Imran Zakir
KARACHI: Mashreq on Monday formally launched Mashreq NEO, Pakistan’s first Islamic digital banking platform, at a ceremony held at a local hotel in Karachi.
Addressing the press conference, Fernando Morillo, Group Head of Retail Banking & Chairman of Mashreq Bank Pakistan, said the bank had spent more than half a decade building trusted digital systems across the UAE, Egypt and other key markets. “The launch of Mashreq NEO underscores our long-term commitment to empowering individuals and businesses in one of the world’s most dynamic digital markets with our global innovation legacy,” he said.
Sharing initial details, Morillo announced the introduction of a Shariah-compliant Islamic remunerative current account, offering a market-first profit rate of up to 5% per annum. Mashreq aims to reach 10 million Pakistanis within the next five years.
He added that Mashreq NEO is now fully operational nationwide following its official launch attended by Prime Minister Muhammad Shehbaz Sharif. The platform offers seamless, secure and values-driven digital banking for all Pakistanis, including Non-Resident Pakistanis (NRPs). With a $50 million investment, Mashreq has made the second-largest foreign investment in Pakistan’s banking sector.
“Mashreq’s Islamic-first digital model is designed to make everyday banking simple, transparent and inclusive,” said Muhammad Hamayun Sajjad, CEO Mashreq Bank Pakistan. “Pakistanis have always found a way to adapt, innovate and move forward. It’s time their banking did the same.”
The bank’s cloud-based architecture, aligned with State Bank of Pakistan regulations, incorporates international-grade security standards to ensure safety, scalability and transparency.
Mashreq NEO aims to act as a bridge between global innovation and national progress by expanding financial inclusion and enabling more people to participate in the formal economy through ethical, secure and digitally intelligent banking.
Shahzad Khokhar, Head of Islamic Banking, said the bank is offering some of the highest profit rates on its accounts. “There is no doubt we are among the best in the business, offering world-class trade services as one of the UAE’s top banks,” he added.
Senior executives including Fernando Morillo, Muhammad Hamayun Sajjad, Rania Nerhal (Chief Client Experience & Conduct Officer), Mohamed Abdul Rezak (Group Head Technology, Transformation & Information), Salman M. Hadi (Group Head Treasury & Global Markets) and Shahzad Khokhar participated in the Q&A session.
Responding to media queries, CEO Hamayun Sajjad said Mashreq is promoting digital literacy, enabling rural women to open digital accounts with ease. Morillo added that Pakistan’s market presents “not just challenges, but significant opportunities,” noting that the bank is actively exploring and empowering the country’s young fintech talent.
