Allied Bank Limited (ABL) has announced the passing of Chairman ABL Funds Sheikh Mukhtar Ahmad in a notice issued to the Pakistan Stock Exchange (PSX). The statement expressed deep sadness over the loss, emphasising the significant contributions Sheikh Mukhtar Ahmad made to Pakistan’s banking and industrial sectors.
Born in India, Sheikh Mukhtar migrated to Pakistan during the 1947 partition and built a remarkable career spanning over 63 years. His entrepreneurial vision fueled growth in industrial and financial enterprises. Since 2005, he has served on ABL’s Board of Directors, bringing expertise as a certified director from the Pakistan Institute of Corporate Governance.
Mukhtar chaired Ibrahim Fibres Limited, Ibrahim Holdings, Ibrahim Agencies, and ABL Asset Management Company. He also contributed to the Ibrahim Welfare Foundation, leaving a lasting impact on philanthropy.
Federal Interior Minister Mohsin Naqvi expressed profound grief, stating, “Sheikh Mukhtar rendered remarkable services to banking and business.” He extended condolences to Ahmad’s family, highlighting his enduring contributions.
Sheikh Mukhtar’s death marks the end of an era for Pakistan’s financial landscape. His legacy of innovation and leadership continues to inspire.
