The Board of Directors of Meezan Bank Limited (“Board’) has unanimously decided to extend the tenor of Mr Irfan Siddiqui as the Founding President & CEO of Meezan Bank Limited (“Founding President & CEO’) till December 29, 2025, says material information, posted on the website of PSX today.

Mr Artful Islam will continue to act in his current role as Deputy CEO until April 18, 2024. It is noted that Mr Argil Islam was anticipated to succeed the Founding President & CEO as the next President & CEO of Meezan Bank Limited upon the Founding President & CEO’s retirement. However, due to recent regulations concerning CEO age limits issued by the State Bank of Pakistan, such succession is no longer possible.

Accordingly, the Board has unanimously decided to appoint Syed Amir Ali as the Deputy CEO, who is expected to join on 1′ October 2023. Upon the retirement of the Founding President & CEO, Syed Amir Ali shall succeed the Founding President & CEO as the President & CEO of Meezan Bank Limited.

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.