Prominent banker and philanthropist Sultan Ali Allana was honoured with the prestigious Nishan-e-Khidmat, one of Pakistan’s highest civilian awards, at a special investiture ceremony held on Pakistan Day.

The award was approved by President Asif Ali Zardari on August 14, 2024, during the country’s 78th Independence Day celebrations, recognising Allana’s remarkable contributions in the field of public service.

Sultan Ali Allana has been a driving force behind transformative initiatives across Pakistan’s financial and social sectors. A pioneer in microfinance banking, he founded the First Microfinance Bank in 2002, laying the groundwork for financial inclusion.

His 40-year career is a testament to innovation and progress, marked by his efforts in repositioning Pakistan’s financial system to comply with international standards, which played a pivotal role in the country’s removal from the FATF grey list.

He also launched Pakistan’s first agricultural initiative under a commercial bank, supporting small farmers with sustainable frameworks that strengthened rural economies.

In addition to his banking innovations, Allana has been instrumental in fostering trade and commerce in South Asia and securing international investments for Pakistan through engagements with global financial institutions, such as the IMF, BII, IFC, and Chinese financial entities.

His philanthropic ventures, including the establishment of the HBL Foundation, have furthered access to education and healthcare for underserved communities.

He joined the country’s banking sector in 1985 and his efforts are focused on expanding and strengthening the opportunities for the overall development and welfare of the nation.

His recognition is a celebration of his visionary leadership and enduring commitment to Pakistan’s prosperity.

‘Most deserving’

Former commerce minister Humayun Akhtar called Sultan Ali Allana the “most deserving” recipient of the Nishan-e-Khidmat, praising his pivotal role in transforming Pakistan’s banking system, tourism, and education.

Muneer Kamal, CEO of the Pakistan Banks Association, highlighted Allana’s key contributions, particularly his leadership during the privatisation of HBL.

“At the time of privatisation, he acted swiftly. His efforts in bringing $400 million into Pakistan was a major achievement,” he added.

He said Sultan Allana is an engineer and when he came to Pakistan after completing his education in 1985, there were lack of jobs in the country. 

“He started working as a banker and never looked back,” Kamal added.

Dr Waqar Masood, former finance secretary, commended Allana’s role in addressing national-level financial challenges, particularly Pakistan’s removal from the FATF grey list.

Similarly, former finance minister Miftah Ismail also credited Allana for his efforts in guiding Pakistan out of the FATF restrictions, recognising his contributions to social projects.

Khyber Pakhtunkhwa Governor Faisal Karim Kundi congratulated Allana, stating, “He has always been at the forefront whenever Pakistan faced major challenges, whether natural disasters, economic crisis, or sponsorship of sports.”

Renowned economist Dr Ashfaq Hussain described the award as a recognition of Allana’s significant contributions to banking, social development, education, and healthcare.

Pakistan Banking Association (PBA) Chairman Zafar Masud said Sultan Ali Allana’s efforts in attracting international investment and modernising Pakistan’s banking system have stabilised the country’s economy.

“His vision brought our financial system up to par with world standards.”

Karachi Mayor Murtaza Wahab said he knew Sultan Ali Allana personally and considered him great benefactor of this country and humanity.

Congratulating Allana on receiving the prestigious award, the mayor praised the services of the renowned banker. 

Allana founded First Microfinance Bank in 2002 to increase financial inclusion and, according to his friends, Allana’s foresight and ability to solve economic challenges not only build systems but also shape the future.

As Pakistan pays tribute to its national heroes, Sultan Ali Allana’s services have emerged as a symbol of progress and prosperity.

His services in the financial and social sectors of Pakistan will benefit generations to come.