{"id":6229,"date":"2025-11-25T11:17:24","date_gmt":"2025-11-25T06:17:24","guid":{"rendered":"https:\/\/pkfin.kotenterprises.dev\/?p=6229"},"modified":"2025-11-25T11:17:24","modified_gmt":"2025-11-25T06:17:24","slug":"mashreq-bank-introduces-first-ever-profit-on-current-accounts-in-pakistan","status":"publish","type":"post","link":"https:\/\/pkfin.kotenterprises.dev\/?p=6229","title":{"rendered":"Mashreq Bank introduces \u2018first-ever\u2019 profit on current accounts in Pakistan"},"content":{"rendered":"

Karachi:<\/strong> Mashreq Bank Pakistan<\/a> \u2014 one of the country\u2019s two licensed retail digital banks \u2014 has announced a strong focus on attracting workers\u2019 remittances and introduced Pakistan\u2019s first-ever profit-bearing current account, offering up to 5% per annum<\/strong>.<\/p>\n

During the launch of Mashreq NEO<\/strong>, the bank\u2019s new digital banking platform tailored for Pakistan, Shahzad Khokhar<\/strong>, Head of Islamic Banking, said the Shariah-compliant remunerative current account would offer a market-first profit rate of up to 5%<\/em>, while the Islamic savings account would deliver returns of up to 10%<\/em>. Competitive rates will also be available on conventional products.<\/p>\n

Prime Minister Shehbaz Sharif<\/strong> inaugurated Mashreq Digital Bank, terming it a \u201cmilestone\u201d for Pakistan\u2019s economy.<\/p>\n

With its headquarters in Dubai, Mashreq aims to serve 10 million Pakistanis within five years<\/strong>, positioning itself as the second-largest single foreign direct investor<\/em> in the country with a total investment of $100 million<\/strong> over the past few years.<\/p>\n

The bank is leveraging its strong UAE presence to channel workers\u2019 remittances into Pakistan. According to CEO Muhammad Hamayun Sajjad<\/strong>, Mashreq UAE currently facilitates remittances from nearly 300,000 overseas Pakistanis<\/strong>, allowing instant, zero-fee transfers and fast account opening for NRPs.<\/p>\n

Pakistan\u2019s remittances reached a historic $38 billion<\/strong> in FY 2024\u201325, rising from $28 billion two years earlier. \u201cRemittances contribute 10% to Pakistan\u2019s GDP \u2014 a lifeline for our economy,\u201d Sajjad noted.<\/p>\n

Mashreq plans to begin SME banking by mid-2026<\/strong> and roll out consumer lending by December 2026<\/strong>. The bank is also evaluating the installation of cash-deposit ATMs across Pakistan.<\/p>\n

Mashreq Bank Pakistan officially began commercial operations in September 2025<\/strong>.<\/p>\n

Source: Business Recorder<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Karachi: Mashreq Bank Pakistan — one of the country’s two licensed retail digital banks — has announced a strong focus on attracting workers’ remittances and introduced Pakistan’s first-ever profit-bearing current account, offering up to 5% per annum. During the launch of Mashreq NEO, the bank’s new digital banking platform tailored for Pakistan, Shahzad Khokhar, Head […]<\/p>\n","protected":false},"author":1,"featured_media":6230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post","format-standard"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t