Prime Minister Muhammad Shehbaz Sharif on Tuesday inaugurated Mashreq Digital Bank, calling it a milestone for Pakistan’s transition toward a modern, transparent, and cashless economy. The inauguration ceremony, held in Islamabad, was attended by senior members of the federal cabinet, State Bank leadership, and representatives of Mashreq Bank.
In his address, the prime minister said the launch of Mashreq Digital Bank marks a landmark step in Pakistan’s journey toward full digitalisation of its financial system. He highlighted that digitalisation is no longer optional but a necessity of the modern era, especially for a country with a large youth population eager to engage in digital finance. “To strengthen the economy, make it transparent, and promote progress, it must be made paperless and human intervention must be reduced,” he said, underscoring the importance of technology-driven reform in curbing inefficiencies.
Mashreq Digital Bank is the second digital bank to begin operations in Pakistan, following the State Bank of Pakistan’s approval of digital retail banking licenses. Mashreq is also the first among the licensed banks to officially launch pilot operations, setting the stage for competitive innovation in the country’s financial sector.
The event drew prominent attendees, including Finance Minister Muhammad Aurangzeb, Planning Minister Ahsan Iqbal, Petroleum Minister Ali Pervaiz Malik, Railways Minister Hanif Abbasi, Maritime Affairs Minister Junaid Anwar, Governor of the State Bank of Pakistan Jameel Ahmad, and Finance Secretary Imdad Ullah Bosal. Their presence reflected the government’s emphasis on digital finance as a central pillar of economic reform.
Prime Minister Shehbaz also acknowledged the role of the United Arab Emirates in supporting Pakistan’s development. He noted that UAE investors, including those linked with Mashreq Bank, have consistently backed Pakistan’s economic and social progress, strengthening bilateral ties. “The UAE has always desired Pakistan’s success, and its business community continues to play an important role in advancing our shared goals,” he said.
Finance Minister Aurangzeb echoed the prime minister’s views, stressing that Pakistan’s economy has shown signs of recovery under the current government’s leadership. He noted that international credit rating agencies have improved Pakistan’s economic outlook, which reinforces investor confidence and demonstrates that reforms are moving in the right direction.
Abdulaziz Al Ghurair, Chairman of Mashreq Bank, said the institution is proud to launch its financial journey in Pakistan and contribute to the country’s reform agenda. He emphasized that Mashreq’s entry into the Pakistani market signals a commitment to both innovation and long-term investment in the country’s economic development.
Mohammad Humayun Sajjad, CEO of Mashreq Bank, pointed to rapid growth in Pakistan’s digital payment ecosystem. He highlighted that digital transactions increased by nearly 30 percent over the past year, driven largely by young consumers. Sajjad described Pakistan’s youth as the foundation of a digital future, calling them the engine that will accelerate adoption of new financial technologies.
At the conclusion of the ceremony, Prime Minister Shehbaz Sharif and Abdulaziz Al Ghurair formally inaugurated Mashreq Digital Bank, marking the beginning of its operations in Pakistan. The launch is expected to introduce advanced digital banking services, improve financial inclusion, and promote a paperless economy while strengthening ties between Pakistan and UAE investors.
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