KARACHI, Aug 26: Asad Ali Shah was elected President of the Institute of Chartered Accountants of Pakistan (ICAP) on Tuesday.

The Council of the institute in its meeting elected office-bearers for the year 2008-09. Farrukh Viqaruddin Junaidy was elected vice-president (South) and Rashid Rahman Mir as vice-president (North), a press release issued by ICAP stated.

It said that Mr Asad was a fellow member of the institute and during the past seven years he had remained one of the active members of the Council, Investigation Committee, Examination Committee, Quality Assurance Board (QAB) and Committee on financial sector.

Mr Farrukh, a fellow member of the institute was associated with Junaidy Alam Iqbal, Chartered Accountants since June 2007 as Senior Partner of the firm. Mr Rashid was a fellow member of the institute and associated with Rahman Sarfaraz Rahim Iqbal Rafiq, Chartered Accountants since 1991.