Mashreq (bank)

Mashreq is one of the oldest banking institutions in the United Arab Emirates and the second in the Middle East.[5] Established in 1967 as the Bank of Oman, the bank later rebranded as Mashreq and has since expanded its operations across multiple markets.

Services

Mashreq provides a range of conventional and Islamic banking services, including personal banking solutions such as deposits, loans[6], and credit cards. The bank also offers corporate and investment banking services, including corporate finance, investment advisory on mergers and acquisitions, initial public offerings (IPOs), and underwriting.[7][8]

Additionally, Mashreq delivers wealth and asset management services, catering to both institutional and individual clients.[9]

Through its digital banking platform, Mashreq NEO, the bank provides UAE and Egypt residents with a suite of online banking services. The Mashreq NEO app offers functionalities such as account transactions, bill payments, reward tracking, and financial news updates.[10]

Global presence

Mashreq operates in 14 countries, employing over 6,000 professionals from 70 nationalities. The bank has corporate banking operations in Oman, Bahrain, Qatar, Kuwait, and India, and provides corporate and retail banking services in Egypt. It has also obtained a restricted license from the State Bank of Pakistan to pilot digital retail banking operations. Additionally, Mashreq is involved in foreign exchange businesses in Bangladesh, Pakistan, and Nepal. Outside the Middle East and South Asia, Mashreq maintains full-service branches in New York, London, and Hong Kong.[11]

Recognitions

In 2024, Brand Finance ranked Mashreq as the fastest-growing banking brand in the Middle East in its Banking 500 rankings. The bank was also named the Middle East's Best Digital Bank for the fifth consecutive year at the Euromoney Awards for Excellence. Additionally, The Banker's Top 1000 Global Bank Ratings recognized Mashreq as the Best Performing Bank in the UAE for the second consecutive year. The bank also received the Banking Group Brand of the Year – MENA award at the Global Banking & Finance Awards.[12]

Financial Performance

For the year 2024, Mashreq reported a net profit before tax of AED 9.9 billion.[13]

Products

Product offerings include: • Blockchain platform (partnership with Dubai International Financial Centre)[14]

• Digital IPOs[15]

• Mashreq Al Islami (sharia-compliant offerings certified by the AAOIFI)

• Mashreq Capital (investment funds)

• Mashreq Gold / Private Banking (wealth management services)

• NEO (digital banking platform)[16]

• * NEO BIZ (business banking)

• * NEO Corp (wholesale banking)

• * NEO NXT (supervised accounts for minors)

• * NEO PLUS (Emirati banking, i.e. citizen-only products)

Mashreq Bank Pakistan Limited

Mashreq Bank Pakistan Limited is a wholly-owned subsidiary of the UAE-based Mashreq Bank P.S.C., which officially launched its digital retail operations in Pakistan on September 15, 2025. Headquartered in Karachi, the bank operates as a digital-first, "Islamic-first" institution after receiving its scheduled bank license from the State Bank of Pakistan. With a committed investment of $100 million, the bank aims to drive financial inclusion through its Mashreq NEO platform, offering Shariah-compliant savings, current accounts, and zero-fee remittances for overseas Pakistanis. Led by CEO Muhammad Hamayun Sajjad, the bank functions without traditional physical branches, focusing instead on a mobile-centric ecosystem to serve a target of 10 million customers by 2030.[17][18]

See also

• Emirates NBD
• Islamic banking and finance
• Noor Bank

External links