Mashreq Pakistan Secures In-Principle Approval to Launch Islamic Banking Operations in Pakistan
Mashreq Pakistan, a part of Mashreq which is the leading financial institution in the MENA region, has announced a significant milestone in its foray into Pakistan. Mashreq Pakistan has been granted In-Principle Approval (IPA) by the State Bank of Pakistan to commence its Islamic Banking operations within the country.
This is a pivotal moment that reaffirms the Bank’s commitment to providing ethical, innovative and robust banking system that aligns with the principles of Shariah, thereby contributing to the nation’s financial landscape and becoming a catalyst for its future growth. Mashreq is actively progressing towards acquiring a restricted license from the State Bank of Pakistan to initiate pilot digital retail banking operations in Pakistan.
To mark this momentous occasion, Mashreq Pakistan organized a celebratory event with its leadership team and employees. The event also celebrated Mashreq Al Islami’s recent global recognition as the World’s Best Islamic Digital Bank by the Euromoney Islamic Finance Awards 2024, for the second year in a row that has further solidified Mashreq’s position as a leader in Islamic banking innovation. Mashreq continues to invest in and improve its digital offerings which has enabled the creation of near 100% digital customer experience – setting new benchmarks for digital Islamic Banking globally. To add to its global laurels in Islamic banking, Mashreq was also recently recognized as the ‘Most Innovative Islamic Banking Product – Nature Saver – UAE 2024’ at the 2024 International Finance Awards.
