Appointment: Al Baraka appoints CEO

Shafqaat Ahmed has been appointed first president and chief executive officer of Al Baraka Bank (Pakistan) Limited.

KARACHI: Shafqaat Ahmed has been appointed first president and chief executive officer (CEO) of Al Baraka Bank (Pakistan) Limited.

According to an announcement here on Monday, Ahmed has been assigned the task of heading the bank which was formed recently on October 29 through the merger of Al Baraka Islamic Bank and Emirates Global Islamic Bank. The newly constituted board held its first meeting on Monday.

Ahmed had previously served as CEO of Al Baraka Islamic Bank over the past 10 years and was instrumental in making the merger possible.

Board members have asserted that the combined entity will aggressively pursue expansion plans in the country as well as in countries such as Malaysia and Indonesia. The new bank is estimated to be worth about $582 million and has about 89 branches across the country.

Published in The Express Tribune, November 23^rd, 2010.