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  • Mr. Raheel Qamar Ahmad has been elected Chairman for the Year 2021-22 while Mr. Karim Hatim as Senior Vice Chairman and Mian Faysal Riaz as Vice Chairman of NBFI & Modaraba Association of Pakistan
  • The Association Launched Year Book 2020 on 29th June 2021 through zoom video link as well as physically at the Association's Secretariat, Karachi. Mr. Aamir Khan, Chairman, SECP was the Chief Guest. Mr. Farrukh H. Sabzwari, Commissioner, Ms. Khalida Habib, Executive Director, Ms. Bushra Aslam, Registrar Modaraba, Ms. Musarat Jabeen, Executive Director and other senior members of the SECP. Chief Executives of Modarabas, Leasing Companies, Investment Finance Services, Shariah Advisors and senior officials from other financial entities also participated.
  • The Association Launched Country Report 2020 on Non-Banking and Modaraba sector on 25th January 2021 at IBA Auditorium, Karachi. Dr. Ishrat Husain, Advisor to the Prime Minister was the Chief Guest. Dr. Akber Zaidi, Executive Director IBA & Mr. Farrukh H. Sabzwari, Commissioner, SECP also addressed the participants. Mr. Basheer A. Chowdry, Chairman, presented the Report to Dr. Akber Zaidi.

Raheel Qamar Ahmad (Chairman)

Mr. Ahmad has been the CEO of Standard Chartered Modaraba since 2011, which was renamed as ORIX Modaraba after acquisition by the ORIX group, a landmark transaction by the largest and oldest NBFI group in Pakistan. Under his stewardship the Modaraba has been acknowledged as the clear thought leader in its space and has won five coveted Management Association of Pakistan trophies in the equities investment sector which comprises of Modaraba, Mutual Funds and Investment Banks.

He has over 28 years of varied corporate and investment banking experience. In his previous role, he ran the country local corporate portfolio at Standard Chartered Bank, which he nursed back to health after the economic meltdown of 2008. Prior to that he ran large regional corporate portfolios at United Bank Limited and Allied Bank. Earlier, he ran MashreqBank’s structured finance portfolio. He has also participated as a sell side advisor for entities in the Government of Pakistan privatization programme.

In addition to various technical, governance, risk, Islamic banking and other certifications, Raheel is also a certified board director (from PICG) enabling him to be appointed to any listed company’s board in the country. He holds a Masters in Business Administration from the Illinois Institute of Technology, Chicago (IIT) and a Bachelor of Science in Engineering from the University of Engineering and Technology, Lahore (UET).

His key Strengths Finder themes are Command, Activator, Relator, Achiever and Focus. He also holds the distinction of providing key feedback to the regulator on legislation and regulations and representing the country in AML discussions.

He is currently an independent Director on the board of AWT Investments Ltd. and an executive committee member of the Public Interest Law Association of Pakistan and the Patients’ Behbud Society, Agha Khan University Hospital.

Mr. Ahmad is a former Chairman of the NBFI & Modaraba Association of Pakistan and a Vice President of the Asian Financial Services Association. He has also been featured amongst the top 100 CEOs of Pakistan.

Karim Hatim (Senior Vice Chairman)

Mr. Karim formerly served as Group Head Advisory & Strategic Investment Group of Pak Brunei. He is a Fellow Member of the Institute of Chartered Accountants of Pakistan with twenty years of post-qualification experience of working in Non-Banking Finance Companies and Development Finance Institutions in various management cadres including Chief Operating Officer and Group Head. Areas of specialization include development and implementation of business strategies, turnaround of companies as well as investment banking divisions of development finance companies with emphasis on revival of sick units and financial advisory, recovery and restructuring of infected portfolios, corporate finance, treasury, capital, market operations, finance and credit appraisals. Currently he is performing his duties as the Chief Executive Officer of Awwal Modaraba.

