Karachi: First National Bank Modaraba has received approval from the Securities & Exchange Commission of Pakistan (SECP) for the appointment of six directors to the Board of National Bank Modaraba Management Company Limited, the management entity overseeing the modaraba. This approval was confirmed through a letter dated June 29, 2026, with the new directors beginning their three-year term starting from their official appointment date.
According to information available from the Pakistan Stock Exchange (PSX), the newly appointed directors include Mr. Fouad Farrukh, serving as an NBP Nominee and Non-Executive Director, and Mr. Hasan Ahmed, who will hold the position of Non-Executive/Independent Director. Ms. Tosheeba Sarwar has been appointed as a Non-Executive Female Director, while Mr. Javaid Bashir Sheikh and Mr. Usman Shahid will serve as Non-Executive Directors, with the latter also being an NBP Nominee. Lastly, Mr. Ijaz Bashir Sheikh joins the board as a Non-Executive/Independent Director.
This announcement follows a previous communication regarding the election of directors, shared on June 02, 2026. The appointments are part of the modaraba’s strategic governance efforts to enhance its management and oversight capabilities. The National Bank Modaraba Management Company Limited is responsible for the strategic direction and operational oversight of the First National Bank Modaraba, a key player in the designated market category.