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The CFA Society Pakistan (Formerly known as CFA Association of Pakistan) is registered with SECP under Section 42 of Companies Ordinance, 1984. The entity is a regular filer of Income Tax Return and operate under defined Memorandum and Articles of Association. Elections will take place every three years according to a recent resolution passed by the Board and in the Annual General Meeting. 

The Board, comprising of seven Directors, is assisted by an Executive Director and two junior staff members to run the Society Office. Support is also derived from the Asia-Pacific Team of the CFA Institute in Hong Kong SAR, that has strong expertise in branding, technology, memberships, advocacy, research, and development of capital markets etc. Also, active volunteers are the core strength of the Society who help us achieve our goals.

CFA Society Pakistan derives its strength from a core team of dedicated investment professionals who volunteer significant time and energy to support the mission of CFA Society Pakistan. Activities conducted by the Society aim to provide members with opportunities to interact, share ideas, and keep abreast of the new developments in the industry as well as to deliver value to the investment management profession. 

Activities have been more clearly organized along functional lines, in the form of Committees.

The 2018 - 2020 elected Board of Directors include the following:​

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Muhammad Asim, CFA

President, CFA Society Pakistan

Chief Investment Officer, MCB Arif Habib Savings and Investment Ltd. 

Email Muhammad Asim

 Asim is Chief Investment Officer of MCB Arif Habib, one of the leading asset management companies of Pakistan, majority owned by MCB Bank, one of the largest Commercial Bank. Asim is an Investment Management professional with more than 15 years' experience and is associated with MCB Arif Habib for more than a decade. He started his career as a Buy Side Analyst and progressively took various roles in overseeing Research, Fixed Income and Equity Portfolio Management and ALM / Non ALM based Investment Advisory Functions.

During 2008-2018, core Equity Fund's cumulative return was nearly 1.4 times the benchmark KSE100 Index while beating 86% of Equity Funds Industry, holding top position on several instances on yearly returns. Asim has managed funds in equity, fixed income and hybrid strategies and has overseen funds in both active and passive styles. Macro driven Top Down approach is his key strength.

Asim is an MBA with majors in Finance from Institute of Business Administration, Karachi & also holds CFA Charter from CFA Institute, USA. Asim has attended Harvard University, USA for Investment Management Workshop. Asim is also the President for CFA Society Pakistan and active advocate of mission of CFA Institute for highest ethical and professional standards in Investment Management. He has for several years represented Society as Judge in several of Capital Market Competitive Challenges at both local and Int'l level. He has also served as Country Representative & GIPS Chair for Global Investment Performance Standards by CFA Institute. He is also the volunteer for Professional Conduct Committee of CFA Institute. He has earlier served as Board Member of CFA Society in 2012 and 2015. Asim has served on several committees of Mutual Funds Association of Pakistan.

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Rukhsana Narejo, CFA

Vice President & General Secretary, CFA Society Pakistan

Head of Treasury Department, Sindh Bank Limited

Email Rukhsana Narejo

Ms. Rukhsana Narejo, CFA is Head of Treasury Department at Sindh Bank Limited. She is Investment Management professional with 18+ years of experience in Treasury, Portfolio Management, Asset Management, Training, Investment Advisory and Consultancy. Before joining Sindh Bank, Rukhsana Narejo served as Investment Specialist at Asian Development Bank and assisted the ADB Pakistan Head in designing reforms for Pension and Provident funds. She was associated with NBP Fund Management (formerly NBP Fullerton Asset Management) from 2006 to 2009 and served as Head of Fixed Income Department; she managed biggest fixed income fund of the industry at the time. She is a CFA Charterholder since 2006. She served CFA Society of Pakistan as its board member for two terms, initially from 2009 to 2011, and then from 2013 to 2015. As Board Member she worked with SECP, as part of its advocacy team and with CFA Ins. USA to improve regulations, including monitoring of various stakeholders, and to introduce GIPS performance measurement standards for Asset Management Companies of Pakistan.​




