BankIslami Pakistan Limited has announced significant changes in its senior leadership team, appointing new individuals to two critical roles within the organization. The announcement was made through an official notice submitted to the Pakistan Stock Exchange (PSX), outlining the transition of responsibilities effective from August 7, 2025.
According to the notification, Hasan Shahid, who has been serving as the Company Secretary at BankIslami, has now been appointed as the acting Chief Financial Officer (CFO). He will take over the responsibilities previously held by Sohail Sikandar. While Sikandar is stepping down from the CFO role, he will continue to hold his position as the Chief Operating Officer (COO) of the bank. This transition highlights the bank’s effort to ensure continuity and operational efficiency while adapting to evolving leadership needs.
In a corresponding move, Syed Muhammad Hasan Rizvi has been named the acting Company Secretary, filling the role vacated by Shahid. This change also becomes effective from August 7, 2025. The management has expressed confidence in both appointments, aiming to maintain stability and reinforce governance structures during the interim period.
BankIslami, a pioneer in Islamic banking in Pakistan, was established in 2004 and commenced operations as a Scheduled Islamic Commercial Bank in 2005. Over the years, it has expanded its footprint across the country and developed a diverse portfolio of Shariah-compliant financial services, offering retail banking, investment solutions, and digital banking innovations. The bank is known for its customer-centric approach and commitment to ethical financial practices underpinned by Islamic principles.
Leadership transitions, particularly at the financial and corporate governance levels, are closely watched by investors, regulators, and customers alike. Appointments to positions such as CFO and Company Secretary are especially critical, given their roles in financial oversight, statutory compliance, corporate communication, and board governance. BankIslami’s timely announcement to the PSX reflects its adherence to transparency and regulatory obligations.
Industry observers note that such interim arrangements are common and often serve as a bridge while institutions prepare for permanent appointments. In many cases, individuals assigned acting roles are considered for confirmation based on performance, regulatory clearances, and alignment with long-term strategic goals.
As the banking sector in Pakistan continues to embrace digital transformation and face challenges related to economic volatility, leadership stability and operational clarity remain crucial. BankIslami’s management reshuffle comes at a time when financial institutions are under increasing pressure to innovate, stay compliant with evolving regulations, and deliver seamless services to a more digitally engaged customer base.
The new appointments are expected to help the bank sustain its momentum in areas such as financial reporting, risk management, and governance. Stakeholders will be keen to monitor how these interim leaders steer the institution during a critical phase of transformation within the banking ecosystem.