InfraZamin Pakistan is an innovative, for-profit credit enhancement guarantee company, conceived and designed to issue guarantees for promoting private infrastructure projects. InfraZamin leverages the prior experience of InfraCo Asia and GuarantCo in supporting infrastructure projects in Pakistan, as well as Karandaaz’s local market knowledge and track record of investments focused on supporting financial inclusion.
InfraZamin aims to become a catalyst for greater private sector participation in long term local currency financing of infrastructure in Pakistan, thereby assisting with social and economic development objectives.
To address market failures in financing of credit worthy infrastructure projects via credit enhancement of local currency debt instruments in Pakistan.
Maheen has over twenty years of experience in investment banking, research and asset management. Currently she serves as the Chief Executive Officer of InfraZamin Pakistan, a Private Infrastructure Development Group (UK) company, and has played a crucial part in setting up operations and developing a project pipeline. InfraZamin’s credit guarantees assist in de-risking projects and transactions to enable access to finance to underserved sectors and companies. Under her stewardship InfraZamin has developed and executed a number of award-winning transactions that have achieved local and global repute.
In her previous appointment, Maheen Rahman served as the Chief Executive of Alfalah GHP Investment Management where, under her leadership, Alfalah Investments has grown to be one of the largest asset management companies in Pakistan. Prior to that, Ms Rahman was the Chief Executive of IGI Funds, Head of Research at BMA Capital Management, Corporate Finance Associate at ABN AMRO Bank and Investment Banking analyst at Merrill Lynch. She has the experience of working across multiple geographies during her career.
Maheen has been featured on Fortune’s “40 Under 40’s women to watch” list, in 2015. She also serves on a number of boards with notable directorships at the Securities and Exchange Policy Board, Independent Director at GlaxoSmithKlein Pakistan, Independent Director at Khaadi, Independent Director at Centre for Economic Research in Pakistan and Independent Director at Systems Limited. She is also the former Director of Special Technology Zones Authority, former Director at Nasra Public Schools, Advisor to KatalystLabs, former Chairperson and Director of the Mutual Funds Association of Pakistan, former Director Pakistan Institute of Corporate Governance and former Member of the Prime Minister’s Task Force on Restructuring of Evacuee Property Trust Board.
In addition to her extensive work experience and professional achievements, Maheen holds a Bachelor of Science (Hons) degree in Economics from the Lahore University of Management Sciences (LUMS) and a Master of Science in Finance and Economics from Warwick Business School in the UK. She also has several capital markets certifications including Series 7 from the New York Stock Exchange and is a certified independent director from the Pakistan Institute of Corporate Governance and the Australian Institute of Company Directors.
Khusro Mumtaz is the Chief Risk Officer (CRO) of InfraZamin Pakistan overseeing IZP’s entire credit and risk management operations, including compliance risk. He is responsible for managing, identifying, evaluating and reporting all internal and external risks.
Khusro Mumtaz brings with him almost three decades of banking experience primarily in Credit Risk / Risk Management/Corporate Banking with diverse geographical experience. Prior to InfraZamin, he has served as Chief Risk Officer – JS Bank Ltd., Chief Risk Officer – NIB Bank, Pakistan (a Temasek Holdings group entity) and Chief Risk Officer – Standard Chartered Bank, Bahrain where he was responsible for the enterprise wide risk management of each of these entities. He has extensive experience in Corporate/ Commercial and SME lending, structured financing and portfolio management, policy and product development, setting underwriting standards and risk assessment criteria, and developing/automating loan origination systems and risk rating and pricing models. He started his career with American Express Bank and has also worked for Banque Saudi Fransi, MashreqBank and MCB Bank. Apart from Pakistan he has worked in Saudi Arabia, the United Arab Emirates and Bahrain.
