Management Team

Najam Ali

Chief Executive Officer

Mr. Najam Ali has over 35 years of rich experience of working in different capacities in Pakistan’s capital markets. Prior to forming Next Capital Limited, he served as the Chief Executive Officer at JS Investments Limited. During his tenure at JS Investments, the company achieved the highest rating of AM2 Plus in the industry and remained the largest asset management company in the private sector. During this time, he also served twice as the Chairman of Mutual Funds Association of Pakistan (MUFAP)..

Mr. Najam was also the founding Chief Executive Officer of the Central Depository Company (CDC), Pakistan’s first and only securities depository. Prominent shareholders included Citigroup, IFC and Pakistan’s stock exchanges. While at CDC, he also led the development and implementation of the National Clearing and Settlement System, which is the centralized clearing system in Pakistan for all the stock exchanges. The success of these projects has laid the foundation of a world class capital market infrastructure that has earned him praise and recognition at the national level.

He has also served on the Board of Directors of Pakistan Oilfields Limited, the Karachi Stock Exchange (Guarantee) Limited (KSE), the National Clearing Company of Pakistan Limited (NCCPL) and Askari Bank Limited. After having qualified as a chartered accountant with Robson Rhodes in the U.K, he worked with Fidelity Investment Bank as a Group Financial Controller and Head of Money and Capital Markets.

By qualification, Mr. Najam Ali is a member of the Institute of Chartered Accountants in England & Wales and Institute of Chartered Accountants of Ontario – Canada. He has also qualified as a Certified Public Accountant – USA and holds a Bachelor degree in Economics from the University of Michigan, Ann Arbor, USA. Mr. Ali has also attended and successfully completed the ‘Advanced Management Program’ at the world renowned Harvard Business School, USA

He is currently serving as a member of the Corporate Leaders Advisory Board of Institute of Business Administration (IBA).

Mr Zulqarnain Khan


Mr Zulqarnain Khan has over 15 years of extensive experience in the financial sector. He is the founding member of Next Capital Limited. Mr. Khan is a certified director from the Institute of Charted Accountants Pakistan(ICAP).

Prior to being a founding member at Next Capital he was previously associated with JS Global Capital Limited as Head of North.

Zulqarnain has also worked as senior Institutional Equity trader with AKD Securities Limited. During his tenure there, AKD Securities limited was awarded the Best Brokerage House award by the CFA Association of Pakistan.

He has worked as an Assistant Vice President at Faysal Bank Limited within the commercial banking division and managed a team for the asset portfolio of the bank.

He has majors in banking and finance and holds a Masters degree in business (MBA) from Philadelphia University, USA.


Dr. Ali Akhter Ali

Managing Director-Capital Markets

Dr. Ali has over 18 years of rich experience in the financial sector of Pakistan with his forte being capital markets .Prior to joining Next Capital as M.D. – Capital Markets, Dr. Ali served as Deputy Managing Director at TPL Life Insurance.Prior to joining TPL he served as SVP at JS Investments in the Investments department and later served as the Chief Investment Officer for a period of 3 years before taking over as the CEO. Dr.Ali Managed the treasury as the Chief Dealer at KASB Capital.He began his career at BMA Capital Management and moved on to JS Capital Markets eventually heading their fixed income desk . By qualification Ali is a medical doctor and MBA.

Salman Jalaluddin Virani

Managing Director, Investment Banking

A generalist, Salman has over 13 years of experience of working with corporates in Pakistan and the Middle East. He brings with him a multi-sector and broad based investment banking expertise with clients in Power & Utilities, Port Infrastructure, Oil & Gas, Steel Manufacturing, Telecom and Pharmaceuticals sectors. Prior to Next Capital, he headed Investment Banking at a leading financial institution in Pakistan.
By qualification, he is a CFA charter holder and an Associate member of the Institute of Chartered Accountants of Pakistan

Muhammad Zubair Ellahi 

Executive Director

Mr. Zubair Ellahi has over 20 years of rich experience of working in multiple capacities in Pakistan’s capital markets. Prior to joining NCL, Mr. Zubair served as a Director at Bhayani Securities Limited (“BSL”) where he was instrumental in transforming the sole proprietorship to a top rated corporate brokerage house.

