Muhammad Aurangzeb has been appointed as Pakistan’s new finance minister.
He takes the office at a crucial time when Pakistan faces economic uncertainties and challenges.
It is pertinent to mention here that the current nine-month Stand-By-Arrangement (SBA), inked with the International Monetary Fund (IMF) last year in summer, is scheduled to end next month. Analysts believe another programme is in the offing – a longer, tougher and bigger facility that could take Pakistan closer to a level of self-reliance.
HBL (Habib Bank Limited), the leading financial institution of Pakistan, announced the resignation of its President & Chief Executive Officer, Muhammad Aurangzeb effective Monday, 11 March 2024.
He was named as the country’s new Finance Minister as Prime Minister Shehbaz Sharif proposed a 19-member cabinet that was sworn in on Monday.
Among those seen taking the oath were Ishaq Dar, Khawaja Asif, Mohsin Naqvi, Ahsan Iqbal, Shaza Fatima, Jam Kamal and Aleem Khan.
As reported, Muhammad Aurangzeb has stepped down from his role as the president and chief executive officer of Habib Bank Limited in the wake of his inclusion in the federal cabinet.
A letter from the bank stated that the Board of Directors has appointed Muhammad Nassir Salim to the positions, subject to the approval of the State Bank of Pakistan.
Muhammad Aurangzeb joined HBL on April 30, 2018, as the President & CEO.
Before this responsibility at HBL, he was the CEO of JP Morgan’s Global Corporate Bank based in Asia, with a rich international banking experience of over 50 years in other senior management roles at ABN AMRO and RBS based in Amsterdam and Singapore.
He is the only Pakistani to be invited to the exclusive membership of the Global CEO Council organized by the WSJ/DowJones group.
He also served as the Chairman of the Pakistan Banks’ Association, and Council Member at the Institute of Bankers Pakistan.
Born in June 1964 in Lahore, Muhammad Aurangzeb received his BS and MBA degrees from the Wharton School (University of Pennsylvania).
His family includes several prominent names who have served on imported designations.
Muhammad Aurangzeb’s father, Chaudhry Muhammad Farooq, served as the Attorney-General for Pakistan twice; first as caretaker ministry of Moeenuddin Ahmad Qureshi from July 1993 to August 1993, and later in the Second Nawaz Sharif ministry from April 1997 until he was removed following a coup on 15 October 1999.
His grandfather, Chaudhry Muhammad Siddique, was a justice of the Lahore High Court.
Furthermore, his uncle, Khalil-ur-Rehman Ramday has served as a judge of the Supreme Court of Pakistan.
His other uncle, Asad Ur Rehman, served as a member of the National Assembly of Pakistan, affiliated with the Pakistan Muslim League (N).
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