Mashreq, an UAE-based financial institution, has expanded its regional digital presence by launching Mashreq NEO in Pakistan. This launch, marked with a formal ceremony attended by senior government officials, signifies the bank’s entry into Pakistan’s competitive digital finance sector.

The service caters to both residents and non-resident Pakistanis who can activate accounts remotely. The platform operates on a cloud-based infrastructure that complies with State Bank of Pakistan guidelines and integrates security and transparency frameworks similar to those in other markets like the UAE and Egypt.

Shariah-Compliant Products

Mashreq NEO introduces account opening via mobile devices, streamlining the process without traditional paperwork or branch visits. It offers profit-bearing current and savings accounts based on Islamic principles alongside conventional versions. The bank sets profit rates of up to 5% per annum for its Shariah-compliant current account and up to 10% for savings deposits. Basic digital transactions are free, and users have access to ATMs nationwide.

Mashreq officials highlight their long-term investment in digital systems, indicating how technology can enhance broader financial inclusion. They emphasize that the introduction of Mashreq NEO in Pakistan aims to leverage this experience within a market experiencing rapid digital transformation.

The service includes debit cards supported by major payment networks with nationwide merchant discounts and app-based card controls. For overseas Pakistanis based in the UAE, the platform leverages Mashreq’s cross-border infrastructure for immediate account creation and zero-fee remittances to Pakistan.

Mashreq NEO targets salaried workers, freelancers, women-led enterprises, and Pakistanis living abroad. The bank’s officials describe the model as an effort to simplify day-to-day money management in line with Islamic financial norms while providing straightforward and transparent digital banking services for a broad customer base.