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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.

Basheer Ahmed Chowdry (Chairman)

Mr Basheer Chowdry is a seasoned banker having a rich and diverse experience of international, domestic, investment and Islamic banking. Mr. Chowdry brings with him over 50 years experience of financial and corporate management in overseas and local markets besides playing a significant role in the NBFI and Modaraba sector of Pakistan. He has participated in establishment and development of well-known financial institutions and has been serving on the boards of various commercial, Islamic and investment banks, leasing companies, Modarabas, stock exchanges, corporate entities and international organizations.

Mr. Chowdry has been closely involved in the evolution of non-banking financial regime in Pakistan with focus on Islamic finance. He particularly participated in the development of leasing and Modaraba entities by leading key institutions and introducing well-researched and innovative products and services. In his role as the Chairman NBFI and Modaraba Association of Pakistan for many tenures, Mr. Chowdry has been engaged in promoting market dynamics and assisting in developing an enabling regulatory framework of non-banking financial sector. He also participates in various welfare and philanthropic activities aimed at health and educational needs of the underprivileged communities.

Currently Mr Chowdry is Chief Executive of Trust Modaraba. He is a director of Saudi Pak Real Estate Limited and is a member of the Executive Committee of Federation of Pakistan Chambers of Commerce and Industry.

M. Naimuddin Farooqui (Senior Vice Chairman)

Mr. Naim Farooqui is Director & Chief Executive Officer of Sindh Modaraba Management Limited. He has served as the CEO of SLCL, Chief Operating Officer and subsequently as the President of Sindh Bank Ltd. His experiences in other financial institutions include ORIX Investment Bank (OIB) as its Chief Executive Officer (1998-2009). During his association with OIB he served as a Director on the Board of ORIX Leasing Pakistan Ltd. He has also served as Managing Director, Operations, Asian Finance and Investment Corporation Ltd., Manila, Philippines (an affiliate of Asian Development Bank). He started his career in Financial Institutions with National Development Finance Corporation in 1983. Prior to this he served as an engineer in the United States.

He is an MBA from Texas Southern University, and also holds a Bachelor of Science Degree in Industrial Engineering from the University of Houston, USA. He has an overall financial institutions experience of more than 32 years mainly in Corporate and Investment Banking.

Irfan Ahmed (Vice Chairman)

Mr. Irfan Ahmed, CEO, Primus Leasing Limited, started his career with the country’s largest and most diversified leasing company, ORIX Leasing Pakistan Limited (OLP), in 1991, Mr. Ahmed steadily progressed to be among the senior echelon and played a very vital role in the progress of OLP over the years. He was very instrumental in turnaround of OLP after 2008 financial crisis and effectively led the retail network of OLP in the North Region (Punjab & KPK) contributions in the areas of business growth and expansion into newer markets, training and development of human resources, performance evaluation, compliance and internal controls. He was holding the office of Country Marketing Head at the time of leaving OLP in 2016. Mr. Ahmed has also played a very active role as a trainer in technical aspects and has carried out various training assignments, both on local and international front, for OLP and its affiliates.

Mr. Ahmed joined Pak Brunei Investment Company Limited, in 2016, specifically for setting up a leasing company which was incorporated in Sep 2017 and became operational in Dec 2017. Primus Leasing Limited (PLL), is gradually increasing its footprint in the country and exhibiting steady growth, despite challenging times. PLL, so far, has been able to develop a diversified portfolio and has made penetration in 7 cities of the country. PLL’s major concentration has been on catering to the financial needs of SME sector of the economy and it intends to remain focused in this area.

Mr. Ahmed holds an MBA degree with specialization in Finance from Institute of Business Administration, University of Punjab

Shiraz Butt (Member)

Mr. Shiraz Butt has diversified professional experience of over 21 years in Leasing, Investment Banking and Modaraba sector. He started his professional carrier back in 1996 with a leasing company, in 1999 moved to Modaraba sector. Currently he is working as Chief Executive Officer of First IBL Modaraba.

Mr. Shiraz Butt has strong educational back ground, holds Master Degree in Business Administration. He is also Fellow Member of Institute of Public Accountants (Australia), Associate Member of Institute of Financial Accountant (UK) & Member of Institute of Financial Markets of Pakistan (Pakistan Markets Regulations Certification, and Fundamental of Capital Market Certification).

Mohammed Sadiq Sheikh (Member)

Mr. Mohammed Sadiq Sheikh is presently the CEO of Modaraba Al-Mali, managed by BankIslami Modaraba Investments Ltd, since January 2019. He is also an Executive Committee Member of NBFI & Modaraba Association.

He has over 45 Years of varied professional experience in Commercial Banking, Leasing and Modaraba sectors. He has worked with MCB Bank Ltd, Union Bank of the Middle East Ltd, Emirates Bank International Plc, KASB Bank Ltd and BankIslami Pakistan Ltd. During his tenure as Managing Director & CEO of Pakistan Industrial & Commercial Leasing Ltd he also interacted with ADB, IFC, KFW and World Bank with respect to financing to the Leasing Company. He was also CEO of First Pak Modaraba.

Mr. Sheikh is a Commerce Graduate from University of Karachi and hold professional qualification of DAIBP & Fellow of Institute of Bankers, Pakistan.”

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.

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.

Zunaira Dar (Member)

Ms. Zunaira has done LLB Honors from University of London and has over 9 years of working experience with;

•Irfan & Irfan as Legal Associate
•Panasian Group as AM Corporate & Legal
•AkzoNobel Pakistan as Company Secretary

Ms. Zunaira is currently working at Treet Group of companies as a Head of Legal & Company Secretary. Her Responsibilities includes managing legal department and assist the Company and its Board of Directors.