Shumaila Rifaqat brings with her 15 years of work experience in influencing public policy, designing and implementing large scale reform programmes, institutional development and change management. Prior to joining Karandaaz, she was associated with DFID Pakistan as Governance Advisor & Tax Lead on Economic Reform support to government and private sector. She has also worked with World Bank-Pakistan as Social Protection Specialist and Asian Development Bank as Programme Analyst – Governance Unit. Shumaila holds a Masters in Public Administration (MPA) from Harvard University, Cambridge and a Masters in Economics (MSc.) from Quaid-e-Azam University, Islamabad.
Sharjeel Murtaza is an astute professional with 16+ years of diverse digital/IT transformation experience. He has been with Karandaaz Pakistan for 3 years and has successfully delivered in the roles of Associate Director Digital Transformation and Head of Digital Transformation Projects prior to being appointed as the Director for Digital Financial Services.
Sharjeel has attained continuous professional development and career progression by successfully delivering in domains of digital transformation, digital financial services, IT strategic planning, enterprise solution delivery management and infrastructure deployment/consolidation. He is highly passionate about establishment of an interoperable digital eco-system and catalyzing innovation for creating impact through digitalization for the underserved segments of Pakistan. Sharjeel is also an avid proponent of business process improvement, re-engineering and focus on change management for attainment of higher value from transformative interventions.
Mohammed Ghairat Hayat has cumulative work experience of over 15 years in progressively senior roles with a diverse set of organizations in the financial sector, including a commercial bank, microfinance bank, and development finance institution. His areas of expertise include credit, market, liquidity, and operational risk management, and the Basel Framework. He is a CFA charterholder, certified Financial Risk Manager, and alumnus of Imperial College London. His most recent role was as Head of Risk Management and Credit Administration at Saudi Pak Industrial & Agricultural Investment Co. Ltd.
Mr Navid Goraya brings with himself over 25 years of global experience in asset management, investment strategy, product development and corporate finance. Before joining Karandaaz as the CIO, he was leading a Strategic Advisory Firm, White Oak Advisors Inc, in New York where he was involved in serving private equity funds, family offices, banks and insurance companies in support of global investments in the US, Middle East, South East Asia and South Asia. Earlier, at HSBC USA, Mr Navid advised approx US$6 billion in specialized funds of HSBC and led a global wealth team covering North America, the GCC, and South East Asia. He has also led specialized Investment Banking teams at the Royal Bank of Scotland and Qatar National Bank. At IICG Bahrain, he led a Capital Markets Group managing proprietary funds and endowment portfolios. In Pakistan, Mr Navid has led an award-winning research team at a leading brokerage house in the Karachi Stock Exchange.
Mr Navid has an MBA from IBA (University of Karachi) and has also attended the High-Performance Leadership Programs at INSEAD, Fontainebleau, and London Business School. He also serves on the advisory boards of firms in life sciences and financial services in New York.
Syed Ali Mahmood is Program Officer, Financial Services for Poor at Bill & Melinda Gates Foundation and is responsible for driving the agenda for financial inclusion in Pakistan. Previously he has worked for China Mobile / Zong, United Bank Limited, Telenor and Warid. He has diversified experience of working across front end and backend value chains for both GSM and Mobile Financial Services sectors.
He holds an MBA and MA Marketing with specialization in Service Sector Marketing and Branding from London. Mr Ali Mahmood was also inducted into Honors list at Aitchison College for academics.
Carol Coye Benson has over 40 years of experience in designing technology-led financial product solutions. She was a founding partner of Glenbrook Partners, now a leading global consulting firm in payments systems strategy. Her work with Glenbrook included the development of faster payments systems in multiple countries. Before Glenbrook, Carol was a Managing Director at Deutsche Bank (and Bankers Trust) in their Global Transaction Processing division, overseeing a venture investment portfolio in emerging technologies and the bank’s own emerging transaction development strategies. Prior to that, Carol was a Senior Vice President at Visa International, where she oversaw an Advanced Technology Group during the early years of internet commerce, and later ran a European Product Development Office based in Paris. Carol began her career in commercial payments products at Citibank in New York, and later took a position as a head of commercial payments product innovation for the bank. Prior to that, Carol was a Vice President of large corporate lending at both Citibank and Bank of America.
