Pakistan on Monday assumed the chairmanship of the Shanghai Cooperation Organisation Interbank Consortium (SCO-IBC) for 2026-27, with Sultan Ali Allana taking over as chairman, the Ministry of Finance said on Monday. In a post on X, the ministry said the development coincided with Pakistan's chairmanship of the SCO for the same period. HBL Chairman Sultan Ali Allana assumed the consortium chairmanship for the 2026-27 term. Pakistan Assumes Chairmanship of SCO Interbank Consortium Islamabad Pakistan has assumed the Chairmanship of the Shanghai Cooperation Organisation Interbank Consortium (SCO-IBC) for 2026–2027, with Mr. Sultan Ali Allana taking over as Chairman of the Consortium. This coincides… — Ministry of Finance, Government of Pakistan (@Financegovpk) November 2, 2026 “The Ministry of Finance congratulates Allana on assuming this important responsibility and reaffirms Pakistan’s commitment to strengthening economic partnerships among SCO member states, facilitating cross-border trade and investment, and advancing regional integration and shared prosperity,” the ministry said. It added that the two chairmanships underscored Pakistan's “growing role in promoting regional trade, investment, financial connectivity and economic cooperation”. The Shanghai Cooperation Organisation Interbank Consortium (SCO-IBC) is a platform for cooperation among banks from SCO member states. Established in 2005, it aims to support investment projects, facilitate financing and strengthen banking ties across the region. Pakistan is represented by Habib Bank Limited (HBL), whose chairman, Allana, has now assumed the consortium's chairmanship for 2026-27. Pakistan became a full member of the SCO in 2017, having held observer status since 2005. It has since hosted several events under the organisation, including a joint anti-terrorism exercise with China at the National Counter-Terrorism Centre in Pabbi in 2021, an SCO member states' seminar on military medicine in Rawalpindi in March 2024, and the 23rd meeting of the Council of Heads of Government in Islamabad in October 2024. The Islamabad summit brought together delegations from all 10 member states, with eight countries represented by their prime ministers. Pakistan has also hosted meetings on regional transport connectivity and poverty alleviation under the SCO framework.