Dubai Islamic Bank Pakistan has named banking veteran Muhammad Ali Gulfaraz as its new Chief Executive Officer, effective May 2, 2025. The appointment brings one of Pakistan’s most experienced financial leaders to helm the country’s premier Islamic banking institution.
With over 25 years of global banking expertise, Gulfaraz is uniquely qualified to drive DIB Pakistan’s next phase of growth. His career spans three continents – from shaping corporate banking strategies in London’s financial hubs to transforming Pakistan’s domestic banking landscape. Most recently as CEO of Bank of Khyber, he successfully modernized operations and led digital transformation initiatives that significantly improved customer services.
What makes Gulfaraz stand out is his rare combination of international perspective and local market understanding. After a decade each at Mizuho Corporate Bank and Bank of America in London – where he handled multimillion-dollar portfolios – he returned to Pakistan to apply his global expertise locally. His work at Fauji Foundation further demonstrates his ability to bridge commercial banking with developmental finance.
Industry analysts predict Gulfaraz will focus on three key areas: accelerating DIB’s digital banking services, expanding Sharia-compliant product offerings, and strengthening risk management frameworks. His appointment comes as Islamic banking in Pakistan grows at 30% annually, with DIB positioned to capture more market share.
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“Muhammad Ali Gulfaraz cross-border experience makes him ideal to navigate Pakistan’s evolving financial landscape,” noted one banking sector expert. “He understands both global best practices and local customer needs.”
The new CEO holds economics degrees from UC Davis and brings hands-on experience in corporate banking, investment strategies, and financial technology making him well equipped to lead DIB Pakistan.
