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Lack of consensus on appointing NITL MD

Govt-formed committee picks candidate second in merit list

Our Correspondent March 03, 2026 1 min read

ISLAMABAD:

National Investment Trust Limited (NITL) is facing a controversy as a committee formed by the government has picked a candidate appearing second in the merit list for the post of managing director.

Sources told The Express Tribune that the human resources committee of the company had decided to recommend three names to the board of directors for its consideration. The top candidate in the merit list was Manzoor Ahmed, who secured 88 points and was recommended by the committee for appointment as the MD. Ahmed has 36 years of experience and in-depth knowledge of the company as well as the mutual fund industry. He had also served thrice as the acting MD of NITL. The committee called him an exceptional candidate and very strongly recommended him for the position.

The second candidate was Muhammad Asad, who had 24 years of experience. The committee gave him 66 points during the process. It, however, pointed out that he lacked leadership qualities, had weak communication skills and his experience was restricted to Shariah-compliant investment. The committee said he had no experience of conventional funds and therefore he was not suitable for the position. The third candidate shortlisted was Salman Haider Sheikh. He had 12 years of experience and secured 60 points. He had performed in an advisory role in IQ solutions for the last three years. The committee said he was not on a par with the current dynamics of the mutual fund industry and therefore was not suitable for the position of MD.

After receiving the recommendations, the finance minister formed a committee comprising two other ministers – Ahad Cheema and Bilal Azhar Kayani. The finance minister chaired the committee.

Sources told The Express Tribune that the controversy erupted when the committee dropped the first candidate, who had secured the highest points. Instead, it picked the second candidate.

Questions were sent to Ahad Cheema and Bilal Azhar Kayani but they did not respond.