Dubai Islamic Bank Pakistan Limited has officially announced the appointment of Muhammad Ali Gulfaraz as its new Chief Executive Officer, effective May 2, 2025. The strategic decision comes as part of the bank’s broader commitment to accelerating its growth and digital transformation agenda in the rapidly evolving financial services landscape.
With an impressive career spanning over 25 years, Gulfaraz brings a wealth of experience in corporate and investment banking, risk management, strategic development, and digital transformation. His leadership footprint covers both domestic and international markets, including the United Kingdom, Europe, and Pakistan. This appointment is expected to strengthen the bank’s operational resilience and strategic direction amid increasing competition and evolving customer expectations in the Islamic banking sector.
Before joining Dubai Islamic Bank Pakistan, Muhammad Ali Gulfaraz served as the Managing Director and CEO of the Bank of Khyber. During his tenure, he led significant reforms in governance, digitization, and operational efficiency. His efforts were instrumental in positioning the bank as a more agile and tech-savvy player in Pakistan’s banking ecosystem.
Gulfaraz’s international banking experience is both extensive and diverse. He spent nearly a decade at Mizuho Corporate Bank in London, where he served as Managing Director and Head of Corporate & Investment Banking for the UK, Ireland, and Nordic countries. In this role, he managed strategic banking relationships, executed complex financial transactions, and drove innovation in corporate banking services across key European markets.
Earlier in his career, Gulfaraz also held a senior leadership role at Bank of America in London, where he rose to the position of Principal in the Global Corporate & Investment Banking division. His work involved managing multi-national corporate portfolios, overseeing high-stakes investment strategies, and navigating complex regulatory environments.
In Pakistan, his strategic insights and leadership capabilities have been further sharpened through his association with the Faují Foundation, one of the country’s largest conglomerates. His responsibilities there extended across executive leadership roles focusing on financial planning, consumer finance, credit risk analysis, and retail banking operations.
Academically, Muhammad Ali Gulfaraz holds a Bachelor’s degree in Economics and a Master’s in Agricultural and Managerial Economics with a specialization in Finance from the University of California, Davis. He is also an alumnus of Cadet College Hasan Abdal, one of Pakistan’s premier academic institutions. In addition to his academic credentials, he has completed advanced professional training programs in key financial hubs including London, Tokyo, and San Francisco, further enriching his global banking acumen.
The appointment of Muhammad Ali Gulfaraz as CEO underscores Dubai Islamic Bank Pakistan’s commitment to innovation, governance excellence, and customer-centric growth. As the financial industry faces increasing disruption from fintechs and evolving regulatory landscapes, his leadership is poised to play a crucial role in shaping the bank’s future.
With this strategic leadership shift, industry analysts anticipate Dubai Islamic Bank Pakistan will accelerate its transformation into a modern, digitally driven institution aligned with global Islamic banking standards.