Mian Faysal Riaz (Vice Chairman)

He has vast and diversified experience of over thirty years in the financial sector with fifteen years of involvement at senior executive position in multiple leading financial institutions. He has extensive experience and successful track record of encompassing and providing leadership in an intensive and demanding environment. He brings with him his proven ability to assess and manage complex obstacles and is viewed as a strong trouble shooter by his peers and colleagues.

As vice chairman of the NBFI & Modaraba Association of Pakistan, he has expressed desire at developing strong relationship with all stakeholders; across all segments of the finance sector, and providing decisive team leadership and contribution for the promotion and welfare of the Association.

Syed Wajih Hassan (Member)

Syed Wajih Hassan is Fellow of Chartered Accountant. He holds 20+ years of professional experience serving in MNC’s including leading Financial Institutions and IT companies at middle to senior level positions, before joining as CEO of First Paramount Modaraba. Having vast experience in the field of business and finance, Wajih has been instrumental in introducing new ventures to the Modaraba using Musharika and Modaraba modes of investments.

Naveed Amin (Member)

Naveed Amin is a Fellow Member of Institute of Chartered Accountants of Pakistan and has a wealth of experience in Financial Management, Strategic Planning and Corporate Affairs.

Mr. Amin is Chief Executive / Director of Escorts Investment Bank Limited. He has served Non-Banking Finance Companies (NBFC) and manufacturing industries for over 23 years in key positions. He has served as member of Board of Directors in Investment Banks and Leasing Companies (NBFC), Modaraba, Central Depository Company of Pakistan Limited (CDC) and National Clearing Company of Pakistan Limited (NCCPL).

He also served the NBFI & Modaraba Association of Pakistan as Executive committee member and Senior Vice chairman of the association.

Zainuddin Aziz (Member)

Mr. Zainuddin Aziz is associated with First Al-Noor Modaraba as director since 1997. He holds a Bachelors of Science degree from USA. He has experience of over 20 years with exposures to financing and trading operations. His dedication and commitment has lead the Modaraba maintain consistent performance over the period. Currently he is performing his duties as the Chief Executive / Director of the Modaraba.

Ghazanfar Farrokh (Member)

Mr. Ghazanfar Farrokh is LLM from Osgoode Hall Law School York University Canada having over twenty years of experience in the field of Law and Management. Presently he is working as Director, First Elite Capital Modaraba.

Qazi Obaid Ullah (Member)

Qazi Obaid Ullah is a MBA-Banking & Finance and CA Intermediate, having more than 24 years of experience of Finance and Accounts, Audit, Fund Management Corporate & Legal Affairs, Capital Market Operations, having a diversified experience of IT and Financial Sector. Presently he is working as CFO, First Equity Modaraba

Shabbir Ahmed Jamsa (Member)

Mr. Shabbir Ahmed Jamsa is currently serving as G.M Taxation/ Legal affairs and Company Secretary in First Imrooz Modaraba. He is a seasoned expert with more than 43 years of experience in Audit, Taxation and Legal matters. He is commerce graduate and done article ship from M.B. Mana & Co. Chartered Accountants. Prior to joining First Imrooz Modaraba, he served as Tax Manager in a law firm M/s Mahmood Law Associates.

Directly reporting to the Board of Directors, he is responsible for ensuring that the organization complies with best practices and maintains standards of Corporate Governance and Shariah Compliance. Mr. Jamsa is also handling taxation, legal and corporate affairs.

Muhammad Shahzad (Member)

Mr Muhammad Shahzad is a member of the Institute of Cost and Management Accountant of Pakistan (ICMAP) having a professional experience of over twenty-five years ranging from financial reporting, regulatory compliance, budgeting and taxation to corporate and secretarial practices including 12 years of experience with the regulated NBFCs. He has also passed the examinations of the Chartered Institute of Management Accountants, UK (CIMA).

He is presently Chief Financial Officer and Company Secretary of SME Leasing Limited, a public sector company listed on Pakistan Stock Exchange. He has also served at Faysal Asset Management Limited; Beaute Pakistan International; Security Investment Bank Limited, and some other entities at different positions.