Asad Umar, who recently rejoined the federal cabinet as the minister for planning and development, on Wednesday stepped down as the chairman of the National Assembly Standing Committee on Finance.

The development took place during a session of the committee in parliament today and in the wake of Asad Umar's new appointment. National Assembly Speaker Asad Qaiser accepted the resignation.

Umar, being a federal minister, will no longer be part of the committee.

The committee members unanimously voted in PTI MNA Faizullah Kamoka as the new chairman. His name had been recommended by PPP information secretary Dr Nafisa Shah and endorsed by PTI MNA Sardar Nasrullah Khan Dareshak.

"As the chairman of this committee, I will take all its members forward together," said Kamoka, as he thanked the committee for their vote of confidence.

The committee members paid tribute to Umar for having served the committee dutifully. A resolution to pay tribute to him was also passed by the committee.

Umar had previously served as the finance minister for about eight months, from Aug 20 last year to April 18 this year.

At the time of his removal from the finance ministry, the prime minister had offered him the portfolio of petroleum minister, but he had declined, saying he would work for the party from outside the cabinet.