In a unanimous decision, the Board of Directors of Meezan Bank Limited has extended the tenor of Mr. Irfan Siddiqui as the Founding President & CEO until December 29, 2025. The announcement ensures continued leadership and stability for the renowned Islamic bank. However, due to recent regulations issued by the State Bank of Pakistan regarding CEO age limits, Mr. Ariful Islam, who was expected to succeed Mr. Siddiqui, will not be able to assume the role of President & CEO upon the Founding President's retirement.

Mr. Islam will continue in his current position as Deputy CEO until April 18, 2024. To address the succession plan, the Board has unanimously appointed Syed Amir Ali as the Deputy CEO, with his expected joining date set for October 1, 2023. Subject to regulatory approvals, including the Fit and Proper Test clearance from the State Bank of Pakistan, Mr. Ali will assume the role of President & CEO upon the retirement of Mr. Siddiqui.