Sadaf  Shabbir, CFA, FRM

Communications & Technology Chair, CFA Society Pakistan

Head Structured ​Finance, Awwal Modaraba

Email Sadaf Shabbir

Ms. Sadaf Aliuddin, CFA, FRM is Head, Structured Finance at Awwal Modaraba Management Ltd., a wholly owned subsidiary of Pak Brunei Investment Company Ltd. Earlier, she headed the Risk function at Pak Brunei and has supervised design of risk rating models and Basel compliance. Prior to her association with the Pak Brunei group, she has also worked with JCR-VIS Credit Rating Company Ltd. and Anjum Asim Shahid Associates. She has around 16 years of experience with forte in project finance, structured debt and private equity, credit risk assessment and portfolio management. She has done her BBA (Hons) and MBA from Institute of Business Administration (IBA), Karachi in 1999.

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Mohammad Shoaib, CFA

Advocacy and GIPS Chair, CFA Society Pakistan

CEO, Al Meezan Investment Management Limited

Email Mohammad Shoaib

Mr. Mohammad Shoaib, CFA is the CEO of Al Meezan Investment Management Limited, the only full-fledged Shariah compliant asset management company in Pakistan managing the country's largest portfolio under Shariah mandate.

Mr. Shoaib has over 30 years of experience related to managing investment portfolios and is currently heading a diverse team of over 600 members with qualifications in area  Business Administration, Chartered Accountancy, ACCA, CFA and other relevant background. He completed his MBA from Institute of Business Administration (IBA), Karachi in 1988 and got CFA Charter in 1999. He has taught several courses related to his field at IBA as a visiting faculty member.

He was the founder and first President of CFA Society Pakistan, which was set up by him in 2002. During his leadership, CFA Society Pakistan achieved several milestones such as "Innovation Award" and "Strategic Planning Award" from CFA Institute. Due to his contribution to the mission of CFA Institute, CFA Institute listed him in 2006 as "MOST INFLUENTIAL" CFA Charter Holder.

During 2008 to 2012, he was elected by 16 CFA societies in Asia Pacific region to represent over 16,000 charterholders on the Presidents' Council of CFA Institute. During his career, he has served or is currently serving in many volunteer capacities including:

·         Member of CFA Institute Asia Pacific Advocacy Committee

·         Member of CFA Institute Global Task Force on Corporate Governance

·         Member Executive Committee, Global Investment Performance Standards

·         Member, Asset Manager Code Advisory Committee of CFA Institute

·         Nominee director of SECP on Board of Karachi Stock Exchange

·         Board member of Institute of Capital Markets in Pakistan

·         Chairman, Mutual Funds Association of Pakistan

·         Board member Pakistan Institute of Corporate Governance (2011 – 2014)

·         Member of the Academic Board of Institute of Business Administration, Pakistan

·         Member of the Central Bank's Committee on Islamic Capital Markets

·         Member of Annual Conference Advisory Committee of CFA Institute   

He has participated in various seminars, conferences and workshops across the globe during his 30-year career in managing investments. During the last 17 years of his career, he has focused exclusively on managing Shariah Compliant or Islamic portfolios. He has been a speaker / panelist at various conferences on the subject of Islamic Asset Management in Middle Eastern and Far Eastern countries. He has also been featured in CFA Magazine with reference to his contribution to Islamic asset management, corporate governance and volunteer leadership roles.

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Syed Raza Jafri, CFA

University Relations Chair, CFA Society Pakistan

Head of Equities, Intermarket Securities Ltd. 

Email Raza Jafri

Mr. Jafri is an Executive Director, Research & Business Development at Intermarket Securities Ltd (IMS) and possesses over 11 years of experience in sell-side equity research. Other than the Board of the CFA Society Pakistan, he advises the Board of Studies at the Institute of Business Management (IoBM). Prior to joining IMS in 2015, he was Head of Research at AKD Securities Limited. Mr. Jafri carries an in-depth understanding of major sectors at the KSE with a specialization in covering Commercial Banks. He was ranked by Bloomberg as among the best banking sector analysts in Pakistan, and has been awarded "Best Analyst" by the CFA Society of Pakistan in 2015 and best "Banks Coverage" in Pakistan by Asia Money in its 2012 Brokers Poll. Mr. Jafri graduated with a BSc. (Hon) in Finance & Accounting from LUMS and is a CFA Charterholder.​

