Daily Times

ISLAMABAD: The federal government has decided to sack National Bank of Pakistan (NBP) President Syed Ahmed Iqbal Ashraf and replace him with Zafar Hijazi, who is presently working as chairman of the Security and Exchange Commission of Pakistan (SECP).

Source told this scribe that the government has decided to appoint Hijazi as the new president of NBP in reward of the role he played to save the skin of prime minister and his family members from the Panama leaks issue.

Zafar Hijazi is considered a close friend of Finance Minister Ishaq Dar, as both were chartered accountants and had worked together in the past. Sources revealed that Hijazi was preparing some laws related to Panama leaks issue, besides legalising offshore companies in Pakistan.

Source said that the government was not happy with current NBP President Syed Ahmed Iqbal Ashraf’s performance, as the bank moved sluggishly in issuing loans for the Prime Minister’s Youth Loan Scheme under his tenure. Secondly, they added, many Pakistan Muslim League-Nawaz (PML-N) parliamentarians had complained against him for not solving their genuine problems on time. Furthermore, the parliamentary committee on finance also recommended changing the NBP president.

When this reporter contacted SECP spokesperson Bushra Aslam, she said that she did not know about the expected appointment of Zafar Hijazi.

It is pertinent to mention that NBP President Syed Ahmed Iqbal Ashraf would retire from service in January 2017.