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| ==Family== | ==Family== | ||
| His father, Chaudhry Muhammad Farooq |
His father, Chaudhry Muhammad Farooq, served as the ] on two occasions: first in caretaker government and later in the ] until Sharif was removed following ].<ref name="Ellis2019"/><ref name="DAWN2001"/> | ||
| His grandfather, Chaudhry Muhammad Siddique |
His grandfather, Chaudhry Muhammad Siddique, was a justice of the ].<ref name="DAWN2001">{{Cite web|url=http://beta.dawn.com/news/9898/former-ag-chaudhry-farooq-dies|title=Former AG Chaudhry Farooq dies|date=December 9, 2001|website=DAWN.COM}}</ref><ref>{{Cite web|url=https://www.federalshariatcourt.gov.pk/wp-content/uploads/2019/01/Former%20Judges/Mr.Justice%20Ch.Mohammad%20Siddique.pdf |title=Chaudhry Muhammad Siddique biography}}</ref> His uncle, ], served as a judge of the ].<ref name="DAWN2001"/> Another uncle, ], served as a member of the ], affiliated with ].<ref name="DAWN2001"/> | ||
| ==Career== | ==Career== | ||
Revision as of 06:33, 14 March 2024
Federal Minister of Finance, Pakistan.| Muhammad Aurangzeb | |
|---|---|
| Minister for Finance and Revenue | |
| Incumbent | |
| Assumed office 11 March 2024 | |
| President | Asif Ali Zardari |
| Prime Minister | Shehbaz Sharif |
| Preceded by | Shamshad Akhtar (caretaker) |
| CEO and President of Habib Bank Limited | |
| In office 1 February 2018 – 11 March 2024 | |
| Chairman | Sultan Ali Allana |
| Personal details | |
| Born | June 1964 (age 60) Lahore, Punjab, Pakistan |
| Relations | Khalil-ur-Rehman Ramday (uncle) Asad Ur Rehman (uncle) |
| Alma mater | Aitchison College Wharton School of the University of Pennsylvania |
| Occupation | Banker |
Muhammad Aurangzeb (born 1964) is a Pakistani banker who is the the current Minister for Finance and Revenue, appointed since 11 March 2024. Previously, he served as the chief executive officer (CEO) and president of Habib Bank Limited from February 2018 to March 2024.
Early life and education
Aurangzeb was born in June 1964 to Chaudhry Muhammad Farooq Ramday, who served twice as the Attorney-General for Pakistan.
Aurangzeb attended Aitchison College in Lahore for his early education and later received an Aga Khan Scholarship to study at the Wharton School of the University of Pennsylvania. He graduated from the Wharton School, earning both a bachelor's degree in science and economics and an MBA.
Family
His father, Chaudhry Muhammad Farooq, served as the Attorney-General for Pakistan on two occasions: first in caretaker government and later in the Second Nawaz Sharif ministry until Sharif was removed following 1999 Pakistani coup d'état.
His grandfather, Chaudhry Muhammad Siddique, was a justice of the Lahore High Court. His uncle, Khalil-ur-Rehman Ramday, served as a judge of the Supreme Court of Pakistan. Another uncle, Asad Ur Rehman, served as a member of the National Assembly of Pakistan, affiliated with Pakistan Muslim League (N).
Career
Aurangzeb began his banking career at Citibank, initially in Pakistan, and later in New York. In 2001, he joined the Dutch bank ABN AMRO in Pakistan, where he initially worked as a country manager. He later spent eight years at ABN Amro's headquarters in Amsterdam as the global head of wholesale lending and commercial client business. During his time in Amsterdam, Aurangzeb gained proficiency in the Dutch language. After leaving ABN Amro, Aurangzeb joined RBS International, where he served as the head of global banking and markets for RBS in Southeast Asia as well as country executive of Singapore until December 2010.
In 2011, Aurangzeb joined JP Morgan as the chief executive for the bank's Asia-Pacific corporate division, based in Singapore, where he served until 2018.
In February 2014, Aurangzeb received an offer to serve as the Governor of the State Bank of Pakistan by the then Prime Minister of Pakistan, Nawaz Sharif. He has also served as the chairman of the Pakistan Banks Association and as a director of the Pakistan Business Council.
In February 2018, Aurangzeb was appointed as the president and CEO of Habib Bank Limited. During his tenure at HBL, the bank's customer base expanded from 12 million in 2018 to 36 million by December 2023.
