Syed Mumtaz Ali Shah Resigns from JS Bank Board

JS Bank Limited recently announced the resignation of Syed Mumtaz Ali Shah, an Independent Director, effective June 14, 2024. Shah decided to step down from his position to take on the role of Federal Insurance Ombudsman, a significant government position. He had been actively involved as the Chairman of various committees at JS Bank since joining the board in 2022.

The Federal Insurance Ombudsman, established under the Insurance Ordinance 2000, plays a crucial role in regulating the insurance industry, safeguarding policyholders' interests, and promoting industry growth. Its responsibilities were expanded in 2013 to address issues of maladministration within the insurance sector.

In the year 2022, the Federal Insurance Ombudsman dealt with a total of 4,740 insurance complaints, with Jubilee Life Insurance and EFU Life Assurance receiving the highest number of complaints. The majority of these complaints were related to life insurance matters, particularly concerning bancassurance.

Syed Mumtaz Ali Shah, a retired civil servant with a background in English and Economics, has a rich history of serving in various government roles, including Chief Secretary of Sindh. Throughout his career, he has been instrumental in implementing reforms and driving growth in public sector organizations.

From his early days as a district officer to leading key provincial departments and public sector entities, Shah's tenure has been characterized by initiatives focused on education, industrial development, and anti-corruption measures.

The resignation of Syed Mumtaz Ali Shah from JS Bank Limited to assume the role of Federal Insurance Ombudsman marks a significant transition in his career. His background and experience in public service positions him well to contribute effectively to the regulation and development of the insurance industry. Shah's commitment to implementing reforms and driving growth underscores his dedication to public service and governance.