Askari Bank is undergoing a strategic transformation focused on Islamic finance, digital innovation and service excellence – driven by a clear ambition. Key initiatives include the launch of Askari Click, a fully digital account that can be opened online in five minutes, and a rebuilt mobile app that is now ranked among Pakistan’s top three. Meanwhile, the conversion from conventional to Islamic bank is on target for full completion by 2027.
Read selected extracts from the interview with President and CEO Zia Ijaz below.
Q: What were your immediate priorities when you returned to Askari Bank in 2025?
Zia Ijaz, President and CEO: The first time was when this institution was starting, way back in 1991-1992. I was the first CFO of the bank, and I left in 1999 to go to Saudi Arabia. After returning, I joined Allied Bank in 2000, where I spent 20 years before returning to Askari Bank.
On my first day, I gathered my team and showed them a newspaper clipping from early 1999 with the headline “Leading Bank Leads Again.” It featured the ten banks established in 1992, when the government began privatising the banking sector, including Askari, Al Habib and Union. I met our former CEO in 1995, when we were ranked between seventh and ninth. Starting in 1996, our goal was to become number one—and by 1997, we achieved that position, maintaining it through 1998.
When I rejoined the bank this February, my objective is to steer the bank toward becoming the number one institution in Pakistan again. We aim to be the bank of choice for our customers and a key contributor to the country’s priority sectors: agriculture, SMEs and financial inclusion.
By the fifth day of my current tenure, I presented a roadmap to my team, with customer service as the first pillar. We began by addressing the issue of average counter wait times, cutting it from 20 minutes to just less than 10 minutes. We also dealt with the activation rate and the ATM operation time. I set clear targets for all KPIs related to customer service. It gives me great satisfaction that we have improved our customer service standards, customer segments, touchpoints and other service areas by 33% to 50%.
The second pillar was to turn it from a conventional bank to an Islamic one. Since February, we have opened 822 branches with the addition of another 27 branches before December. At least 50% of our branch network will be Islamic by December 31. Provided we have sufficient Sharia-compliant assets, we are fully prepared to convert the entire bank into an Islamic bank by 2027.
For the agriculture sector, we have begun collaborating with various service providers, such as FFC, which operates Sona Centres across the country. For the first time, we have also partnered with another bank, HBL, because they have an agri-service company. Additionally, we are offering farmers a 3% to 5% discount when they purchase their produce, a practice initially introduced by HBL but now extended to all service providers. This initiative benefits farmers significantly, as even PKR 100 or PKR 500 can make a real difference.
Q: How do you approach building trust and credibility with Gulf-based investors and clients?
ZI: Whether our focus is on the local or international market, the most crucial factor is earning the trust of the public, foreign investors and international institutions—both in our brand and in how we are perceived in terms of standards. For me, reputation is the starting point, and we ensure that whatever we do, we always keep in mind that we need to do things prudently and that good governance must be upheld.
We have an extremely cordial relationship with the UAE, and we depend on each other through tough times. The Pakistani diaspora has the UAE as one of the top three destinations. They need to have confidence that Askari is a one-window solution, capable of meeting their corporate, consumer and commercial needs while providing the right linkages both within Pakistan and internationally. For UAE international customers, we have arrangements with Citi, JP Morgan and Mashreq Bank. Askari Bank is also the exclusive partner of Mashreq Digital Bank.
Q: How would you define Askari Bank’s competitive position in Pakistan’s banking sector?
ZI: Most of the shares by Askari Bank are owned by Fauji Fertiliser Company Limited and Fauji Foundation, which shows a solid, reliable and trusted ownership. The group also has a lot of financial muscle. They play a role in SIFC and are one of the largest corporations in Pakistan. With this strong backing, we are able to invest in the bank’s growth across digital, SME, consumer and Islamic banking segments. At the same time, we are also involved in corporate and investment banking. In the past year, we did some of our largest deals, and we were also appreciated by the ICPAP.
What differentiates us from other banks, aside from strong ownership, is technological edge. We are among the top three digital banks in Pakistan, recognised for our speed, reliability and customer confidence. We are also continuously investing in our branch infrastructure and customer touchpoints. As one of the leading banks active in corporate banking, we work with nearly all major local and foreign corporations in Pakistan. This gives us a unique opportunity to connect them with our commercial, SME and consumer segments.
Q: What were the main drivers behind Askari Bank’s recent profit growth?
ZI: We saw even bigger growth as of June 2025. One of the major revenue drivers in Pakistan is the zero-cost current deposit. The current deposit comes from traders, food service providers and the business community.