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Muhammad Zeeshan, CFA

Treasurer and Member Relations & Volunteer Management Chair, CFA Society Pakistan

Head of Institutional Sales - Fixed Income Securities, Bank Alfalah Limited

Email Muhammad Zeeshan

Mr. Zeeshan has over eleven years of diversified experience in Equity Research, Portfolio Management, Investment Banking, Investment Advisory, Private Equity and Principal Investments. Presently, he is working as Senior Manager in the Capital Markets Division at Bank Alfalah Limited and has been associated with the Bank for the last five years. Prior to joining BAFL, he worked for renowned financial institutions including Arif Habib Limited and Faysal Asset Management Limited in the areas of Research, Fund Management and Investment Banking.

He is currently the Director and Treasurer of CFA Society Pakistan where he is responsible for managing the financial affairs of the society and also looks after Member and and Volunteer Relations.

Mr. Zeeshan has done Master of Business Administration in Finance and has also been awarded CFA Charter. ​

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Sateesh Balani, CFA

Director and GIPS Co-Chair, CFA Society Pakistan

Director Research, Ismail Iqbal Securities (Pvt.) Ltd. 

Email Sateesh Balani

 Mr. Sateesh Balani is working as Head of Research at HBL Asset Management Limited (HBL AMC). Prior to joining HBL AMC, he has worked with Engro Corporation and its Energy Holding Company (Engro Powergen Limited) as Senior Analyst where he was responsible for making feasibilities and analyzing potential business ventures for the group. He has also worked with Elixir Securities Pakistan in equity research and covered energy and industrial sectors. He has over 8 years of extensive experience in the corporate and financial sector. His expertise is in the areas of Equity Research, Economic Research, Financial Modeling & Valuation and Project Finance.  He has Bachelors and Masters in Business Administration from Institute of Business Management, Karachi and is also a CFA Charter Holder.


Sarwat Ahson

Executive Director, CFA Society Pakistan

Email Sarwat Ahson

Sarwat Ahson brings with her 20 years of blended experience in Corporate Banking, Consulting, Teaching, Training and Project Management. In her last assignment she was engaged in establishing the Centre for Excellence in Islamic Finance at IBA funded by the Central Bank. Ms. Ahson has authored chapters in various books and writes for DAWN and BR. She holds a BBA (Hons.) and an MBA degree from Institute of Business Administration. She is also a CFA level III candidate.

 Northern Chapter

Following is the Northern Chapter Team of CFA Society Pakistan:

Shahzad Saleem, CFA
Chair, CFA Society Pakistan - Lahore Chapter
Chief Executive Officer, PACRA


Usman Hayat, CFA

Islamabad Chapter - CFA Society Pakistan 

CEO, Audit Oversight Board (Pakistan)


Samiya Mukhtar, CFA

Member, CFA Society Pakistan - Lahore Chapter​

Corporate Governance Specialist, Government of the Punjab

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Umer M. Khalid, CFA

Member, CFA Society Pakistan - Lahore Chapter​

Relationship Manager-Vice President at Regional office of Meezan Bank Limited


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Sh. Umar Saeed - FCCA, CFA

Member, CFA Society Pakistan - Lahore Chapter​

Corporate Governance Specialist, Government of the Punjab 

 Co-opted Directors 2018-19

A new initiative was taken in year 2016 to engage the support and benefit from the experience of senior members of the Society by creating a two-member committee to the Board of Directors.The 2018-19 Co-opted Directors include the following:


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Dr. Inayat Hussain, CFA

Co-opted Director

Executive Director, Banking Supervision Group, State Bank of Pakistan

Dr. Inayat Hussain serves as Executive Director of the Banking Supervision Group in the State Bank of Pakistan. He is responsible for financial stability, supervision of financial institutions, enforcement function and banking conduct.  He brings a diversified experience spanned over two decades in banking supervision, regulations, policy and operations. He is a member of the Council of Regulators, Monetary Policy Committee and Financial Stability Executive Committee of the State Bank of Pakistan.  Further he also serves as a director on the board of Pakistan Institute of Corporate Governance and Institute of Bankers in Pakistan. He holds masters degree in business administration, FRM and CFA designations and doctorate degree in economics and finance from Curtin University, Australia.






