Jameel Ahmed Appointed as Governor SBP

Jameel Ahmed has been appointed as the new Governor State Bank of Pakistan (SBP) for the next five years, revealed a notification issued by the Ministry of Finance.

ProPakistani had reported yesterday that approval of his appointment is almost done and the announcement is due shortly.

Six names had been suggested for the top position, including some officials recommended by the International Monetary Fund. However, their names were left out due to dual nationalities.

Jameel is currently serving as Chairman of the Board of Directors of Deposit Protection Corporation of Pakistan. He is also serving as the Vice Chairman and member of the Board of Directors of Pakistan Security Printing Corporation (PSPC) and the National Institute of Banking & Finance (NIBAF).

In addition, he holds membership in the Policy Board of the Securities & Exchange Commission (SECP), the National Council of Institute of Cost & Management Accountants of Pakistan (ICMAP) and the Senior Management Committees of SBP including its Monetary Policy Committee (MPC).

Ahmed Jameel has had a prestigious career as a central banker for over 30 years in various senior positions at the SBP and the Saudi Central Bank (SAMA). His association with the SBP dates back to 1991 in various capacities including Deputy Governor and Executive Director.

He joined SAMA in July 2009 as an Advisor, a position he held until April 2015. He has contributed significantly to formulating the policy and regulatory framework for the banking systems of Pakistan and Saudi Arabia and monitoring their financial soundness and stability.

Jameel also served as a member of the Board of Directors of the Institute of Corporate Governance of Pakistan and Chairman of the Verification Committee constituted under the Corporate & Industrial Restructuring Corporation (CIRC) Ordinance of Pakistan, and Secretary of the Task Force on Combating Counterfeiting of Currency Notes and Government Bills constituted by the Prime Minister of Pakistan.

He was also a member of the Islamic Financial Services Board’s (IFSB) Technical Committee and its working groups on Risk Management, Supervisory Review Process, Capital Adequacy and Determination of Alpha Factor.

As Deputy Governor SBP, Mr. Jameel has played an instrumental role in the digitization of banking and payments as well as the enablement of fintech for offering innovative financial services in the country. He supervised the formulation and issuance of Regulations for E-money Institutions in Pakistan.

He also served as the Chairman of Steering Committees on the implementations of Raast, Pakistan’s instant payment system; digital banking regulations and SBP’s Knowledge Management System. He also oversaw the development and issuance of Pakistan’s National Payment Systems Strategy developed jointly by SBP and the World Bank.

It is to be noted that the position of Governor SBP had been vacant since May 2022 and the coalition government had appointed Murtaza Syed as the acting Governor.

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