Interview with Mr. Aamir Ijaz Khan, Executive Director ICMA Pakistan
PAGE: Tell me something about yourself, please.
Aamir Ijaz Khan: By profession, I am a Fellow Cost and Management Accountant and have on my credit around 20 years of diversified experience in the areas of Client Servicing, Project Implementation, Business Repositioning, Financial Management, and Compliance. I am also a SAP, FICO Certified Consultant. Before joining ICMA Pakistan as Executive Director, I was serving as Head of Quality Assurance at M/s. Innovative Pvt. Ltd. I had also worked as an Audit MIS Expert (Punjab) in a World Bank-funded project named “Project to Improve Financial Reporting & Auditing” (PIFRA) and as Executive Financial Accountant at Sui Northern Gas Pipelines Limited (SNGPL).
At ICMA Pakistan, I held several positions including Chairman of the Lahore Branch Council (LBC) during the period from 2011 to 2013. Being a pioneer member of the Quality Assurance Board of ICMA Pakistan, I remained a vocal participant for the first four years of its inception. I also served ICMA Lahore Toastmasters Club as its Founder President. Currently, I am a member of the Management Committee of MENSA International – Pakistan Chapter. As a professional trainer and motivational speaker, I have conducted many training sessions and workshops. I have contributed various papers on national and international forums on themes of Growth Dynamics of the Pakistani Services Sector, Pakistan’s economy, economic sectors’ strategic dynamics, budgetary measures, etc.
PAGE: Despite over two months of conflict and heightened uncertainty in the Gulf, remittance inflows continued to rise as Pakistan has received around $34 billion during July-April 2025-26. What is your take on it?
Aamir Ijaz Khan: I think this is genuinely encouraging news for Pakistan. Even with over two months of conflict and uncertainty in the Gulf, remittances have climbed to around $33.9 billion in the first ten months of this financial year, roughly 8.5 percent higher than the same period last year.
What impresses me most is how steady our overseas Pakistanis have remained. Many people expected workers in the Gulf to cut back or return home, but that did not happen in any big way. Money from Saudi Arabia, the UAE, and other Middle Eastern countries actually increased and still forms more than half of the total. Families received extra support especially during Ramadan and before Eid.
Several practical factors are helping. The difference between bank and open-market exchange rates has narrowed, so more people are using formal banking channels. Government’s efforts to simplify transfers have also made a difference. Plus, Pakistan has been sending more skilled workers abroad in recent years, and many were able to keep their jobs despite the tensions.
This inflow is truly valuable and supporting millions of households with food, education, and healthcare, while also strengthening our foreign reserves at a time when the economy needs it. That said, we should stay mindful. We remain quite dependent on the Gulf region, so any prolonged instability there could create challenges later. That’s why we need to keep creating better opportunities at home and diversify where our people work.
PAGE: It is noteworthy that remittances have risen by $10 billion within two years. Do you anticipate the same trend in the forthcoming years?
Aamir Ijaz Khan: Yes, I expect the upward trend to continue, but probably at a steadier pace rather than another big $10 billion jump each year. The recent growth has been impressive. Remittances have risen by around $10 billion in the last couple of years, reaching a record $38.3 billion last fiscal year. This year is also looking strong with nearly $34 billion already in the first ten months.
I am hopeful because more Pakistanis are heading abroad for work, especially skilled ones who earn and send back more. Better banking channels, smaller gaps between official and market exchange rates, and easier transfer systems have encouraged people to use formal routes. Our overseas communities are also well settled and remain committed to supporting their families.
Still, with a much larger base now, I think a healthy 8 to 12 percent annual growth is more realistic. That could take us past $40 billion this year and higher in the coming years. The main challenge is our heavy reliance on the Gulf. If tensions or economic slowdowns hit there, it could affect inflows. So, we need to open new destinations for our workers and, most importantly, create better jobs here at home.
PAGE: How would you comment on consumer financing during this fiscal year?
Aamir Ijaz Khan: Yes, consumer financing has picked up nicely during this fiscal year. After slower years, lending for everyday needs like cars, personal loans, and credit cards is growing again. Auto financing stands out in particular. It has shown steady growth for many months and crossed Rs. 319 billion by the end of December 2025, according to State Bank of Pakistan data.
Lower interest rates have made loans more affordable, and with some stability in the economy, people feel more comfortable taking on financing for bigger purchases. Banks have also become more active in offering these products. This increase is a good sign. It shows rising confidence among ordinary families and helps industries like automobiles and retail. When people spend on cars and other items, it creates jobs and keeps the economy moving. At the same time, we must stay cautious. Growth in consumer debt needs proper oversight so it does not create risks later. Banks should continue careful lending to keep things sustainable.
PAGE: What is your perspective about Shariah-compliant financing facility for purchasing consumer durable goods?
Aamir Ijaz Khan: I think Shariah compliant financing for consumer durable goods is a very positive step for Pakistan. It gives many families who want interest free options a comfortable way to buy things like refrigerators, washing machines, air conditioners or furniture. These facilities work on clear Islamic modes such as Murabaha and Ijarah, which feel fair and suitable for daily needs.
Islamic banking is expanding steadily in Pakistan and now makes up nearly 23 percent of total banking assets. This shows that a large number of people want financing that matches their religious values. It is also bringing more families into the formal banking system who earlier stayed away from conventional loans. This facility is good for the economy as well. When people can purchase necessary items easily, it supports local industries and increases market activity. The real key is to keep these options simple, transparent, truly Shariah compliant, and fairly priced. If banks and companies make the process easy and affordable, more people will use them with full trust.