Renowned banker Sheikh Mukhtar Ahmad passes away

Karachi: Prominent Pakistani banker and entrepreneur Sheikh Mukhtar Ahmad passed away on Friday, Allied Bank Limited (ABL) announced in a notice to the Pakistan Stock Exchange (PSX).

“We are deeply saddened to inform that Sheikh Mukhtar Ahmad, respected sponsor director of Allied Bank Limited, has passed away,” the notice read.

A pioneering businessman who migrated from India at the time of Pakistan’s independence in 1947, Sheikh Mukhtar played a vital role in the country’s industrial and financial development. With over six decades of experience, he had served on ABL’s Board of Directors since 2005 and was a certified director from the Pakistan Institute of Corporate Governance.

He also chaired the boards of Ibrahim Fibres Limited, Ibrahim Holdings (Pvt) Ltd, Ibrahim Agencies (Pvt) Ltd, and ABL Asset Management Company Ltd, and was a member of the Ibrahim Welfare Foundation.

Federal Interior Minister Mohsin Naqvi expressed deep sorrow over his passing, extending condolences to the bereaved family and paying tribute to Sheikh Mukhtar’s outstanding services in the fields of banking and business.