sharif and Abdul Aziz Al Ghurair formally inaugurated Mashreq Digital Retail Bank in Pakistan, marking the beginning of a new chapter in the country’s journey toward a digitally empowered financial future.