Carol has an A.B. degree from Bryn Mawr College and an M.B.A. in Marketing and Finance from Columbia University. Carol is the author of the book “Global Payments” and co-author of the book “Payments Systems in the U.S.” Currently, Carol is looking at a variety of projects to help underserved people participate more fully in the digital economy within the United States.
After graduating from the London School of Economics and qualifying as a Chartered Accountant, Mr Yameen Kerai continued his career in public accounting in London and in Saudi Arabia before moving to Toronto to perform senior Finance roles at Canada Life Assurance Company. Subsequently he moved to Pakistan as CFO of ABN AMRO NV overseeing the transition of the franchise into a leading consumer, corporate and investment bank. He was then appointed Regional CFO-Asia Pacific based in Singapore overseeing Finance functions of ABN AMRO in 11 countries. Mr Yameen Kerai moved back to Pakistan as CFO of the then newly established NIB Bank majority funded by Temasek, a Singapore sovereign fund. During his tenure, NIB executed a transformational business strategy for SME and Consumer segments in Pakistan, acquired PICIC a bank 6 times its size, and arranged funding through equity and capital market actions. As nominee Board Director representing NIB, Mr Yameen was involved in driving strategy for ex PICIC Asset Management Company, National Investment Trust Limited and ex PICIC Insurance. Yameen retired as President and CEO of NIB Bank in 2017 after its merger with MCB Bank.
Mr Azmat Nawaz is member of the Investment Committee at Karandaaz. He has over 25 years’ experience in operations management. Mr Nawaz led creation, growth and turn-around of +50 companies across the globe. His Industry sector know-how includes healthcare, education, energy, petrochemicals, construction, real estate, food, packaging, IT, banking and insurance sector among others. Throughout his career, Mr Azmat Nawaz has been a decisive leader, who at the operating company level has developed, motivated, strengthened, redirected and rationalized businesses, teams and investments via Board and management roles. Mr Nawaz holds an MBA degree from London Business School, UK
Mr Waqas ul Hasan joins Karandaaz as Chief Executive Officer. He is credited with designing the Enterprise and Asset Growth Programme of the UK’s Foreign, Commonwealth & Development Office (FCDO), arranging co-financing from the Bill & Melinda Gates Foundation (BMGF) and then setting up Karandaaz Pakistan for implementation of the programme. Mr Hasan has previously served as member on key Karandaaz Committees (Investment, Digital Finance) and as Observer on the Boards of Karandaaz, Pakistan Microfinance Investment Company (PMIC) and Parwaaz Financial Services Limited (PFSL).
Mr Hasan has rich experience of designing and implementing a wide range of development finance programmes on infrastructure finance, public private partnerships, climate finance, MSME finance, credit guarantees and digital finance. He has also advised on financial sector projects in Afghanistan, Ukraine, Bangladesh, Jordan and the UK. Mr Hasan has special interest in investment climate related regulatory reforms, seeding innovations, entrepreneurship and establishing key institutions to foster a rich development and impact finance landscape in the country. Mr Hasan has previously worked at senior staff and advisory positions in the public sector and at FCDO and the Asian Development Bank. He holds a Masters in Finance from the London Business School and a Bachelor of Civil Engineering from the University of Engineering and Technology, Lahore. He is also certified as Director by the Pakistan Institute of Corporate Governance.
Romana Abdullah is a seasoned entrepreneur and business leader with extensive experience in startups, investment banking, and management consulting. She is the Co-Founder and CEO of Highpoint Ventures (Pvt) – Hopscotch, a high-growth kidswear startup in Pakistan, where she has been leading the company since August 2013. Under her leadership, Hopscotch has established a network of over 20 stores and a growing e-commerce business.
Romana has a distinguished career marked by various key roles in the financial and corporate sectors. She has been a Member of the Board of Directors at Systems Limited since December 2017, contributing to the governance of a global leader in IT services and BPO solutions. She is also a Board Member of Karandaaz Pakistan, where she serves on the Audit and Investment Committees, supporting initiatives to promote financial inclusion and access to finance for small businesses.
