Mashreq is one of the leading financial institutions in UAE. It was founded in 1967 and has its headquarters situated in Dubai, United Arab Emirates. Mashreq provides banking and financial services to millions of customers and businesses across the world. In the short history of forty years in operation, the bank has grown strong retail presence in the region including Egypt, Qatar, Kuwait and Bahrain. The bank offers its customers and a wide range of innovative products and services. The bank is known for several pioneering efforts in the banking industry in UAE. It was the first bank in UAE to issue debit and credit cards and the first to introduce consumer loans. Mashreq also lead the way by offering chip-based credit cards and digital point-of-sale readers, alongside innovations like an investment fund directly linked to the Indian stock market.
The Mashreq Bank is the second oldest commercial bank in the UAE, erstwhile known as the Bank of Oman Limited. As on 31 December 2010, the total assets of the bank were of AED 84.8 Billion and net profits of AED 803 Million. The Mashreq bank is listed on the Dubai Financial Market. The bank changed its name to Mashreq bank in the year 1993 and in a short span of time became a pioneer in the UAE market having been the first to introduce products such as ATMs and credit cards. For its innovative services and significant growth, the bank received several awards including the Dubai Quality Award, Shaikh Khalifa Award for Excellence and Best Bank in the UAE award by The Banker awards. Mashreq is a pioneer in the banking industry in UAE, offering a wide range of products in every segment. One of the bank's most unique and popular products is MashreqMillionaire savings program with prize draws running to millions of Dirhams. In UAE, the bank has 53 branches across the country. The Mashreq bank also operates in Qatar, Bahrain, Kuwait, Egypt, India, Hong Kong, Bangladesh, Nepal, Pakistan, UK and USA.
Presence in India
The Mashreq bank is relatively a new entrant in Indian banking industry. It has its head office in Mumbai. The bank offers fast and easy money transfers to India. Using its efficient National Electronic Funds Transfer (NEFT) system, the bank can immediately transfer money to 62,000 branches of 94 banks in India and get the same credited either on the same day or on the next working day.
Products and Services
The Mashreq bank offers its customers top quality credit facilities and wide range of deposit products. It also provides innovative NRI services, a fully equipped dealing room and a strong remittances department to give a complete banking experience. It specializes in offering structured finance to mid corporate offices and in the SME region. Mashreq is well known for providing a complete range of trade services, with highest service delivery standards. Its services range from Advising of your Letters of Credit to Risk Participation and providing Syndication Arrangements.
One of the unique features of Mashreq is that it offers account services in seven currencies at five locations. Even with low or no minimum balance requirements you can earn credit interest on balances above agreed levels. The bank also provides multilingual customer representatives at each location, hence helping in maximizing the value of your account. The bank's other innovative features include International Funds Transfer services which are designed to handle international remittances in an efficient and cost effective manner. The fully automated payment systems of the bank are specifically designed to handle third party, commercial and clean payments with ease.
NRI Oriented Services
Mashreq branch in India provides a full fledged NRI desk that caters to the various needs of Non-Resident Indians like personalized banking, equity broking and wealth management. NRIs residing in the countries like Dubai, Kuwait and UAE can contact the dedicated NRI Services Desks established in these countries for all their needs.
Mashreq Bank PSC
1305, Raheja Centre
13th Floor, Nariman Point
Mumbai - 400021