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Muhammad Aurangzeb

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Muhammad Aurangzeb
Minister for Finance and Revenue
Incumbent
Assumed office
11 March 2024
PresidentAsif Ali Zardari
Prime MinisterShehbaz Sharif
Preceded byShamshad Akhtar (caretaker)
Member of Senate of Pakistan
Incumbent
Assumed office
9 April 2024
ConstituencyTechnocrat seat from Punjab
Chairman of Economic Coordination Committee
Incumbent
Assumed office
23 March 2024
Personal details
BornJune 1964 (age 60)
Lahore, Punjab, Pakistan
Political partyPML(N) (2024-present)
RelationsKhalil-ur-Rehman Ramday (uncle)
Asad Ur Rehman (uncle)
Chaudhry Mohammad Siddique (grandfather)
Alma materAitchison College
Wharton School of the University of Pennsylvania
OccupationBanker

Muhammad Aurangzeb (born 1964) is a Pakistani banker who has been serving as the finance minister of Pakistan since 11 March 2024.[1][2] He previously served as the chief executive officer (CEO) and president of Habib Bank Limited from February 2018 to March 2024.[3]

Early life and education

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Aurangzeb was born in June 1964[4] to Chaudhry Muhammad Farooq Ramday, who served twice as the Attorney-General for Pakistan.[5]

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.[5] He graduated from the Wharton School, earning both a bachelor's degree in science and economics and an MBA.[6][7]

Family

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Aurangzeb's 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.[5][8]

His grandfather, Chaudhry Mohammad Siddique, was a justice of the Lahore High Court.[8][9] His uncle, Khalil-ur-Rehman Ramday, served as a judge of the Supreme Court of Pakistan.[8] Another uncle, Asad Ur Rehman, served as a member of the National Assembly of Pakistan, affiliated with Pakistan Muslim League (N).[8]

Banking career

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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.[5][6] He later spent eight years at ABN Amro's headquarters in Amsterdam as the global head of wholesale lending and commercial client business.[5] During his time in Amsterdam, Aurangzeb gained proficiency in the Dutch language.[5] 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.[10]

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.[5][10][11]

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.[6]

In February 2018, Aurangzeb was appointed as the President and CEO of Habib Bank Limited (HBL).[6] He joined HBL shortly after the bank received a $225 million penalty from the New York State Department of Financial Services. As the President and CEO of the bank, he applied his extensive experience in leading banking and financial institutions to steer HBL towards recovery and growth. During his five-year tenure, the bank achieved significant milestones, including a profit of Rs12 billion in its first year and a record profit of over Rs57 billion in the latest earnings report[12] and the bank's customer base was also expanded from 12 million in 2018 to 36 million by December 2023.[13] Under his tenure, the bank also expanded its operations to China and he also served as the chairman of the Pakistan Banks Association and as a director of the Pakistan Business Council during the same time.[14][12]

He actively supported the Charter of Business and the Charter of Economy proposed by member parties of the Pakistan Democratic Movement (PDM).[12]

Minister for Finance (2024–present)

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In March 2024, it was reported that Aurangzeb was ranked among the top five highest-paid bank CEOs in Pakistan, earning an annual salary totaling Rs 352 million at Habib Bank.[15][7] 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.[7][16][17] On 11 March, he was inducted into the federal cabinet of Prime Minister Shehbaz Sharif with the status of Federal Minister.[18][19] Subsequently, he resigned as HBL's president and CEO.[3] 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.[20] As per the country's regulations, unelected cabinet members have six months to attain parliamentary status to retain their positions as federal ministers.[21] On the same day, he renounced his Dutch citizenship and acquired Pakistani nationality.[22] Asif Kirmani, who regarded as a close ally of Nawaz Sharif, criticized the appointment of Aurangzeb as finance minister, labeling it as an "establishment pawn."[23] As the Prime Minister Shehbaz had bifurcated the Ministry of Finance, Revenue, and Economic Affairs into three divisions, the Ministry of Economic Affairs was allotted to Ahad Cheema[22] while Aurangzeb was assigned the additional portfolio of the Revenue Division.[24]

Aurangzeb became the third banker to assume the position of Minister for Finance after Shaukat Aziz (1999-2007) and Shaukat Tarin (2021-2022).[21][25]

In March 2024, Aurangzeb, backed by PML-N, filed his nomination papers for the 2024 Pakistani Senate election.[26] On 2 April 2024, he was elected to the Senate of Pakistan on the technocrat seat from Punjab, receiving 128 votes.[27]

Since sources within the PML-N indicated that there were varying opinions regarding the appointment of Aurangzeb as finance minister instead of Ishaq Dar. Ultimately, it was decided that Dar would remain involved in economic affairs, despite being appointed as the Foreign Minister. Subsequently, on 22 March, Prime Minister Shehbaz reconstituted cabinet committees, resulting in the removal of the Aurangzeb from chairmanships of two important committees. This included the Economic Coordination Committee (ECC), which had previously been chaired by a finance minister. Additionally, the Dar, despite being Foreign Minister, was appointed as the chairman of the Cabinet Committee on Privatisation (CCOP), a position formerly held by a finance minister. This restructuring indicated a reluctance to assign the ECC’s chairmanship to Aurangzeb, thereby reducing Aurangzeb's influence over economic matters.[28][29][30] Nevertheless, the following day, Prime Minister Shehbaz decided to transfer the chairmanship of the ECC to Aurangzeb amidst criticism.[31] However on 29 March, for the first time, the foreign minister Ishaq Dar replaced the finance minister in the Council of Common Interests.[32]

