KARACHI: Prominent banker Husain Lawai was unanimously elected as Chairman of the Board in the first meeting of newly constituted Board of Directors of Pakistan Stock Exchange Limited (PSX) held Tuesday.
Lawai, along with other six persons, was recently appointed as Independent Director on the Board of PSX for a term of three years, with the approval of the Securities and Exchange Commission of Pakistan (SECP) in terms of Securities Exchanges (Licensing and Operations) Regulations, 2016.
Husain Lawai is a seasoned banker having vast experience in the banking and financial services industry. Presently, he is the Chief Executive of the Institute of Bankers Pakistan and also the Vice Chairman of Summit Bank Limited. In addition, he is on the boards of Pakistan Institute of Corporate Governance, GlaxoSmithkline Pakistan Limited, Wyeth Pakistan Limited and Searle Company Limited. In the past, Lawai has remained the Chairman of Central Depository Company of Pakistan Limited and has also served on the boards of Pakistan International Airlines Corporation, State Life Insurance Corporation of Pakistan and Sanofi-Aventis Pakistan Limited. On the banking side, he was the first President and CEO of MCB Bank Limited for six years after its privatization in 1991. Later on, he served as the President and CEO of Summit Bank Limited from 2008 till his retirement in 2016.
He is credited with being a key enabler of the local Islamic banking system through the formation of Faysal Islamic Bank (now known as Faysal Bank Limited), the first Islamic Shariah compliant Bank of Pakistan and Regional General Manager of Emirates NBD Bank, for Pakistan and Far East. He was also a Director of Security Investment and Finance Limited U.K and Advisor to several UK & European banks. A staunch promoter of education, he is also a member of Board of Governors of Karachi Grammar School and he served on the Board of Governors of Virtual University of Pakistan. On social welfare front, he assumed the office of Regional Vice President of World Memon Organization (WMO) for Pakistan for three years beginning from October 2017.