Irfan Siddiqui’s tenure as CEO/president of Meezan Bank extended

The Board of Directors at Meezan Bank Limited (MEBL) decided to extend the tenure of Irfan Siddiqui as president and Chief Executive Officer (CEO) till December 29, 2025. Syed Amir Ali, who is currently serving as CEO of BankIslami, would replace Siddiqui.

The development was announced by MEBL in a notice to the Pakistan Stock Exchange (PSX) on Monday.

“The Board has unanimously decided to appoint Syed Amir Ali as the Deputy CEO, who is expected to join from 1st October 2023,” read the notice. “Upon the retirement of the Founding President and CEO, Syed Amir Ali shall succeed as president and CEO of Meezan Bank Limited.”

“Ariful Islam will continue to act in his present role as Deputy CEO until April 18, 2024,” it added.

MEBL said Ariful Islam was anticipated to succeed Irfan Siddiqui 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 (SBP), such succession is no longer possible.”

MEBL said the appointment is subject to the receipt of applicable regulatory approvals, including but not limited to Fit and Proper Test clearance from the SBP.

In another notice, BankIslami informed the bourse 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.

It is pertinent to mention that Amir had earlier worked with Meezan Bank back in 2006, and over his twelve-year association, he assumed numerous roles within the Investment Banking team, culminating in his position as Group Head of Corporate & Investment Banking.

Meezan Bank is one of the largest banks in Pakistan in terms of deposits, which closed at Rs 1.79 trillion in March 2023. Meezan Bank has a network of more than 970 branches in 324 cities and more than 1000 ATMs across the country.