Asif Iqbal Qureshi, CFA

Co-opted Director

Head of Internal Audit, SNGPL

Email Asif Iqbal Qureshi​

Asif Iqbal Qureshi  has Master’s Degree in Business Education and Business Administration. To excel in professional career in the area of accounts and finance, he became Cost and Management Accountant. He served for the ten years in textile, FMCG and Oil & Gas sectors at various positions in different reputed organizations.

At that time he decided to get a competitive edge over its colleagues for career enhancement. To achieve the goal, he decided to pursue CFA Charter which helped him a lot for rapid advancement in his professional career in the area of Finance. He was promoted as head of treasury department, one of the largest gas utility Company of the country.

In his role as General Manger Treasury he managed an investment portfolio of more than Rs 36 billion, comprising of both defined benefit and defined contribution employees benefit plans. He applied various techniques learned during his CFA Charter in managing investment portfolio and remained successful to earn enhanced returns through better asset allocation at the desired risk levels.

He also remained instrumental in streamlining gas sales collections of his company channelizing from more than 8000 branches/collecting agents all over the country. By adopting electronic channels for speedy collection and timely placement of funds he achieved considerable reduction in the collection float time.  He also successfully negotiated long term multibillion syndicated term finance and bridge finance facilities for large infrastructure projects of his Company.

“I was fortunate to convince the Board of Trustees for inclusion of asset classes, other than traditional one for placement of trust funds,” he says. “ By having knowledge of other asset classes and their correlation with existing ones you are in better position to earn superior risk adjusted returns,”. He adds, “I felt honoured to get the opportunity to negotiate successfully long term syndicated financing facilities for large infrastructure projects of the national interest,” Asif expressed that the CFA designation provided him a strong platform for rapid advancement in his professional career. He strongly recommended to the young professionals who want to excel in the area of investment and finance to pursue the CFA program, for which a high level of commitment and dedication is required.

Recently he is posted as General Manager (Billing), head of one of the largest department in the finance group of SNGPL. 

 Past Directors

Ashraf Bava, CFA – President (2014 to 2018)

Muhammad Javaid Iqbal, CFA – President (2009-2013)

Mohammad Shoaib, CFA – President (2002-2008)

Ashraf Bava, CFA​

Abdul Aziz Anis, CFA

Abdul Rasheed Narejo, CFA

Amna Waheed Khalid, CFA

Anis Ur Rahman, CFA

Basit Shajani, CFA

Farhan Talib Karim, CFA

Farid Ahmed Khan, CFA

Imtiaz Gadar, CFA

Irfan Ahmad Khan, CFA

Irum Ibrahim, CFA

Jafar Khan, CFA

Kamran Aziz, CFA

Kashif Shamraiz, CFA

Mir Mohammad Ali, CFA

Mohammed Saqib, CFA

Umar Saeed, CFA

Omar Naeem, CFA


Co-opted Directors:

Sohail Baig, CFA

Suhail Yaqoob Khan, CFA

Ayesha Aziz, CFA

Ruhail Mohammed, CFA

Mohammad Shoaib, CFA

Mona Sultan, CFA

Mudasser Hussain, CFA

Muhammad Ali Bhabha, CFA

Muhammad Asim, CFA

Muhammad Sajid Farooqi, CFA

(Late) Muhammad Sajid, CFA​​​

Rukhsana Narejo, CFA

Qasim Mohammed Lakhani, CFA

Rizwan Hameed Chapra, CFA

Ruhail Y. Mohammed, CFA

Sadaf Shabbir, CFA

Sohaib Umar, CFA

Sohail Abbas Sumrani, CFA

Syed Akbar Ali, CFA

Zaheeruddin Khalid, CFA

Asif Iqbal Qureshi, CFA

Umer Mehmood Khalid, CFA