By Rafiq Vayani
DUBAI/KARACHI: The Council of the Institute of Chartered Accountants of Pakistan (ICAP) elected its new Office Bearers for the year 2022-2023 in its 353rd meeting held in Karachi on January 28, 2022.
The Council unanimously elected Mr. Ashfaq Yousuf Tola as President of the Institute. Mr. Husnain R. Badami and Mr. Saifullah were elected as the Vice Presidents.
Mr. Ashfaq Yousuf Tola is a fellow member of the Institute of Chartered Accountants of Pakistan and Institute of Cost and Management Accountants of Pakistan. He is the President of ICAP for the term 2022-2023. Previously, he served as the Vice President for the term 2020-22 and has been Council Member since 2017. He had headed the Fiscal Laws Committee, Economic Advisory & Government Relationship Committee and Overseas Coordination Committee. He is also a life member of SAARC Chamber of Commerce and Industry. He is Technical Advisor on the Board of the South Asian Federation of Accountants (SAFA) and also chairs the Anti-Money Laundering committee of SAFA. He is an accomplished professional who has experience of over 25 years in diversified areas such as financial and forensic auditing, management consultancy, tax advisory and corporate structuring. Moreover, Mr. Tola has a keen interest in matters pertaining to the Economy of Pakistan, which is portrayed by his contributions towards policymaking, reflected through various memberships of technocratic governmental bodies, such as the Tax Reforms Implementation Committee and the Privatization Commission of Pakistan.
He has tax knowledge of more than 40 jurisdictions around the globe. He also co-authored a report with Dr. Hafeez Pasha on the taxation system of province of Sindh. His esteemed contributions towards policymaking with regards to the taxation system of Pakistan include a presentation of his compendious study on the “Single Stage Sales Tax” regime to International Monetary Fund (IMF) on behalf of the Government of Pakistan.
Mr. Tola is also an avid contributor towards social development of the society. The “TAX PAK” and ‘Pakonomics’ Monthly Newsletters of Tola Associates, his tax advisory firm, are few examples of his contributions. The monthly newsletter, apprises the world-at-large, about major developments in taxation laws every month. He was President of Karachi Club for 4 years as well.
Mr. Husnain R. Badami is a Fellow member of the Institute of Chartered Accountants of Pakistan with a cumulative experience of over 15 years in the profession with a robust practical background in the field of Learning & Development. Professionally, he is a trainer and an Organisational Development consultant with expertise in Finance, Leadership, and Instructional Design & Delivery. He is the Vice President of ICAP for the term 2022-2023.
He is currently Chief Executive of Ingenium, working in leadership, finance, and digital learning space for corporates. He also serves as a Partner of Redwood Global Services, an accounting outsourcing and advisory firm operating in Canada and Pakistan. In addition, he is the co-founder of an award-winning EdTech start-up, The School of Business Education which is providing accounting education to students and professionals across the world. Earlier, he has worked with Ernst & Young Karachi, Dubai, and Jeddah offices and at Engro Polymers & Chemicals Limited, prior to his move into entrepreneurship to pursue his passion in the field of education.
Academically, he also holds a Gold Medal for his outstanding performance in post-grad studies in Philosophy with critical pedagogy as his area of research. His academic work on pedagogy has also been published in the prestigious journal of Comparative Education of Columbia University, USA.
At ICAP, he has served as an elected member of the Southern Regional Committee of ICAP. During his tenure as an SRC member, he served as Chairman CASA and CPD convener. Presently, he is serving as an elected member of the ICAP National Council.
Mr. Saifullah is a Fellow member of the Institute of Chartered Accountants of Pakistan. Mr. Saifullah qualified in 2003 and is working as Partner – Audit & Assurance in Rafaqat Babar & Co, Chartered Accountants, since past 18 years. Mr. Saifullah has been elected as a member of the Council for the term of 2017-2021 and 2022-26. He is the Vice President of ICAP for the term 2022-2023. He has also served as a member of the Northern Regional Committee for two consecutive terms from 2009-2017 and as Honorary Secretary and its Chairman.
He has also been a member of the Investigation, Executive, Audit, Marketing and Practicing Members Committee of ICAP. He also served as Chairman of the SMP Committee and CPD Committee. Mr. Saifullah is representing ICAP on the SME Implementation Group of the International Accounting Standard Board (IASB).