Her previous roles include serving as Group Head of Strategic Planning at Soneri Bank Limited from 2010 to 2011, where she developed the bank’s turnaround and growth plan. At MCB Bank Limited, she was Head of Business Development & New Initiatives from 2007 to 2010, leading the bank’s strategic transformation and investor relations efforts. Romana also has experience in management consulting as a Consultant at The Boston Consulting Group from 2002 to 2006 and in investment banking as an Analyst at Merrill Lynch from 1999 to 2001.
Romana Abdullah was recognized as a Young Global Leader by the World Economic Forum in 2016. She serves on the boards of several organizations, including Systems Limited, Karandaaz Pakistan, and the Plan X Accelerator, and is an Investor and Advisor at Baby Planet. She is also a mentor to young startups, reflecting her commitment to fostering entrepreneurial talent.
Romana holds an MBA in Management from Harvard Business School and a BSc in Financial Engineering from Princeton University. She completed her high school education at Karachi Grammar School.
As a civil servant and a development professional, he has worked in a diverse range offered by the public sector covering policy implementation and formulation in the arena of governance, public financial management, project planning and management and public service delivery over the past three decades. He is currently leading FCDO (UKaid) funded macroeconomic reform programme ‘Revenue Mobilization, Investment & Trade (REMIT)’ with interventions aimed at increasing government revenues, enhancing trade especially exports, promoting investment in the country and supporting macroeconomic stability. He is former Federal Secretary Finance and had been former Secretary Ministry of Planning, Development & Special Initiatives, former Special Secretary Power Division Ministry of Energy, Chairman P&D Government of the Punjab, fomer Secretary Finance Department Government of the Punjab.
Shoaib Zahid Malik is a third-generation leader in his family’s business, KAUSAR, established in 1951. He currently serves as the Director of Kausar Group of Companies, a leading agri-processor of various edible household FMCG products in Pakistan. With over two decades of experience, Shoaib has played a pivotal role in the company’s growth and diversification, ensuring its alignment with core values of simplicity, integrity, and respect.
Before joining the family business, Shoaib gained significant experience in senior management positions with various multinational companies in the United States and the Far East. He holds a B.E. in Electrical Engineering from the National University of Sciences & Technology (NUST) and has a background in telecommunications and network optimization.
Shoaib has been an active participant in numerous boards and advisory councils. He has served as the Chairman of the Board of Directors at Punjab Industrial Estates Development & Management Company, promoting industrialization in Punjab. He is also a Global Board Member for the Global Student Entrepreneur Awards (GSEA), supporting student entrepreneurs globally. Additionally, he has been involved with the Lahore Chamber of Commerce & Industry and the Pakistan Poultry Association.
As a partner at Walled City Co., Shoaib invests in and mentors seed and early-stage startups, providing resources beyond capital to help them realize their potential. He is a serial entrepreneur with interests in multiple businesses and is a regular speaker on entrepreneurship and family business dynamics.
Ms Durdana Achakzai is a senior executive with over 15 years of leadership experience in global business and technology-focused roles and expertise in large-scale digital transformations. As Group Executive Director of Digital in London, she is leading Vodafone’s global digital agenda encompassing a range of strategic and operational initiatives. Previously, she was Chief Digital Officer for Telenor, where she led their transformation into a digital services provider.
Ms Durdana has led digital in the fintech space including as the Global Head of Digital Portfolio and Programme Director for Retail Banking & Wealth Management and previously as Director of Corporate Digital at HSBC. In these capacities, she focused on driving innovation and digital transformation agenda for the bank; leading a global digital portfolio primarily focused on new and innovative digital capabilities.
She has been an advisor to early-stage start-ups. Ms Durdana holds an MBA from Harvard Business School and an undergraduate degree in Engineering Sciences from GIK Institute.
As a member of Civil Service of Pakistan, Mr Shamim Ahmad Khan occupied senior positions in the Government of Pakistan such as Secretary Ministry of Commerce and Additional Secretary Ministries of Finance and Production. For more than ten years, he worked as a regulator of capital markets and the corporate sector. In this capacity, he piloted a number of reforms in capital markets and restructured the Corporate Law Authority into the Securities and Exchange Commission of Pakistan of which he became the first Chairman. After he left the Government, he worked as an independent and non-executive director of a number of listed companies. Presently he is a director of Packages Ltd., IGI insurance Ltd and Abbott laboratories Ltd and is serving as Chairman of the board of IGI Life Ltd.
