KARACHI: The board of directors of Meezan Bank Limited (MBL) has decided to extend the tenor of Irfan Siddiqui as the founding president and chief executive officer of the bank till December 29, 2025, a statement said on Monday.
Syed Amir Ali will replace Siddiqui after his retirement. Ali is presently serving as the CEO and president of BankIslami.
The bank shared the development via a notice to the Pakistan Stock Exchange. According to the notice, Ariful Islam will continue to act in his present role as deputy CEO until April 18, 2024.
“It is noted that Ariful Islam was anticipated to succeed the founding president and CEO as the next president and CEO of Meezan Bank Limited upon the founding president and CEO's retirement. However, on account of recent regulations concerning CEO age limits issued by the State Bank of Pakistan such succession is no longer possible,” the notice read. Accordingly, the board has unanimously decided to appoint Syed Amir Ali as the deputy CEO, who is expected to join from October 1, 2023.
Upon retirement of the founding president and CEO, Syed Amir Ali shall succeed the founding president and CEO as the president and CEO of Meezan Bank Limited, according to the notice.
The aforementioned is subject to the receipt of applicable regulatory approvals, including but not limited to Fit and Proper Test clearance from the State Bank of Pakistan.
Meanwhile, BankIslami announced that Syed Amir Ali “does not intend to seek reappointment on completion of his current term of employment on September 28, 2023, and has decided to pursue another assignment outside Banklslami Pakistan Limited”.“Amir was appointed as president and CEO on October 1, 2018, and served Banklslami Pakistan Limited for 5 years. With the Blessings of Allah SWT, BankIslami made noticeable progress during this period of his leadership,” BankIslami said in a notice to the PSX.