The Board of Directors at BankIslami Pakistan Limited has appointed Rizwan Ata as Deputy CEO. Ata will replace the outgoing Syed Amir Ali as president and CEO of the bank effective from September 29, 2023.

BankIslami shared the development in a notice to the Pakistan Stock Exchange (PSX) on Wednesday.

“It was announced by the bank that Syed Amir Ali, President & Chief Executive Officer of the Bank, does not intend to seek reappointment on completion of his current term of employment on September 28, 2023.

“In this regard, the Board of Directors in their meeting held on July 25, 2023 has appointed Rizwan Ata, as Deputy CEO of the Bank effective from July 25, 2023,” read the notice.

BankIslami said that after the completion of the term of the present CEO, as per the decision of the BoD, Rizwan Ata will take charge as President & CEO of BIPL effective from September 29, 2023, for a period of three years.

“Appointment of Rizwan Ata is subject to FPT clearance of State Bank of Pakistan (SBP).”

“Rizwan Ata is a seasoned banker having over two decades of Islamic banking experience. At present, he is serving Banklslami Pakistan Limited as Group Head, Distribution,” read the notice.

The development comes after it was learnt that Syed Amir Ali would succeed Irfan Siddiqui as president and Chief Executive Officer (CEO) of Meezan Bank (MEBL), upon Siddiqui’s retirement on December 29, 2025.

“The Board has unanimously decided to appoint Syed Amir Ali as the Deputy CEO, who is expected to join from 1st October 2023,” MEBL said in a notice earlier this month.

“Upon the retirement of the Founding President and CEO, Syed Amir Ali shall succeed as president and CEO of Meezan Bank Limited.”

Meanwhile, in a separate notice, BIPL on Wednesday informed that its elected board in its first meeting held on July 25 has appointed Suleman Lalani as chairman effective from July 25, 2023 for a period of three years.