Sultan Ali Allana (Urdu: سلطان علی الانا) is a prominent Pakistani banker, philanthropist,and business leader he is also chairman of Habib Bank Limited and a director of the Aga Khan Fund for Economic Development. Sultan Ali Allana is the son of Akbar Ali Allana and the grandson of Nathu, one of the 72 Ismailis killed in the Battle of Jhirk when Mir Sher Mohammed attacked the settlement where Aga Khan I was residing. Khalfan, the son of Nathu, later migrated to Karachi around 1850 and established his home in what is today the Kharadar area of Karachi. Akbar Ali Allana married Malak Sultan Bandeali, the daughter of Bandeali Kersam, in 1946.
Career and Achievements
Sultan Ali Allana has had a distinguished career in banking and finance, holding key leadership positions at several reputable institutions. He has also contributed significantly to philanthropic initiatives in Pakistan, focusing on education, health, and social development.
These accolades highlight his contributions to Pakistan’s economic and social sectors.
Published Works
In 2024, Allana authored an article titled Challenge to The Moral Economy in Dawn, where he discussed critical issues affecting Pakistan's financial systems and moral economy. Read the article here.
Recent Mentions
Sultan Ali Allana has been recently featured in notable publications, including Profit and ProPakistani, for his insights on banking and philanthropy. He has also garnered mentions on LinkedIn, where his thought leadership continues to inspire many professionals globally.
Early life and education
Sultan Ali Allana was born in Karachi into a Sindhi family , in 1959. He attended St. Patrick's High School, DJ Science College and then moved to Canada where he obtained an undergraduate degree in Mechanical Engineering and a postgraduate diploma in Management from the McGill University. He then attended the University of Wisconsin, USA, where he obtained an MS in Management Technology.
Personal life
Allana comes from a prominent Sindhi family which traces its origins from Jhirk, Sindh. His late uncle Ghulam Ali Allana[1] was a friend and biographer of Mohammad Ali Jinnah, the founder of Pakistan. He entered politics at an early age and played an active part in the Pakistan movement. G. Allana has written several books notably: Quaid-e-Azam; The Story of a Nation,[2] Our Freedom Fighters,[3] Pakistan Movement - Historic Documents,[4] A Rosary of Islamic Readings[5] & His Highness Aga Khan III.[6]
Career
He started his banking career from Citibank in 1985, In 1994 he founded Global Securities, a joint venture partner of UBS AG. In 1999 he acquired a management stake in NDLC and was appointed as CEO of the company. NDLC later merged with IFIC Bank to form NIB Bank in October 2003.
As part of a structural reform[7] process, he worked with the Government of Pakistan in 2000 which allowed for the creation of Micro Finance Banks in Pakistan. As a result of the enabling framework, the First Microfinance Bank was established in 2002 and Allana was appointed its first chairman (2002-2006).
In 2003 he volunteered for the Aga Khan Fund for Economic Development (AKFED) to oversee the Fund’s investments in banking, insurance and aviation,[8][9] and later joined the organization.
As chairman HBL Allana had an integral role to play in Pakistan's compliance with respect to the implementation[13] of the action plans required to exit the FATF Grey List.[14] In this regard he was lauded and commended for his efforts[15] by financial experts and serving ministers. In 2022 he wrote an article in Caught in the dept trap[16] where he urged for critical restructuring of Pakistan's economic affairs so as not to let the country fall into the ever-looming debt trap. He also wrote in detail in an article about the implications of devaluation of Pakistan currency.[17]
Allana has been on several government committees as a professional and expert in the field of finance and economics which have included: Special Cell/Think Tank on COVID-19,[18] CPEC Business Council,[19] Economic Advisory Council[20] & the Advisory Council for the Ministry of Maritime Affairs.
Shabbar Zaidi took to Twitter to congratulate Allana and wrote:[21] "I congratulate Mr Sultan Allana of HBL and his team for excellent and tireless work with respect to FATF. On national issues we are united.[14] Pakistan Zindabad."
“While many contributed brilliantly towards our success in FATF, I must specially acknowledge HBL chairman Sultan Ali Allana, who hired and paid millions of dollars to top international consultants required to guide our Pakistan team in helping us get through FATF. Well done HBL Pakistan," the minister said.[15]
Awards
He was awarded the Sitara-i-Imtiaz in 2006 for his "valuable services to Pakistan[22]", in the economic and financial sector, specifically with reference to the creation of the framework Micro Finance institutions in the country and for the establishment of the First Micro Finance Bank.
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