While at BSL Mr. Zubair served in numerous capacities which included all areas of the business. His responsibilities have ranged from transforming the company from a sole proprietorship to a public unlisted company to heading the sales desk. Over his 17 year tenor at BSL, Mr. Zubair’s responsibilities have included managing a portfolio of over Rs. 200 million, establishing BSL’s institutional, foreign and high net worth client sales desk and establishing BSL’s research department and initiating coverage of multiple sectors and companies.

Mr. Zubair is a graduate from the Institute of Business Administration (IBA) with a Masters in Business Administration (MBA).

Rima Athar

Managing Director-Debt & Syndications

Rima has over18 years of diversified experience in Corporate & Investment Banking in Pakistan.

Nadeemul-Haq Usmani

Chief Financial Officer

Mr.Nadeemul-Haq Usmani holds in-depth knowledge of accounting, taxation and corporate secretarial affairs through his vast experience of maintaining accounts, tax planning, income and sales tax practice, secretarial work and risk management. He has served at leading brokerage houses of Pakistan including Optimus Capital, Invisor Securities and Finex Securities for more than 20 years out of which for more than 15 years as key management personnel in the capacity of CFO / COO. Aside from managing the usual accounting and finance functions, he has been actively involved in tax planning, handling corporate affairs and systems designing throughout his career.

Mr. Usmani is an Associate Member of the Institute of Cost & Management Accountant (ACMA) and Corporate Secretary (ACIS) from Pakistan, qualified Canadian Securities Course (CSC) from Canadian Securities Institute and holds strong Information Technology knowledge with various Modules of ERP - Oracle Financial.

Imran Kharadi

Head of Operations

Mr. Imran has extensive experience in the field of Operations of Capital Markets. Have expertise in implementation of ERP based solutions in financial sector, In-House development of ERP based solutions, IT Infrastructure, Risk Management, Exposure Management, Client Relations, Arbitration & Preparation of SOP’s.

In the career span of more than 22 years, Imran Kharadi has been associated with AKD Investment Management Limited, JP Morgan Pakistan Broking Pvt Ltd. IGI Securities, National Clearing Company and many other Capital market participants since 1993.

He holds Graduated degree from Karachi university

Muhammad Akif Ghumra 

Head of IT

Mr. Ghumra, a seasoned Information Technology (“IT”) professional, is heading the IT Trading department at Next Capital and has over 24 years of relevant experience.

Before joining Next Capital Limited, Mr. Ghumra was Head of Information Technology at Alfalah Securities (Pvt.) Ltd for 6 years, a leading financial services firm in Pakistan

He has also served at Application Xs (Pvt.) Ltd as Chief System Architect and pioneered the development of online stock trading software in Pakistan. Major implementations included AKDTRADE, ECLTRADE, and FYSLTRADE.

Mr. Ghumra has a double major from Hamdard University, majoring in Software Engineering and Bi-Major Networks. In addition to this he has completed a two-year Diploma in computer Science, OCA (ORATECH Certified Analyst) and E-Commerce Solution Developer Diploma from NED University. Mr. Ghumra is affiliated with International Association of Business Process Management Professional [ABPMP] and served as Vice President Finance for the Pakistan Chapter.

He is also associated with International Association of Software Architects as President of the Pakistan Chapter.

Mr. Shahab Farooq

Director Research

Mr. Farooq has been associated with the capital markets of Pakistan since 2003. He has served in the areas of investment management and research on both the buy side and the sell side, including some of the leading brokerage houses and asset management companies of Pakistan. Prior to joining Next Capital, he was heading the Research function of JS Investments. Mr. Farooq holds an MBA degree with a major in Finance.