ISLAMABAD – Zarai Taraqiati Bank Limited (ZTBL) Chief Financial Officer Muhammad Arif has become acting president and chief executive officer of the bank.
Muhammad Arif has been appointed for a period of six months or until the bank is privatised, whichever comes first.
The Finance Division said in a notification that Arif would take over the top executive responsibilities on an interim basis while retaining his existing position as CFO.
Arif, who also serves as Senior Executive Vice President at ZTBL, will oversee the bank’s operations during a period of transition as the government advances its plans for the privatisation of the state-owned financial institution.
His existing responsibilities have given him extensive experience in ZTBL’s financial affairs, including budgeting, financial reporting, planning and overall financial management.
The appointment is expected to provide continuity in the bank’s leadership while preparations for the ownership transition continue. Arif will be responsible for maintaining the institution’s day-to-day operations and financial stability during his tenure as acting chief executive.
ZTBL is Pakistan’s specialised financial institution for the agriculture sector. It provides financing to farmers for a range of requirements, including agricultural inputs, farm machinery and livestock.
The bank’s role in agricultural lending makes uninterrupted access to financing an important consideration during the transition. Any changes to its structure or ownership could have implications for farmers who depend on ZTBL for credit to support their farming activities.
Arif’s background in the bank’s finance division is also expected to be relevant as ZTBL moves through the privatisation process, with areas such as financial reporting, asset valuation, regulatory compliance and institutional preparedness likely to remain key priorities.
The government has been pursuing a wider programme to restructure and privatise selected state-owned enterprises as part of efforts to improve their efficiency and governance and reduce the financial burden on the public sector.
Arif’s appointment is temporary, with the Finance Division’s notification specifying that his acting charge will end after six months or upon the privatisation of ZTBL, whichever occurs earlier.
Until then, he will be tasked with ensuring that the bank’s operations continue smoothly while it prepares for the next phase of its institutional and ownership structure.
