UAE-based financial institution Mashreq has expanded its regional digital footprint with the rollout of Mashreq NEO in Pakistan. The launch followed a formal ceremony attended by senior government officials and marks the institution’s entry into Pakistan’s increasingly competitive digital finance landscape. The service is open to residents as well as Non-Resident Pakistanis, who are able to activate accounts remotely.
The platform operates on a cloud-based infrastructure that complies with State Bank of Pakistan requirements. According to Mashreq officials, it incorporates security and transparency frameworks that the bank has implemented in other markets such as the UAE and Egypt.
Shariah-compliant model and product features
Mashreq NEO offers account opening via mobile devices, eliminating standard paperwork and branch visits. Customers can access profit-bearing current and savings accounts under Islamic principles, alongside conventional variants. The bank has set 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 of charge, and users have access to ATMs across the country.
Representatives from Mashreq said the group’s long-running investment in digital systems demonstrates how technology can support wider participation in financial services. They noted that the introduction of Mashreq NEO in Pakistan is intended to apply this experience to a market undergoing rapid digital adoption.
The service also includes debit cards supported by major payment networks, offering nationwide merchant discounts and app-based card controls. For overseas Pakistanis based in the UAE, the platform uses Mashreq’s cross-border infrastructure to facilitate immediate account creation and zero-fee remittances to Pakistan.
Mashreq NEO is targeted at groups such as salaried workers, freelancers, women-led enterprises, and Pakistanis living abroad. Officials from Mashreq Bank Pakistan said the model aims to simplify day-to-day money management while aligning with Islamic financial expectations. They described the initiative as an effort to provide straightforward and transparent digital banking for a broad customer base.