We have performed exceptionally well in serving this segment through the Askari Zabardast Current Account. We have capitalised on the market through repurchase agreements and investing in government securities. We have also leveraged our balance sheet in terms of the available market opportunity.
In addition, the banks made huge profits in 2024 and the first half of this year due to the interest rates. However, our main growth has come from a strong focus on customer service, current deposits and investment in digital technology, enabling us to expand in a cost-efficient manner.
Q: How are you approaching partnerships to deepen remittance channels?
ZI: Home remittance is one of the key priority areas for us. Aside from exports, our economy is dependent on home remittances. Banks are doing their best to ensure remittances come through formal channels. We are a partner with all the major remittance institutions in the UAE, Saudi Arabia and elsewhere.
We partnered with Blue Remit for their FinTech expertise, providing them with our API and integration technology so customers can remit funds instantly and beneficiaries can receive them immediately. As we expand this portfolio, we plan to capitalise on and support the beneficiaries of remitters by offering a range of banking solutions such as housing and car loans. This is one of our key collaborations with the UAE, aimed at increasing remittances through formal channels that are secure and convenient for customers.
Q: What role does digital innovation plays in your operations?
ZI: Digitalisation is one of the key priority areas at the government level. A lot of effort is going into the digitalisation of the government departments, and we want to be the relevant and reliable partner for those initiatives. At the same time, we want to provide convenience for our customers and internal efficiencies.
In March this year, we completely revamped our mobile app, which is now ranked among the top three in Pakistan for ease of use and convenience. We also recently launched a completely digital account called the Askari Click Account, which allows people to open accounts in five minutes, and they no longer need to go to the physical branch. Many of the customers started using this feature, especially the population that would like to invest in digital accounts.
Our innovation lab is led by a PhD-qualified expert in IT. We also have a young team developing AI solutions for our employees, focused on learning, onboarding and convenience, while ultimately enhancing the overall customer experience. We recently partnered with Karandaaz to create a digital ecosystem within a residential community, integrating ATMs, cash recyclers and our mobile app. Through this platform, customers can open accounts and access various services, such as hiring cooks or drivers, as well as connect with relevant authority portals for tasks like obtaining police clearances.
Q: Why should global investors consider opportunities in Pakistan?
ZI: The Pakistani economy is showing strong stability, evidenced by the country’s improved credit rating, rising foreign exchange reserves, declining inflation and more competitive interest rates. There are also private sector indicators that could be seen in the stock market, which has grown by 120% in the last six months. All the positive economic indicators are there, especially in the IT exports. Pakistan now has the SIFC umbrella that safeguards business interests, and with our strong ownership structure, we are well positioned to connect UAE investors not only with business groups but also with major corporate players. There are numerous areas where we can partner with UAE investors, allowing them to capitalise on this window of opportunity. Pakistan offers high returns, low labour costs and growing economic stability. Another key advantage is our young, tech-savvy population.
There are investment opportunities in the infrastructure sector, especially in rail and road. Then there are also huge opportunities in agriculture around farming innovation, crop yields and farm mechanisation. Investment in this sector is vital for ensuring food security, aligning closely with the UAE’s growing demand for food imports. Pakistan has the land and labour and is just waiting for investment. We also have a couple of players in the dairy sector who could diversify into other areas with the help of investors.
Other sectors of potential interest include textiles, where Pakistan has a strong reputation and ranks among the world’s largest exporters. Several major industry players supply leading global brands such as Nike, Adidas and Zara. Following the growing relationship with India and Pakistan, the sector will continue to grow, and the UAE investors can capitalise on this. By partnering with the UAE, we could establish our own textile brand, manufacturing for major international labels while also developing Pakistan’s own clothing and sportswear lines.
Q: How would you describe your leadership style?
ZI: I started my banking career with Askari Bank, which was also just starting out, and I was part of the initial planning team. That was a unique experience in terms of learning how to establish an institution.
Afterwards, I joined Riyadh Bank, which was being advised by McKinsey. I was part of the international finance team, where I gained valuable insights from working with foreign partners, particularly regarding their pain points and the structural adjustments needed during the transition.
When I then joined Allied Bank, at that time, it was being re-privatised, and as the CFO, we needed to fix the balance sheet. I was part of the restructuring team and was part of the turnaround journey of the bank. I focused on the structural and technological changes.
Before returning to Askari, I was part of UBL as the head of its international institutions. I was working with people from Switzerland, the UK, Bahrain, Tanzania and other countries, which gave me a lot of insight into international regulations. One of my key takeaways was the importance of investing in regulatory frameworks and compliance with international standards, as well as embracing digital transformation. These experiences have been instrumental in helping me elevate Askari Bank and drive its ongoing transformation journey.