Khusro holds a master’s in Business Administration from Rice University, USA
Moin Iqbal is an experienced energy professional with 15 years of experience in the utility and renewable energy domain. Until recently he has been leading GE Renewables for the ME & Pakistan as Sales Director. At GE he has successfully closed 500 MW of wind projects in the region. Moin brings with him almost 25 years of diverse experience, ranging from banking, strategy consulting, successful entrepreneurial venture & varied energy sector experience such as K-Electric and GE. As part of the turnaround team at K-Electric he was involved in various strategy and project roles including leading a companywide SAP ISU implementation as well as conceptualizing and implementing the Smart Grid initiative at K-Electric. Prior to joining K Electric, Moin was a strategy consultant with Accenture, Singapore focusing on growth strategy for Telecom and Logistics. Before that he led Tech Data, Pakistan (US IT Distributor) and helped them to develop a footprint in Pakistan. From 2000-2005, he successfully founded Pakistan’s first locally branded PC, that became Pakistan’s leading PC brand and was subsequently acquired by Dawood Group (Pakistan’s leading business group). Prior to his successful entrepreneurial venture, he was a corporate banker with Credit Agricole Indosuez, Pakistan. Moin holds a BBA (Hons) and an MBA degree from the Institute of Business Administration, Karachi (1998) and subsequently completed his Masters degree from INSEAD (France) in 2008.
Mr. Muhammad Anas is an Associate member of the Association of Chartered Certified Accountants (ACCA). He worked in the leading financial institutions where he was involved in the areas of core finance and internal control. He is a Certified Director of Corporate Governance from the Institute of Chartered Accountants of Pakistan (ICAP). Before joining InfraZamin, he served as the Chief Financial Officer and Company Secretary at Cyan Limited and Pebbles (Private) Limited, a Dawood Group Companies.
Asad joined InfraZamin Pakistan in December 2021 as Head of Human Resources. Prior to joining InfraZamin, Asad was leading the HR and Administration functions at REDtone Group where he was tasked with developing the HR framework for all group companies.
He has over 13 years of diverse experience in the financial, telecommunication and IT, BPO, food and beverage and logistics industries and has gained experience in the areas of talent management, organizational development, employee relations, rewards management, learning and development, HRIS and HR statutory compliance. Over the span of his career, he has led several talent and change centric initiatives by developing and implementing initiatives based on best HR practices targeting sustainable business outcomes. Asad has also been part of many start-up initiatives throughout his career where he has developed and executed the HR strategy.
He holds an MBA in Human Resource Management.
Waheed Khatri has joined us as VP and Head of Marketing and Corporate Communications. Waheed has twelve years of marketing experience in Pakistan. His previous role was as Marketing and Digital Head at Alfalah Investments where he spent three years developing the corporate communications department and enhancing the company’s brand and outreach programs. He has also worked at various digital and branding agencies such as Orange Room, Numberz Digital and MyGerry’s. He expertise lies in developing effective social media platforms, brand management, client and product outreach as well as campaign programs for awareness and capacity building.
Amna Mansoor Sohaib joined InfraZamin Pakistan Limited in October 2021 and currently serves as HSES and DI Specialist, where she leads the integration of Health, Safety, Environment, Social (HSES) and Development Impact (DI) considerations into InfraZamin’s guarantee operations. In this role, she is responsible for conducting ESG related due diligence, assessing development impact outcomes, and ensuring alignment with international best practices and InfraZamin’s strategic priorities.
Previously, Amna served as Senior Credit & Risk Manager at InfraZamin, overseeing credit risk assessments across infrastructure projects, while also managing the broader enterprise risk and compliance framework.
Before InfraZamin, Amna held the position of Head of Credit Risk – International Banking, Financial Institutions, and Pakistan Stock Exchange portfolios at JS Bank Limited. Prior to that, she worked at Faysal Bank Limited in several key roles spanning credit risk, policy formulation, and portfolio assessment.
With seventeen years of experience in banking and financial services under both conventional and Islamic finance structures, Amna brings deep expertise in evaluating Commercial/SME, Financial Institution, and Corporate & Investment Banking transactions. She played a pivotal role in the successful merger of ABN AMRO’s Pakistan operations with Faysal Bank in 2010 and has contributed to the development and implementation of loan origination systems, credit rating models, and regulatory policy reviews, including feedback on SBP’s Prudential Regulations for Corporate and Commercial Banking.
