Mashreq (bank)

Mashreq Bank
Company typePublic
DFM: MASQ
IndustryFinancial services
Founded1967; 57 years ago (1967)
HeadquartersDubai, United Arab Emirates
Number of locations
29 (2022)[1]
Key people
Abdulla Al Ghurair (Chairman)
Ahmed Abdelaal (CEO)
ServicesRetail banking
Asset management
Investment banking
RevenueIncrease AED 3.7 Billion (2022) [2]
Number of employees
5,400[3]
Websitemashreqbank.com

Mashreq (Arabic: بنك المشرق) is the oldest privately owned bank in the United Arab Emirates and one of the oldest banking institutions in the Middle East.[4] Founded as the Bank of Oman in 1967, it now offers online banking and e-commerce.[5][6]

Mashreq has 16 overseas offices in 13 countries, with corporate banking businesses in Bahrain, Qatar, Kuwait, and India, as well as corporate and retail banking in Egypt and foreign exchange businesses in Bangladesh, Pakistan, and Nepal. There are also full-service branches in New York, London, and Hong Kong.[7]

Mashreq provides conventional and Islamic personal and investment banking and asset management services.[8][9] Mashreq through its app Mashreq Neo also offers instant personal cash loans to citizens residing in the UAE.[10] Mashreq app features are similar to a standard banking app, which includes the latest news and updates, allows for account transactions, enables paying utility bills directly from the app, tracks Salaam rewards, and more.[11]

Products

Product offerings include:

  • NeoBiz[12]
  • Digital IPO[13]
  • Blockchain with DIFC,[14] and launched the Titan platform for comprehensive corporate banking offering.

See also

References

  1. ^ "Equities". Dubai Finance Market.
  2. ^ "Mashreq Bank on the Forbes Global 2000 List". Forbes.
  3. ^ "Mashreq Bank PSC Profile". Zawya Ltd.
  4. ^ "History".
  5. ^ "Mashreq Bank launches Digital Banking - Neo". Gulf News. October 2017.
  6. ^ "Mashreq Bank launches business banking value added services". IBS Intelligence.
  7. ^ "Mashreq Bank PSC, Mashreq, Mashreqbank". 2016-04-11. Archived from the original on 2016-04-11. Retrieved 2024-01-19.
  8. ^ "SHARIA-COMPLIANT INVESTMENT". City Wire Middle East.
  9. ^ "Innovation, ESG to spur Islamic finance growth". Islamic finance growth. 26 July 2022.
  10. ^ Digital, Aun (2024-02-05). "15 Best Instant Loan Apps in UAE for Hassle-Free Loans". Digital Marketing News and Insights | Blog – Aun Digital. Retrieved 2024-02-18.
  11. ^ Rogers, Abby (22 Apr 2024). "Top Grossing Mobile Banking Apps in 2024 [UAE guide]". Mobile App Blogs | Maven Digital. Retrieved 22 Apr 2024.
  12. ^ "Mashreq becomes first bank in UAE to launch digital banking proposition for SMEs". WAM.
  13. ^ "Mashreq launches digital initiative to support Dubai's IPO push". Arabian Business. 25 March 2022.
  14. ^ "Dubai's DIFC, Mashreq Bank launch bank account opening with KYC blockchain platform". Gulf Business. March 2020.