How Mashreq Al Islami Reshapes Islamic Banking in UAE

Mashreq stands out as a paragon of innovation in modern banking, especially in digital and Islamic banking services. This excellence was acknowledged at the Middle East & Africa Innovation Awards 2023 organised by The Digital Banker, where Mashreq received multiple prestigious awards. Garnering recognitions such as Best Digital Bank in UAE, Best Hybrid Wealth Management Offering, Best Islamic Retail Bank in UAE, Outstanding Digital Transformation by an Islamic Retail Bank, Best Islamic Loan Offering of the Year, and Best Customer Centric Business Model, Mashreq has solidified its position as a leader in the United Arab Emirates’ banking sector. How Mashreq Al Islami Reshapes Islamic Banking in UAE Since its inception in Dubai in 1967

Since its inception in Dubai in 1967, Mashreq has evolved from modest beginnings to a major force in banking, continuously pushing the boundaries in the digital banking sphere through Mashreq Al Islami, and its array of pioneering services.

Nirav Patel, Managing Director of The Digital Banker, remarked, “Mashreq’s commitment to digital innovation and customer-centric solutions has been outstanding. Their ability to blend advanced technology with a deep understanding of customer needs is why they stand out as winners in multiple categories at our awards.”

INNOVATIVE PRODUCTS AND DIGITAL TRANSFORMATION

Mashreq’s journey of innovation is marked by several firsts in the UAE banking industry, including the introduction of ATM cash dispensers, the issuance of debit and credit cards, and consumer loans. The bank’s digital arm, Mashreq Neo, launched in 2017, signifies a leap towards fully digital banking solutions, encompassing everything from account openings and remittances to investments and loans. By 2021, Mashreq Neo merged with Personal Banking, amassing over 900,000 active customers and a liability balance of AED 5.5 billion, with more than 95% of these customers onboarded and serviced digitally. Under the umbrella of Mashreq Al Islami, the Islamic Banking arm of Mashreq Group, the bank offers a broad spectrum of Sharia-compliant products. These range from Qard based current accounts to Murabaha based Islamic Credit Cards. Each product, whether it’s personal finance solutions, home financing, or investment services, is designed to align with Islamic banking principles while offering competitive advantages in the market.

Mashreq’s commitment to digital transformation is not just a technological advancement but also a response to evolving customer expectations. The bank boasts a digital banking transaction share of over 96%, a testament to its successful digital integration. This digital push encompasses state-of-the-art mobile and online banking, digital self-service channels, and interactive interfaces, redefining the customer banking experience. One of the most significant innovations in this domain is the implementation of facial recognition technology for customer onboarding, a first in the UAE’s digital banking sector. This technology not only streamlines the account opening process but also enhances security and reduces the risk of fraud.

DRIVING THE FUTURE OF ISLAMIC DIGITAL BANKING

Mashreq Al Islami’s dedication to digital transformation is evident in its comprehensive range of digitally enhanced products and services. These include digital journeys for credit cards, personal loans, and account openings that are entirely customer-initiated and require no human interaction. The initiative extends to the business banking sector, with digital platforms like Mashreq Al Islami NEO and NEOBIZ reshaping the landscape of business banking.

The strategy behind these initiatives is clear: Mashreq aims to provide experiences, not just services. By developing unique platforms and engaging in the fintech and banking as a service (BaaS) ecosystem, the bank is opening up new avenues for customer interaction and satisfaction. This approach has led to a 20% YoY increase in Mashreq’s retail customer base.

BEYOND BANKING

Mashreq’s innovations in digital banking, especially through Mashreq Al Islami, mark a significant transformation in the financial sector. By successfully marrying traditional banking principles with modern technological advancements, Mashreq has not only enhanced the banking experience for its customers but also set a high bar for competitors in the industry. As the bank continues to navigate the digital landscape, its focus on customer-centric solutions and technological innovation positions it to remain at the forefront of the banking revolution in the UAE and beyond.

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