Amna holds an MBA with majors in Finance and MIS from the Institute of Business Administration (IBA), Karachi.
Hirah Siddiqui is a legal professional with expertise in corporate governance, regulatory compliance, and dispute resolution. She currently serves as the Assistant Manager Legal & Corporate Affairs at InfraZamin Pakistan Limited, where she oversees legal and corporate matters.
She holds a degree from the University of London and is a Certified Civil and Commercial Mediator. Currently pursuing a Bar at Law from BPP University, UK, Hirah continues to expand her legal expertise, focusing on corporate law, mediation, and regulatory frameworks.
Aamra Islam joined InfraZamin in May 2021 as Manager Administration. In this role, she is looking after the administrative functions of the organization.
Ms Islam has ten years of experience in executive secretarial and administration. Prior to joining InfraZamin Pakistan she has served in various reputable organizations in her capacity as executive secretary and administration assistant namely Alfalah GHP Investment, R&I Electrical Appliances (Kenwood & Homage), Siemens Pakistan and Server4Sale.
During her time with Kenwood, she was recognized for her contribution in aspecial assignment as Civil engineering work Coordinator for the newly developed factory at Port Qasim, in addition to her regular responsibility as Secretary to CEO.
Ms Islam Holds an MBA degree in Human Resources from PAF KIET.
Boo Hock has helmed various portfolios in the financial sector, in a career that spans almost 30 years in rating corporate, project, securitization and structured finance bonds, as well as project finance consultancy and private equity.
Prior to advising on the establishment of InfraZamin Pakistan, Boo Hock was Deputy CEO of Danajamin – Malaysia’s first financial guarantor, for which he led the conceptualisation and establishment. Boo Hock also started up the Credit Guarantee and Investment Facility (CGIF) – the guarantee trust fund of the Asian Development Bank . As Vice-President, he built CGIF’s profile, team and zero-claim guarantee portfolio of USD1.6 billion equivalent across the ASEAN region. At CGIF, Boo Hock led the development of new guarantee structures and achieved numerous milestones for Southeast Asian local currency bond markets, including the signing of ASEAN’s first local currency bond reinsurance treaty.
He holds a BSc from Mount Union College and an MBA from Ohio University.
Navid Goraya brings with himself over 25 years of global experience in investment banking. Before joining Karandaaz as the CIO, he was leading a Strategic Advisory Firm, White Oak Advisors Inc, in New York providing cross-border advice to financial institutions. Earlier, at HSBC USA, Navid advised approx. USD 6 billion in specialized investment funds of HSBC and led a global wealth team covering North America, the GCC, and South East Asia. He has also led Investment Banking teams at IICG Bahrain, Qatar National Bank and Royal Bank of Scotland.
Navid has an MBA from IBA, University of Karachi). He serves as a nominee director on several investee companies of Karandaaz.
Phillip Skinner is the Managing Director of the Global Execution Team at GuarantCo. Since joining GuarantCo in 2016, Phil has worked on a number of infrastructure projects in Africa and Asia with a special geographic focus on Pakistan. Today he leads the team at GuarantCo responsible for due diligence, detailed structuring, credit approvals and documentation for over $250m of guarantee transactions per annum.
Prior to joining GuarantCo, Phil worked for the UK Green Investment Bank where he worked on a number of renewable energy transactions in the UK before joining the start-up team to establish UK Climate Investments LLP, a specialist fund targeting transformational green energy investments in some of the world’s most carbon intensive economies. Phil started his finance career at DNB Bank where he specialised in power and renewable energy transactions.
Phil holds a MSc in Development Economics from Oxford University.
Claudine Lim joined Private Infrastructure Development Group (PIDG) in 2009 to establish and grow InfraCo Asia, PIDG’s project development solution in Asia, where she served as COO and later Executive Director until 2024. Representing InfraCo Asia as the lead shareholder, Claudine played an instrumental role in the development and establishment of InfraZamin.
