About Us

Board of Directors

BMA Capital's Board includes directors of prominent Pakistani companies and since the recent Joint Venture also includes senior directors of Abraaj Capital. BMA's principals bring a combination of professionalism, technical expertise, global and regional Corporate Finance & Advisory and capital markets' prowess, and local market experience unique to Pakistan's financial industry.

Arif Masood Naqvi - Chairman

Mr. Naqvi has 22 years of experience in banking, finance, and investment in the Middle East and Sub-Continent. He is the non-Executive Chairman of the Cupola Group, which he founded in 1994. Mr. Naqvi's track record in private equity is well recognized and he has participated in some landmark private equity deals done in the region to date, including the leveraged buyout of the Inchcape Group's Middle East businesses.

Mr. Naqvi led the successful leveraged buyout of Aramex International Limited, the region's largest courier and logistics company, and the first company from the Arab world to list on the NASDAQ.

Mr. Naqvi is also the Chairman of Aramex Holdings Limited and is the Chief Executive Officer of Abraaj. From 1990 to 1994, Mr. Naqvi was Vice President of Business development for the Olayan Group, Saudi Arabia's largest private trading company, where he was involved in numerous industrial projects and franchise development activities. Prior to this, he worked for American Express Bank in Pakistan where he helped establish one of the country's first investment banks.

His career began with Arthur Andersen & Company in London, UK in 1982 after graduating from the London School of Economics. Mr. Naqvi is a member of the Young Presidents Organization, where he was the Emirates Chapter Chairman in 2002 - 2003 and has been designated a New Asian Leader by the World Economic Forum in 2003 - 2004.

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Farrukh Khan - CEO

Before joining BMA Capital Management, he was Director Treasury at American Express Bank. In this position, he was responsible for rapidly expanding the Treasury unit into new lines of business. He has extensive knowledge and understanding of the financial sector and emerging capital markets in Pakistan.

Farrukh H. Khan qualified as a Chartered Accountant with PricewaterhouseCoopers in their London Office. He also holds a Bachelors degree in Economics and Finance from the University of Manchester, United Kingdom. He is also on the Board of Directors of Security Stock Fund Limited.

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Moazzam Malik - Director

Mr. Malik is one of the founding partners of BMA Capital and has been giving a strategic direction to the success of BMA Capital since its inception. He spearheaded the firm's growth in Corporate Finance & Advisory mandates, and has been responsible for pioneering transactions, including the first ever privatization in Pakistan's capital markets. To date, BMA Capital is the largest contributor of revenues generated through privatizations, for the Government of Pakistan (GoP).

His advisory experience includes: advisor to the Ministry of Science and Technology (MoST), GoP on "The deregulation of the Telecom Sector in Pakistan" - this ultimately led to the explosive growth in this sector, including issuance of multiple new licenses for cellular and WLL operators, raising over $1 billion; buy side advisor to Etisalat on the privatization of Pakistan Telecommunication Cooperation Limited ("PTCL"); restructuring advisor to the Board of Directors of PTCL, prior to its privatization; advisor to Malaysia Telecom on the pre feasibility study on fiber optic backbone in Pakistan; sell side advisor to the Privatization Commission (PC), GoP on the privatization of the 1600 MW Kot Addu Thermal Power Plant and Bankers Equity Limited; advisor to the PC, GoP on the GDR issue of PTC for US$898 million.

Mr. Malik has initiated BMA Capital's private equity initiative, with Abraaj; with the launch of the first and largest, Pakistan focused private equity fund, "The Abraaj BMA Pakistan Buyout Fund". The US$300 million fund has already made its first investment through the acquisition of an 80% stake in Lahore-based MS Forgings, a leading auto-sector steel forging house. Mr. Malik also heads BMA Trade, BMA's retail brokerage division, which has opened 8 centers around Pakistan.

Mr. Malik received his Masters in Management from MIT Sloan School of Management. He also holds Bachelors of Science in Electronics Engineering from Sussex University.

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Muddassar Malik - Director

Mr. Muddassar Malik has previously worked with Solomon Brothers International and PricewaterhouseCoopers in their London offices and has knowledge of the UK securities industry. In addition, he worked with the Merchant Banking group in Citicorp's Hong Kong office in 1990 where he gained experience in East Asia's emerging markets.

Muddassar Malik graduated with an MBA in Finance and Corporate Strategy from MIT Sloan School of Management. He also holds a Bachelors degree in Economics and a Masters degree in Political Economy from London School of Economics and Political Science.

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Iqbal Usman - Director

He is a Chartered Accountant by profession and had a successful tax and accountancy practice before joining BMA Capital. He has vast experience in the stock market, both as an investor and advisor to stock brokers and financial institutions. In addition, he has considerable experience in underwriting of public issues, company floatation, stock valuation and financial consultancy.

