Pakistan Muslim League (N) (2011–2023) Ismail joined the
Pakistan Muslim League (N) in 2011. In January 2014, he was appointed the head of
Federal Board of Investment and was added as a junior member of then Prime Minister
Sharif's cabinet. Under his leadership the Board of Investment underwent massive restructuring including winding up of its regional offices. During his tenure, he oversaw significant restructuring and played a key role in formulating new auto sector investment policy. In December 2017, Miftah was appointed a finance adviser to then-Prime Minister
Shahid Khaqan Abbasi. In April 2018, Ismail took oath as Federal Minister for Finance, Revenue and Economic Affairs in
Shahid Khaqan Abbasi's cabinet, where he served until 31 May 2018. In April 2022, Ismail was reappointed finance minister but resigned in September of the same year, paving the way for the return of
Ishaq Dar. In June 2023, he was removed by PML(N) as the general secretary of the party, allegedly due to his criticism of Dar's economic policies and dislike by then Chief Organizer of the PML(N),
Maryam Nawaz. Later, in the same month, he resigned from all senior positions of the PML(N) and party committees.
Awaam Pakistan (2024–present) In June 2024, Ismail along with former Prime Minister
Shahid Khaqan Abbasi announced the formation of a new political party named
Awaam Pakistan (“People of Pakistan”), introducing it with the slogan “Badlenge Nizam” (“We will change the system”). Dr. Ismail was appointed the Deputy Convener alongside Abbasi, who served as Convenor of the Organizing Committee. In media interviews, Ismail stated that the party’s mission was rooted in
populist economic reform: advocating “equal economic opportunities,” reducing government size, and empowering the middle class. == Other activities ==