Prior to her years at PIDG, Claudine was responsible for investor relations at Temasek Holdings, a Singapore government-owned investment holding company. Her previous roles include strategic planning, business development and investor relations in the telecommunications sector in Singapore and Hong Kong. Claudine started her career with the Singapore Civil Service, holding appointments with the Ministry of Trade & Industry, Ministry of Defence and Ministry of National Development.
She has a BA (Hons) degree in Philosophy, Politics and Economics from the University of Oxford and an MSc in Finance and Economics from the London School of Economics and Political Science.
Tayyeb Afzal is an accomplished C-level executive with extensive experience spanning over 45 years across various sectors in geographies. His expertise lies in financial services, manufacturing, and professional services, particularly in the areas of risk governance, leadership, financial management, and strategic planning.
As the first corporate leader in Pakistan to achieve certification in Risk Governance® from the DCRO Institute, Tayyeb has demonstrated a strong commitment to best practices in corporate governance and risk management. His expertise extends to serving as an independent director, business advisor, and mentor to aspiring entrepreneurs, reflecting his dedication to nurturing talent and fostering growth in the business community.
With a reputation for board-level excellence, Tayyeb is widely recognized for his impactful contributions to leading public and private companies in Pakistan. His leadership of audit committees, proficiency in financial optimization, and strategic guidance on initiatives such as IPO planning, M&A, and due diligence underscore his strategic vision and operational acumen.
Having worked in diverse international markets such as the U.K., Canada, and various Middle Eastern countries, Tayyeb brings a global perspective to his roles, leveraging his deep understanding of different cultural contexts and business environments. His experience in external and internal auditing, corporate banking, and equipment leasing further enhances his ability to add value across a spectrum of industries and functional domains.
Tayyeb’s professional credentials as a Fellow of the Institute of Chartered Accountants of England & Wales (ICAEW) and a Fellow of The Association of Chartered Certified Accountants (ACCA) of the UK attest to his technical proficiency and commitment to upholding the highest standards of ethical conduct and professional excellence.
In summary, Tayyeb Afzal stands out as a dynamic and visionary leader with a proven track record of driving business success through strategic foresight, analytical thinking, and a deep-seated commitment to fostering organizational growth and innovation. His blend of global experience, industry expertise, and leadership capabilities positions him as a valuable asset to any organization seeking to navigate complex challenges and capitalize on emerging opportunities in today’s dynamic business landscape.
Mr Muneer Kamal has over four decades of experience in the banking and financial sector. He started his career in 1979 at Citibank Pakistan where he served for 15 years in various capacities, including Director and Head of Public Sector & Financial institutions in Pakistan and Director of the Regional Training Centre for Asia Pacific at Citibank Singapore.
Kamal then joined Faysal Bank as the President and CEO where he spearheaded a major growth drive within the bank to increase the branch network and balance sheet size and strength. He then moved on to President and CEO of Union Bank in Pakistan and subsequently Vice Chairman and COO of Union Bank International. He was instrumental in various acquisitions done by Union Bank Ltd i.e Bank of America, American Express Cards, Emirates Bank International and Mashreq Bank’s Sri Lanka operations. Union Bank was considered a major success story and its operations were then later acquired by Standard Chartered Ltd to consolidate their position in Pakistan and the region. Kamal moved on post-acquisition to KASB Bank as President and CEO.
Mr Kamal’s diverse Corporate Governance experience includes having previously served as Chairman Pakistan Stock Exchange, Chairman National Bank of Pakistan, Trustee Shaukat Khanum Memorial Hospital, and Director at Engro Corp, DH Corp and Government Holding Private Ltd.
He currently serves as member Board of Governor, National School of Public Policy (NSPP) and serves on the board of GSK ( Pakistan ) and Karachi Education Initiative . NSPP is the apex body chaired by the President of Pakistan Dr Alvi, responsible for setting standard and content of training given to bureaucracy at various levels.
