Aurangzeb likely to withdraw Dutch citizenship, Rs3 crore monthly salary to become Finance czar

Renowned banker Muhammad Aurangzeb is expected to relinquish his Dutch nationality and a staggering Rs3 crore monthly salary to assume the office of the cash-strapped country's Finance Minister.

While Ishaq Dar, the favoured candidate for the finance portfolio, faces widespread disapproval from experts over his economic policies, PML-N supremo Nawaz Sharif has reportedly picked Aurangzeb for this pivotal role.

His appointment became certain after he attended the first finance meeting chaired by Prime Minister Shehbaz Sharif during which Ishaq Dar was absent. 

According to the constitution of Pakistan, a dual citizen is ineligible to hold public office. Therefore, Aurangzeb will have to relinquish his lucrative banking portfolio and assume the responsibilities of finance minister.

Muhammad Aurangzeb is currently serving as the President and Chief Executive Officer (CEO) of Habib Bank Limited (HBL). His total compensation package, as per 2023 annual report of the HBL, amounts to Rs352 million, earning a monthly income of nearly Rs3 crore.

With 30 years of rich banking experience, he previously served at JP Morgan's Global Corporate Bank in Asia. He also held positions at ABN AMRO (Dutch Bank) and Royal Bank of Scotland (RBS) based in Amsterdam and Singapore.

One of Pakistan's top five highest-paid CEOs, Aurangzeb earned his BS and MBA degrees from the Wharton School (University of Pennsylvania).

Aurangzeb worked under HBL Chairman Sultan Ali Allana, who played a key role in developing the Roshan Digital initiative and Pakistan’s exit from Financial Action Task Force (FATF) Grey List.

Earlier, the spokesperson of the International Monetary Fund (IMF) informed in a press briefing in Washington, DC that the Fund will send a mission to Pakistan after a new cabinet is formed. 

The global lender on Friday expressed its readiness to collaborate with the Shehbaz Sharif government in formulating a new $3 billion medium-term economic program.