Aurangzeb Set to Replace Dar as Finance Minister in Sharif’s Cabinet

Islamabad: Renowned banker Muhammad Aurangzeb is reportedly in line to become Pakistan’s next finance minister under the newly elected Prime Minister Shehbaz Sharif’s federal cabinet.

Sources indicate that former Finance Minister Ishaq Dar is no longer a contender for the finance minister position, a role he previously held during Shehbaz Sharif’s previous tenure as prime minister. However, Dar is expected to be offered another significant position within the government.

Aurangzeb, the probable new finance minister, currently serves as the President of HBL. He assumed the role of President & CEO at HBL in April 2018. Prior to joining HBL, he held the position of CEO of JP Morgan’s Global Corporate Bank in Asia, accumulating over 30 years of rich international banking experience in senior management roles at ABN AMRO and RBS, based in Amsterdam and Singapore.

Aurangzeb has garnered recognition on the global stage, being the only Pakistani invited to join the exclusive membership of the Global CEO Council organized by WSJ/DowJones group. Additionally, he holds prominent positions such as Chairman of the Pakistan Banks Association, Director of the Pakistan Business Council, and Council Member at the Institute of Bankers Pakistan. He earned his BS and MBA degrees from the Wharton School (University of Pennsylvania).

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However, some sources suggest that Aurangzeb may be nominated as Special Assistant to the Prime Minister due to his current lack of Pakistani citizenship, which could pose a hurdle in his appointment as finance minister.