Maheen Rahman was appointed the Chief Executive Officer of InfraZamin Pakistan in 2020 and has played a crucial part in setting up InfraZamin Pakistan’s base operations and its initial structure. Maheen has over twenty years of experience in investment banking, research and asset management.
In her previous appointment, Maheen Rahman served as the Chief Executive of Alfalah GHP Investment Management where, under her leadership, Alfalah Investments has grown to be one of the largest asset management companies in Pakistan. Prior to that, Ms Rahman was the Chief Executive of IGI Funds, during her tenure, IGI Funds turned into a profitable entity from a loss incurring fund. Her other roles include, Head of Research at BMA Capital Management, Associate at ABN AMRO Bank and investment banking analyst at Merrill Lynch. She has the experience of working across multiple geographies during her career.
Maheen has been featured on Fortune’s “40 Under 40’s women to watch” list, in 2015. She has also represented on multiple forums in Pakistan including Independent Director at GlaxoSmithKlein Pakistan, Director of Special Technology Zones Authority, Pakistan, Director Nasra Public Schools and Advisor to KatalystLabs. She is also the former Chairperson and Director of the Mutual Funds Association of Pakistan, former Director Pakistan Institute of Corporate Governance and former Member of the Prime Minister’s Task Force on Restructuring of Evacuee Property Trust Board.
In addition to her extensive work experience and professional achievements, Maheen holds a Bachelor of Science (Hons) degree in Economics from the Lahore University of Management Sciences (LUMS) and a Master of Science in Finance and Economics from Warwick Business School in the UK.
The Private Infrastructure Development Group (PIDG) is an innovative infrastructure development and finance organisation which encourages and mobilises private investment in pioneering infrastructure in the frontier markets of sub-Saharan Africa and south and south-east Asia to promote economic development and combat poverty. PIDG delivers its ambition in line with its values of opportunity, accountability, safety, integrity and impact. Since 2002, PIDG has supported 171 infrastructure projects to financial close which provided an estimated 217 million people with access to new or improved infrastructure. PIDG is funded by the governments of the United Kingdom, the Netherlands, Switzerland, Australia, Sweden, Germany and the IFC www.pidg.org
PIDG TA can provide technical assistance and capital grants to the PIDG Companies to meet a range of needs associated with an infrastructure project’s lifecycle. PIDG TA can also provide up-front viability gap funding grants to support PIDG projects that require concessional funding to make a project with strong development impact financeable. To find out more visit: www.pidg.org
https://www.pidg.org/
InfraCo Asia’s portfolio spans 12 countries in South and Southeast Asia. InfraCo Asia provides early-stage development capital and expertise to catalyse sustainable infrastructure projects in the region’s emerging and frontier markets.
Impact
* Based on projects in operation and under construction
https://infracoasia.com/
KARANDAAZ PAKISTAN is a not-for-profit special purpose vehicle set up under Section 42 in August 2014. Karandaaz is the implementation partner of the Enterprise and Asset Growth Programme (EAGR) of the UK’s Foreign, Commonwealth & Development Office (FCDO). Karandaaz promotes access to finance for micro, small and medium-sized businesses through a double bottom line investment platform and financial inclusion for individuals by employing technology-enabled solutions.
Impact
*Includes Karandaaz share in both debt and equity instruments
* * Includes 824,000 micro-enterprises and 820,000 jobs supported through Pakistan Microfinance Investment Company (PMIC)
* * * Includes growth capital, COVID support, and business development support provided through technical assistance
https://karandaaz.com.pk/
GuarantCo has a portfolio consisting of 19 countries and two multi-country projects in Africa and Asia. GuarantCo was established in 2005 to mobilise local currency credit solutions for infrastructure projects and to support the development of capital markets in lower income countries.
Impact
InfraCoAsia is a commercially managed infrastructure development and investment company of the Private Infrastructure Development Group.
60% Shareholding
A not-for-profit company promoting access to finance through commercially directed investments and digitally-enabled solutions.
40% Shareholding
A commercially managed credit guarantee and enhancement company of the Private Infrastructure Development Group.
Contingent Capital Provider
