Muhammad Aurangzeb

Muhammad Aurangzeb
Born	Template:Birth year and age Pakistan
Occupation(s)	Financial expert, politician
Years active	2001–present
Known for	Finance Minister of Pakistan, CEO and President of Habib Bank Limited

Muhammad Aurangzeb (born 1964) is a Pakistani financial expert currently holding the position of finance minister of Pakistan since 11 March 2024. Prior to this role, he served as the chief executive officer (CEO) and president of Habib Bank Limited from February 2018 until March 2024.

Early life and education

Born in June 1964, Aurangzeb is the son of Chaudhry Muhammad Farooq Ramday, who twice held the office of Attorney-General for Pakistan. He completed his schooling at Aitchison College in Lahore and earned a bachelor's degree in economics followed by an MBA from the Wharton School of the University of Pennsylvania.

Family

Aurangzeb's father, Chaudhry Muhammad Farooq, served two terms as Attorney-General for Pakistan, including during a caretaker administration and under the Second Nawaz Sharif ministry until the 1999 military takeover. His grandfather, Chaudhry Mohammad Siddique, was a judge at the Lahore High Court, while his uncle, Khalil-ur-Rehman Ramday, was a justice on the Supreme Court of Pakistan. Another uncle, Asad Ur Rehman, represented the Pakistan Muslim League (N) in the National Assembly of Pakistan.

Banking career

Aurangzeb launched his banking profession with Citibank, working in both Pakistan and New York. In 2001, he took on the role of country manager for Dutch bank ABN AMRO in Pakistan before moving to its Amsterdam headquarters, where he spent eight years as global head of wholesale lending and commercial client business, acquiring fluency in Dutch. Subsequently, he joined RBS International as head of global banking and markets for Southeast Asia and served as country executive in Singapore until 2010.

In 2011, Aurangzeb was appointed chief executive of JP Morgan's Asia-Pacific corporate division based in Singapore, a position he held until 2018. In February 2014, then-Prime Minister Nawaz Sharif offered him the governorship of the State Bank of Pakistan.

Aurangzeb assumed leadership as President and CEO of Habib Bank Limited (HBL) in February 2018, shortly after the bank faced a $225 million fine imposed by the New York State Department of Financial Services. Utilizing his vast leadership expertise, he steered HBL through a phase of recovery and expansion. During his five-year tenure, HBL reported a profit of PKR 12 billion in its initial year and achieved an unprecedented profit exceeding PKR 57 billion in its most recent financial statement. The bank’s clientele grew from 12 million in 2018 to 36 million by December 2023. Additionally, HBL extended its footprint into China.

Aurangzeb also held positions as chairman of the Pakistan Banks Association and director at the Pakistan Business Council. He played an active role endorsing initiatives such as the Charter of Business and Charter of Economy put forward by member parties within the Pakistan Democratic Movement (PDM).

Minister for Finance (2024–present)

By March 2024, Aurangzeb ranked among Pakistan’s top five highest-paid bank CEOs with an annual remuneration of PKR 352 million at Habib Bank. Reports indicated his willingness to relinquish both his PKR 30 million monthly salary and Dutch citizenship to join Prime Minister Shehbaz Sharif’s second cabinet as federal finance minister. On 11 March, he was sworn into cabinet with Federal Minister status and subsequently stepped down from his roles as HBL president and CEO. Aurangzeb was one of three unelected individuals appointed to cabinet positions who must secure parliamentary membership within six months. On that same day, he renounced his Dutch nationality and reclaimed Pakistani citizenship. His appointment attracted criticism from PML-N allies who accused him of being an "establishment pawn." The Ministry of Finance was divided, assigning Aurangzeb oversight over Finance and Revenue Divisions while Economic Affairs was entrusted to Ahad Cheema.

He became the third individual with a banking background to hold the Finance Minister portfolio following Shaukat Aziz and Shaukat Tarin. Supported by PML-N, Aurangzeb submitted nomination papers for the 2024 Senate election and was elected on 2 April to a technocrat seat representing Punjab with 128 votes.

Within PML-N, there were mixed reactions regarding Aurangzeb’s selection over Ishaq Dar. Although Dar continued serving as Foreign Minister, he maintained significant influence over economic matters. On 22 March, Prime Minister Shehbaz reorganized cabinet committees by removing Aurangzeb from chairing key bodies including the Economic Coordination Committee (ECC), while Dar assumed leadership of the Cabinet Committee on Privatisation. This shift curtailed Aurangzeb’s economic authority. Following backlash, Shehbaz reinstated Aurangzeb as ECC chairman on 23 March. Nevertheless, on 29 March Ishaq Dar replaced Aurangzeb on the Council of Common Interests for the first time.