KARACHI: Mashreq Pakistan has received approval from the central bank to initiate Islamic banking operations in the country.
As part of Mashreq, Dubai’s third-largest lender by assets, the bank is poised to make significant strides in the Pakistani market.
Mashreq Pakistan CEO Muhammad Humayun Sajjad stated, “We are poised to be an Islamic-first digital bank in the country, aspiring to deliver the best Islamic banking solutions to not just meet Pakistani’s expectations, but to exceed them.” He emphasized that obtaining In-Principal Approval for Islamic banking operations is a crucial step towards offering innovative, customer-centric banking solutions tailored to the diverse needs of the Pakistani market.
The bank is committed to providing an “ethical, robust, and innovative banking system” based on Shariah principles. Mashreq Al Islami was recently recognized as the World’s Best Islamic Digital Bank by the Euromoney Islamic Finance Awards 2024.
Islamic banking in Pakistan has grown substantially in recent years, with the Islamic Banking Industry (IBI) holding market shares of 19.6% in assets and 22.5% in deposits by the end of September. The central bank aims to increase the Islamic banking sector’s share to 35% by 2025.