In April The Express Tribune said that Aurangzeb was scheduled to visit the Washington to meet with IMF Managing Director the following week. The article said Aurangzeb would meet with United States Assistant Secretary of State for South Asia Donald Lu and US Deputy Under Secretary of Treasury. The article also mentioned Aurangzeb's authorization of honorariums, equivalent to four salaries, for bureaucrats serving in the Prime Minister’s Office.[33]

References

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  1. ^ Mangi, Faseeh; Dilawar, Ismail (March 11, 2024). "Pakistan PM Sharif Picks Ex-JPMorgan Banker as Finance Minister". Bloomberg.
  2. ^ "In a remarkable act of national service, Muhammad Aurangzeb steps down as President & CEO – HBL". Profit by Pakistan Today.
  3. ^ a b "Newly-appointed federal minister Muhammad Aurangzeb resigns as HBL President & CEO". Brecorder. March 11, 2024.
  4. ^ "Muhammad Aurangzeb profile".
  5. ^ a b c d e f g Ellis, Eric (March 18, 2019). "Pakistan banking: Aurangzeb brings discipline to HBL". Asiamoney.
  6. ^ a b c d Farooq, Mohammad (1 February 2018). "HBL appoints renowned banker Muhammad Aurangzeb as President/CEO". Profit by Pakistan Today. Retrieved 9 March 2024.
  7. ^ a b c "Aurangzeb likely to give up Rs3 crore monthly salary, Dutch citizenship". The News International. 9 March 2024. Retrieved 9 March 2024.
  8. ^ a b c d "Former AG Chaudhry Farooq dies". DAWN.COM. December 9, 2001.
  9. ^ "Chaudhry Muhammad Siddique biography" (PDF).
  10. ^ a b Azhar, Saeed. "JPMorgan hires RBS banker as Asia Corp Bank CEO". Reuters.
  11. ^ Wright, Chris (October 19, 2018). "HBL's Aurangzeb sees brighter times for Pakistan despite bailout". Euromoney.
  12. ^ a b c "Can Muhammad Aurangzeb Prove To Be The Fix Our Economy Needs?". The Friday Times. 18 March 2024. Retrieved 18 March 2024.
  13. ^ Kiani, Khaleeq (13 March 2024). "Pakistan eyes 'larger, longer' bailout package". DAWN.COM. Retrieved 13 March 2024.
  14. ^ "Top contender for Pakistan's finance minister post meets Nawaz Sharif: Report". Business Today. 6 March 2024. Retrieved 9 March 2024.
  15. ^ "'Rs30mn salary and Dutch citizenship': Aurangzeb ready for sacrifice to correct Pakistan economy". Pakistan Observer. 9 March 2024. Retrieved 9 March 2024.
  16. ^ "HBL CEO Muhammad Aurangzeb may be inducted into finance team". Brecorder. 6 March 2024. Retrieved 9 March 2024.
  17. ^ "HBL chief tapped for incoming finance team". DAWN.COM. 6 March 2024. Retrieved 9 March 2024.
  18. ^ Guramani, Nadir (11 March 2024). "PM Shehbaz's 19-member cabinet sworn in". DAWN.COM. Retrieved 11 March 2024.
  19. ^ Shahzad, Asif (March 11, 2024). "Pakistan PM Sharif picks prominent banker in new cabinet, document shows". Reuters.
  20. ^ Editorial (2024-03-12). "PDM redux". DAWN.COM. Retrieved 2024-03-12.
  21. ^ a b "Who is Muhammad Aurangzeb, the man tasked with fixing Pakistan's economy?". Al Jazeera. 13 March 2024.
  22. ^ a b "New finance minister appointed". The Express Tribune. 12 March 2024. Retrieved 23 March 2024.
  23. ^ "PML-N senator regrets appointment of 'imported finance minister'". The Express Tribune. 16 March 2024. Retrieved 16 March 2024.
  24. ^ Abbasi, Zaheer (12 March 2024). "Aurangzeb new Finance Minister". Brecorder. Retrieved 23 March 2024.
  25. ^ Khan, Mubarak Zeb (12 March 2024). "Finance czar commits to continuing caretakers' policies". DAWN.COM. Retrieved 12 March 2024.
  26. ^ "Mohsin Naqvi, Muhammad Aurangzeb Among Others Submit Nomination Papers For Senate Polls". The Friday Times. 16 March 2024. Retrieved 16 March 2024.
  27. ^ Hakeem, Dawn com | Arif Hayat | Shoaib Ahmed | Tahir Siddiqui | Nadir Guramani | Abdul (2024-04-02). "Coalition sweeps polls on 19 Senate seats". DAWN.COM. Retrieved 2024-04-02.
  28. ^ "PM clips finance minister's decision-making wings". The Express Tribune. 23 March 2024. Retrieved 23 March 2024.
  29. ^ Raza, Syed Irfan (23 March 2024). "PM sets up seven cabinet panels; to lead ECC, CCoE". DAWN.COM. Retrieved 23 March 2024.
  30. ^ "Aurangzeb ousted from key committees as Dar assumes prominent financial role". Profit by Pakistan Today. 23 March 2024. Retrieved 23 March 2024.
  31. ^ "Shehbaz surrenders ECC chairmanship to Aurangzeb". Profit by Pakistan Today. 24 March 2024. Retrieved 24 March 2024.
  32. ^ "In a first, foreign minister replaces finance minister in CCI". The Express Tribune. 29 March 2024. Retrieved 29 March 2024.
  33. ^ "Aurangzeb to meet Donald Lu in US next week". The Express Tribune. 9 April 2024. Retrieved 10 April 2024.
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