Prime Minister Muhammad Shehbaz Sharif on Tuesday inaugurated Mashreq Digital Bank, hailing its establishment as a “milestone” in Pakistan’s journey toward a fully digital and modernized economy.
Speaking at the launch ceremony, the Prime Minister said that digitalization is not just a choice but a necessity of the modern era. He described the bank’s entry as a landmark step in promoting a cashless economy, strengthening financial transparency, and accelerating Pakistan’s economic progress.
Highlighting the role of youth, who make up the majority of the country’s population, PM Shehbaz noted that they represent both an asset and an opportunity. “To strengthen the economy, make it transparent, and promote progress, it must be made paperless and human intervention must be reduced,” he remarked.
This marks Mashreq as the second digital bank in Pakistan and the first to begin pilot operations as a digital retail bank, following approvals from the State Bank of Pakistan.
The ceremony was attended by key dignitaries, including Federal Minister for Finance Muhammad Aurangzeb, Federal Minister for Planning and Development Ahsan Iqbal, Federal Minister for Petroleum Ali Pervaiz Malik, Federal Minister for Railways Hanif Abbasi, Federal Minister for Maritime Affairs Junaid Anwar, State Bank Governor Jameel Ahmad, and Finance Secretary Imdad Ullah Bosal.
Welcoming Mashreq Bank’s entry, PM Shehbaz acknowledged the United Arab Emirates’ longstanding commitment to Pakistan’s development. “UAE business leaders have always played a vital role in strengthening relations and supporting Pakistan’s economic progress,” he said.
Finance Minister Aurangzeb echoed these sentiments, stating that Pakistan’s economy is stabilizing under the government’s leadership. He pointed to recent confirmations by international rating agencies of the country’s improved performance as evidence that reforms are bearing fruit.
Abdulaziz Al Ghurair, Chairman of Mashreq Bank, said the institution is proud to be part of Pakistan’s reform and development journey. “Mashreq is starting its financial journey in Pakistan and is committed to driving investment, growth, and innovation in the country,” he said.
Mashreq Bank CEO Mohammad Humayun Sajjad added that digital payments in Pakistan have grown by 30% in the last year, with youth emerging as the future drivers of the financial sector.
The event concluded with Prime Minister Shehbaz and Abdulaziz Al Ghurair jointly inaugurating Mashreq Digital Bank, marking a new chapter in Pakistan’s banking sector and deepening UAE–Pakistan economic cooperation.
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