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Atif Mohammad Khan

Chief Executive Officer & Director


Atif has over 24 years of experience in Equity Brokerage and Capital Markets with reputable institutions. He joined Alfalah CLSA as the CEO at the time of its reorganization in 2015; he has also held a wide range of leadership roles across various businesses, including MD &CEO of Foundation Securities (local affiliate of Macquarie Group) from 2005 until 2014, Head of Equities at KASB Securities (local affiliate of Merrill Lynch) from 2000 till 2004 and Head of Sales at FC ABN Amro Equities from 1997 till 1999.


Atif has also been part of the largest oil and gas M&A transaction in Pakistan, advising United Energy Group acquire BP’s Pakistan business in 2011. He was also instrumental in setting up two of the largest Online trading platforms in the country, Foundation EDGE and KASB Direct.


Atif has built, led and developed impactful teams; owned P&L; held full regulatory responsibility; developed and implemented commercial strategy and successfully led restructuring businesses. He holds a MBA in Finance.

Bilal Ather

Executive Director - Equities


Bilal Athar has over 22 years of experience in securities brokerage and private wealth management. His main focus has been managing equity sales for large family houses, international, local institutional, retail and, HNW clients. Prior to joining Alfalah CLSA, Bilal was Senior Executive Vice President and Head of Equities at BMA Capital Management Ltd since January 2014.


Bilal has an extensive experience in origination, structuring and executing equity transactions. Prior to BMA, Bilal served as Director Sales, JS Global Limited, the largest brokerage firm in the country. Prior to JS, he was Head of Equity Broking at Elixir Securities (Private) Limited which he had rejoined after serving 4 years at Invisor Securities (Pvt) Ltd as Head of Equity Broking where he reactivated the retail sales desk, identifying trading and investment opportunities for large local financial institutions and facilitating trading in Pakistan Eurobond. Bilal has worked with WI Carr Securities Pakistan (later renamed Elixir Securities) for 5 years as Head of Retail equities. He started his career as Senior Equity Dealer at FC ABN AMRO Equities, where he was responsible for managing the institutional HNW sales desk.

Syed Rehan Ali

Executive Director, Technical Research and Online Trading

Rehan’s career in capital markets spans over 20 years, working for highly reputable companies in the industry. The richness of his experience starts from trading the US commodities futures markets and later stepping into the Pakistan equity market. The itinerary of platforms he has worked in prior to Alfalah CLSA include: Forex Links, Finex Securities, Indosuez W.I. Carr Securities, KASB Securities and Foundation Securities. Rehan‟s skill in interpreting charts and forecasting trends has earned him a reputation of degree that is uniformly resonated on a high pitch from clients both institutional and individual. His research includes a technical daily report for short-term outlook along with broader technical opinions published as and when deemed appropriate.

Imran Sherani

Head of Investment Banking and Capital Markets


Imran has over 7 years’ experience in Corporate and Investment Banking and since then has been involved in multiple deals worth ~ US$ 1.5bn consisting of M&As, Structuring, IPOs, SPOs, Private Placement and Private Equity. Selected recent transactions includes Acquisition & Sale of Asia Resources Oil Limited (AROL), Acquisition of Dawlance by Arçeli̇k A.Ş, Acquisition of Chevron Pakistan, Offer for Sale of Saif Power Limited, SPO of Government of Pakistan’s holding in Pakistan Petroleum Limited (Privatisation Transaction), Divestment and Offer for Sale of shares of EngroQadirpurPowergen Limited, IPO of Avanceon Limited and IPO & Divestment of Engro Fertilizer. Furthermore, he was involved with and played a crucial role in the USD 1bn Divestment of Habib Bank shares by the Government of Pakistan, the Largest ever equity offering in Asian Frontier Markets.


Prior to joining AFS, he was associated with the Habib Bank Limited (HBL), where he was a senior member of the Investment Banking Division and Meezan Bank, where he has managed blue chips relationships including Unilever Pakistan Limited, Yunus Brothers Group, ICI Pakistan Limited, Linde Pakistan Limited amongst others and was involved in multiple restructurings. During this tenor in HBL, he was transaction lead on deals which led the team to win Best M&A House & Best Equity House by “The Asset , Triple A Country Awards 2015” and Lead Manager & Financial Advisor of the year 2013 and 2014 by “South Asian Federation of Exchanges (SAFE)”.


He holds a Masters in Business Analytics and Consulting from Warwick Business School, a diploma in Investment Banking from NYU, a bachelors in Economics from Royal Holloway and is currently a CFA level II candidate and in process of achieving a certification as an International M&A Expert.

Faisal Bilwani

Head of Sales - Foreign


Faisal Bilwani has extensive experience of near 12 years of broking in Pakistani equities to foreign Broker-Dealers and Asset Managers. He has expertise in marketing to US, European and Far East investors and has conducted many corporate access events. Prior to joining Alfalah, Faisal led FII Desk at Elixir Securities where his team was awarded 1) Best Brokerage House – Pakistan (2016) by The Asset 2) Best Domestic Equity House 2015 by Asia Money. He was also actively involved in three banking Privatization transactions worth over USD1.5bn.

Furqan Punjani

Head of Sales - Local Equities


Furqan Punjani has over 10 years of experience in brokerage and equity research. His primary focus has been managing equity sales and research function for large family houses, local institutions and HNW clients. Prior to joining Alfalah CLSA, Furqan was Vice President and Head of Local Institutions at BMA Capital since April 2014. Furqan served as Deputy Head of Research at BMA for 4 years, before joining BMA Sales department. His responsibilities entailed managing the research team along with formulating market strategy and covering sectors like Oil & Gas, Commercial Banks and Electricity. He has also provided coverage on other sectors such as Construction, Textiles, Chemicals and Fertilizers in his capacity as a Research Analyst at Topline Securities (Private) Limited, prior to BMA. Furqan started off his career as a Corporate Finance Analyst at Atlas Capital (now known as Summit Capital).

Fahad Irfan – CFA

Head of Research


Prior to joining Alfalah CLSA Fahad was the Deputy Head of Research at Foundation Securities (Pvt) Limited (Pakistan partner of Macquarie group) co-heading a team of seven individuals (5 analysts and 2 in database) with coverage of ~45 stocks encompassing almost all the key sectors and relevant stocks (80% of benchmark KSE-100 index). Apart from supervising, Fahad was also responsible for Market Strategy, Politics and Economic analysis of Pakistan. In his previous assignments he was involved in portfolio analysis and risk management. Fahad has covered a wide array of sectors, including Banks, Insurance, E&Ps, Power and Textiles. He completed his MBA from IoBM Karachi in 2013, and is a CFA charter holder. He has also mentored university student teams for annual CFA Research Challenge 2016-17.