Mr Musadaq Zulqarnain is the Chairman of Interloop Limited and its associated companies, Interloop Holdings (Pvt.) Limited, Interloop Dairies Limited, and IL Bangla Limited. He has served on the Board of Faisalabad Industrial Estate Development & Management Company (FIEDMC) for 6 years and also held the position of its CEO. Mr Musadaq is also a Member of the Board of Port Qasim Authority. He is the President of Interloop Welfare Trust, engaged in numerous philanthropic activities in the country. He is also associated with The Citizens Foundation (TCF), the largest not-for-profit organization providing primary and secondary education in Pakistan.
With leadership experience spanning over more than three decades, Mr Musadaq initially worked for 14 years at senior positions with a top gas transmission company (SNGPL) in Pakistan and later on transformed into a successful entrepreneur, developing and expanding one of the world’s largest Hosiery manufacturing and export business, Interloop Limited, over last 27 years.
A mechanical engineer by professional training, Mr Musadaq is a development enthusiast and philanthropist, actively engaged in nurturing the youth of Pakistan through primary, secondary, and higher education for the underprivileged. He has initiated numerous programs for women empowerment and supports talent by promoting sports for the youth and community, especially the differently-abled. He has always been at the forefront in providing free health services for poor patients and relief activities during natural disasters by contributing food, rations and constructing houses for the displaced families.
Mr Shahid Ghaffar possess vast experience of working at top positions in the financial market. He has served as Chairman and Managing Director, National Investment Trust Limited 2014 – 2017. Prior to that he was Head of Investor Relations and Corporate Representation and Member Management Forum at Habib Bank Limited (HBL) during the period 2012 – 2014. He was involved in the formation and development of HBL Asset Management Limited and was its Chief Executive Officer from 2005-2012.
Mr Ghaffar has vast experience in Capital Market Regulations and Governance. He was Executive Director/ Commissioner, Securities & Exchange Commission of Pakistan and was instrumental towards implementation of wide ranging reforms in the capital market and capacity building of the Securities Market Division during the period 2000 – 2005. He was also Managing Director of Pakistan Stock Exchange (Former Karachi Stock Exchange) from 1998 – 2000 and was actively involved in introducing effective risk management measures, automation of trading system and enhancing capacity building of the exchange. During the period 1977-1998 he has served National Investment Trust Limited in various capacities in the Asset Management Division and was responsible for managing equity, fixed income portfolio and trading desk.
Mr Ghaffar is presently Member, Audit Oversight Board, Pakistan and Independent Director of HBL Asset Management Limited, Awwal Modaraba Management Limited, Habib Insurance Company Limited, Jubilee Life Insurance Company Limited and Archroma Pakistan Limited. He is also an External Member of VIS Rating Committee of VIS Credit Rating Company Limited.
Mr Ghaffar holds a master’s degree in business administration from Gomal University, D.I Khan, Khyber Pakhtunkhwa, Pakistan. He has attended serval courses on Securities Regulations including the prestigious course conducted by Securities & Exchange Commission in Washington D.C., USA.
Mr Salim Raza has over 40 years of experience in the banking and financial sector. Mr Raza has held the position of the 15th Governor of the State Bank of Pakistan (SBP) after having worked in international banking for 36 years. His business experience covers credit and corporate finance, real estate, and global asset management. He has also been the CEO of the Pakistan Business Council (PBC). During his tenure at SBP and his association with PBC many innovative initiatives were introduced to assist deepening of debt Capital markets, broadening financial inclusion, increasing access to credit for the agricultural and SME sectors, reforming and improving efficiency within the banking sector, and advancing the cause of economic empowerment.
Prior to that, Mr Salim Raza held various positions at Citibank NA in Pakistan and abroad and served as Country and Regional Head for Citibank across various geographies in the Middle East, Asia, Africa, the UK, Central and Eastern Europe.
In September 2018, Mr Salim Raza was appointed to the Prime Minister of Pakistan’s Economic Advisory Council as a member representing the private sector. He holds a combined BA & MA degree from Oxford University where he studied Politics, Philosophy and Economics at Oriel College. He currently serves on the Boards of Habib Bank Limited, International Industries Limited, and Planet N Group. He is an adjunct professor at the Institute of Business Administration (IBA), Karachi for Political Economy and also lectures on a variety of economic-development-related subjects at different forums.
