
The 42 year-old was formally appointed by Britain's Queen Elizabeth II in an investiture ceremony at Buckingham Palace in central London.
According to the website of Chance to Shine, Khan received the award 'in recognition of his service to cricket and the community'.
Wasim said that he was "genuinely shocked" yet "proud" at the appointment. "I was genuinely shocked when I received the news, but I immediately felt hugely proud to be recognised in this way. It’s a great honour and recognises the effort you’ve put in over a number of years.
"I feel a debt of gratitude to the many people who have helped me over the years and who believed in me. This award reflects the success of the Chance to Shine programme which is benefiting a great number of children."
Wasim's family, originally from Kashmir, migrated to England in the 1960s.
With a first-class debut for Warwickshire in 1995, Khan became the first British-born Pakistani to play cricket in England. His county stint ended in the early 2000s, with a batting average of a little over 30.
In 2005, Wasim was recruited by Sir Mervyn King, Governor of the Bank of England, to plan and implement Chance to Shine as Operations Director, before becoming Chief Executive in 2009.
Earlier this year, the charity celebrated the two millionth child to receive cricket opportunities through the Chance to Shine programme.
Wasim has an Executive MBA from Warwick Business School.
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