Mustafa Ilyas has resigned as the non executive director and chairman of Samba Bank Limited, effective August 16, 2026, according to a notice submitted to the Pakistan Stock Exchange.
The bank disclosed the resignation in a letter dated August 17, 2026, addressed to the General Manager of the Pakistan Stock Exchange. The notice was issued under Section 96 of the Securities Act, 2015, and Clause 5.6.1(a) of the PSX Regulations.
Samba Bank said Ilyas had stepped down from the bank’s Board of Directors with effect from August 16. The company secretary, Syed Zia ul Husnain Shamsi, signed the disclosure.
The notice was also copied to the Securities and Exchange Commission of Pakistan and the State Bank of Pakistan’s Banking Policy and Regulation Department.
The resignation comes after a series of changes at Samba Bank’s board and senior management over the past year. Rashid Jahangir was appointed president and chief executive officer in February 2026, replacing Ahmad Tariq Azam, who resigned from the position in April 2025.
The bank has also seen several changes to its board in 2026. The leadership changes come as Samba Bank pursues a major strategic shift toward Islamic banking. The State Bank of Pakistan granted the bank in principle approval in October 2025 to commence Shariah compliant banking operations, subject to regulatory requirements. The bank has since been working toward its planned transition to Islamic banking.
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