Minister for Finance
In March 2024, it was reported that he was ranked among the top five highest-paid bank CEOs in Pakistan, earning an annual salary totaling Rs 352 million at Habib Bank. It was also reported that he was ready to forego his monthly salary package of Rs3 crore at Habib Bank as well Dutch nationality to take up the position of federal minister of finance in Shehbaz Sharif's second cabinet. On 11 March, he was inducted into the federal cabinet of Prime Minister Shehbaz Sharif with the status of Federal Minister. Subsequently, he resigned as HBL's president and CEO. Aurangzeb was one of the three yet-to-be-elected members appointed to Shehbaz's second-term cabinet. The other two members were Mohsin Naqvi and Ahad Cheema. As per the country’s regulations, unelected cabinet members have six months to attain parliamentary status to retain their positions as federal ministers.
Aurangzeb became the third banker to assume the position of Minister for Finance after Shaukat Aziz (1999-2007) and Shaukat Tarin (2021-2022). His swearing-in ceremony drew significant attention as his appointment as finance minister marked a notable departure for the PML-N, which had traditionally relied on Ishaq Dar, a four-time finance minister and a close aide to the Sharif family.
References
- Mangi, Faseeh; Dilawar, Ismail (March 11, 2024). "Pakistan PM Sharif Picks Ex-JPMorgan Banker as Finance Minister". Bloomberg.
- "In a remarkable act of national service, Muhammad Aurangzeb steps down as President & CEO – HBL". Profit by Pakistan Today.
- ^ Desk, BR Web (March 11, 2024). "Newly-appointed federal minister Muhammad Aurangzeb resigns as HBL President & CEO". Brecorder.
{{cite web}}:|last=has generic name (help) - "Muhammad Aurangzeb profile".
- ^ Ellis, Eric (March 18, 2019). "Pakistan banking: Aurangzeb brings discipline to HBL". Asiamoney.
- ^ Farooq, Mohammad (1 February 2018). "HBL appoints renowned banker Muhammad Aurangzeb as President/CEO". Profit by Pakistan Today. Retrieved 9 March 2024.
- ^ "Aurangzeb likely to give up Rs3 crore monthly salary, Dutch citizenship". The News International. 9 March 2024. Retrieved 9 March 2024.
- ^ "Former AG Chaudhry Farooq dies". DAWN.COM. December 9, 2001.
- "Chaudhry Muhammad Siddique biography" (PDF).
- ^ Azhar, Saeed. "JPMorgan hires RBS banker as Asia Corp Bank CEO". Reuters.
- Wright, Chris (October 19, 2018). "HBL's Aurangzeb sees brighter times for Pakistan despite bailout". Euromoney.
- "Top contender for Pakistan's finance minister post meets Nawaz Sharif: Report". Business Today. 6 March 2024. Retrieved 9 March 2024.
- Kiani, Khaleeq (13 March 2024). "Pakistan eyes 'larger, longer' bailout package". DAWN.COM. Retrieved 13 March 2024.
- Correspondent, Our (9 March 2024). "'Rs30mn salary and Dutch citizenship': Aurangzeb ready for sacrifice to correct Pakistan economy". Pakistan Observer. Retrieved 9 March 2024.
{{cite news}}:|last1=has generic name (help) - "HBL CEO Muhammad Aurangzeb may be inducted into finance team". Brecorder. 6 March 2024. Retrieved 9 March 2024.
- "HBL chief tapped for incoming finance team". DAWN.COM. 6 March 2024. Retrieved 9 March 2024.
- Guramani, Nadir (11 March 2024). "PM Shehbaz's 19-member cabinet sworn in". DAWN.COM. Retrieved 11 March 2024.
- Shahzad, Asif (March 11, 2024). "Pakistan PM Sharif picks prominent banker in new cabinet, document shows". Reuters.
- Editorial (2024-03-12). "PDM redux". DAWN.COM. Retrieved 2024-03-12.
- ^ "Who is Muhammad Aurangzeb, the man tasked with fixing Pakistan's economy?". Al Jazeera. 13 March 2024.
- Khan, Mubarak Zeb (12 March 2024). "Finance czar commits to continuing caretakers' policies". DAWN.COM. Retrieved 12 March 2024.
- Living people
- 1964 births
- Pakistani bankers
- Pakistani chief executives
- Pakistani emigrants to the Netherlands
- ABN AMRO people
- Citigroup employees
- JPMorgan Chase people
- Aitchison College alumni
- Wharton School of the University of Pennsylvania alumni
- Finance Ministers of Pakistan
- Naturalised citizens of the Netherlands
- People from Lahore