Iqbal Usman is presently on the Board of Directors of Technology Ventures (Pvt.) Limited, the management company of 1st Mehran Modaraba. He is also on the Board of Directors of Al-Abbas Sugar Mills Limited and Security Stock Fund Limited. These companies are listed on the Karachi Stock Exchange.

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Mazhar Malik - Director

Mr. Malik has over 40 years of experience in infrastructure and project real estate based experience in Pakistan, the Middle East and Europe. Most recently, he was President of The Engineering Consultancy headquartered in London, England, and a company which he founded to undertake the design and construction of large scale housing and property development projects in the Middle East.

Mr. Malik has been a lecturer at the College of Engineering and Technology, Lahore. His assignments include Assistant Executive Engineer, Public Works Department, Punjab; Executive Engineer, Field and Research Assignments in Punjab PWD, Building & Roads Department; Director, Road Research Institute, Lahore (RRI); Superintending Engineer, Public Works Department; Project Manager in a Consulting Practice in Beirut in charge of their housing program in Saudi Arabia and Engineering Consultancy in London.

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Zaigham Khattab - Director

Mr. Khattab has over 10 years of international experience in Corporate Finance & Advisory, business restructuring, start-ups and private equity. At Abraaj, he was responsible for the valuation and business due diligence for the acquisition of Aramex International Limited and a key member of the team for the financing of the transaction. He also played a key role in the acquisition of BMA Capital.

He is actively involved in the post acquisition monitoring of portfolio companies. Prior to joining Abraaj, Mr. Khattab was Assistant Vice-President of Strategy and Investments at the Cupola Group where he played a key role in the acquisition and subsequent divestment of a number of businesses by Cupola, particularly on the financial due diligence and debt arrangement side, including Inchcape Middle East.

Between 1999 and 2000, he was actively involved in post acquisition structuring and management of a number of Cupola's portfolio companies, including information group businesses in Dubai, hypermarket operations in Saudi Arabia and franchise businesses in Pakistan. He started his career with Jardine Fleming, Pakistan, as an Investment Analyst in 1994. Mr. Khattab is a Commonwealth Scholar for the University of Massachusetts at Amherst with an Honours degree in Mathematics and Economics.

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Simon Davies - Director

Mr. Davies has over 16 years of experience as a Finance Director for medium to large sized firms. Prior to joining Abraaj as a Director and Chief Financial Officer he was Finance Director at Publicis Group UK, one of the world's larges communications groups, for 6 years. He oversaw the launch and development of the UK `below the line' operations with special responsibility for identifying and consummating commercial opportunities with existing clients as well as ensuring cost effective management of operations.

Between 1994 and 1995, Mr. Davies was Head of Research and Finance Director of Global Emerging Markets Limited, where he devised and set up an international research function ensuring global use of agreed standards of quality and delivery. From 1992 to 1994, Mr. Davies was Group Finance Director for Flightbookers, a retail travel agent and airline GSA now known as ebookers.

His commercial career started in 1988 as a Group Finance Director at Wentworth International Group, a quoted European manufacturing firm. He qualified as a Chartered Accountant in 1985 and is a member of the Institute of Chartered Accountants in England and Wales.

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Adnan H. Siddiqui - Director

Mr. Siddiqui has over 10 years of experience in criminal, corporate and international commercial law. Prior to joining Abraaj, he was the Chief Legal Counsel for Dubai Investments PJSC, one of the largest pubic joint stock companies in the U.A.E. and one of the only ten listed on the Dubai Financial Market (DFM). At Dubai Investments PJSC, he was involved in regional and international joint ventures, project finance and private equity acquisitions.

He was also instrumental in setting up the Dubai Investments Park, one of the largest residential, commercial and industrial parks in the Middle East and having Dubai Investment listed on the DFM.

Mr. Siddiqui started his career at the English Bar in London where he practiced criminal, commercial and general common law for 5 years. His initial position in Dubai was as In-House Legal Counsel for Majid Al Futtaim Investments LLC where he was responsible for drafting, negotiating and monitoring all legal work, including the establishment of Deira City Centre. He holds a Diploma from Sorbonne University, Paris, France, a Public International Law Certificate from The Hague Academy of International Law, The Hague Netherlands and a LL.B (Law) Degree with Honours from Buckingham University, UK. Mr. Siddiqui is also a Barrister-at-Law having been called to the Bar of England and Wales from The Honourable Society of Lincoln's Inn.

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Waqar H. Siddiqui - Director

Since 2002 his responsibility for the overall strategic direction and management of the group. Previously, from 1995 to 2001, Managing Director - Corporate Affairs. Between 1992 and 1995, served as a development manager, group Treasury for the Mawarid Holding Company. Previously Senior Consultant at Ferguson Associates/Price Waterhouse.

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