Shahkur Ullah Durrani

Shahkir Ullah Durrani
5th Governor of the State Bank of Pakistan
In office
July 1, 1971 – December 22, 1971
Preceded by Mahbubur Raschid
Succeeded by Ghulam Ishaq Khan
Personal details
Born (1928-03-03)3 March 1928
Died 20 November 2009(2009-11-20) (aged 81)
Children Tehmina Durrani (daughter)

Shahkir Ullah Durrani (also known as "S.U.", and also transliterated as "Shahkur Ullah" and "Shahkirullah") (Urdu: شاکر اللہ درانی‎) (3 March 1928 – 20 November 2009) was a Pakistani banker and entrepreneur of Pashtun origin whose most notable positions were that of managing director of Pakistan International Airlines and Governor of the State Bank of Pakistan.

Background

Durrani was born in Sheikh Kali in Charsadda, North West Frontier Province, British India. He was the son of a soldier who fought in the British Indian Army during the First World War. S.U. Durrani also served for three years as an officer in the Pakistani Army.[1]

Business career

After leaving military service Durrani started on a banking career.[1] After some years in England, Durrani returned home to be appointed Deputy Managing Director of Pakistan Industrial Credit and Investment Corporation (PICIC) in 1962.[2][3]

In February 1966 the Pakistani government established the Investment Corporation of Pakistan (ICP), a government-owned mutual fund with the objective of enlarging the investor base and developing the capital markets in Pakistan,[4] and Durrani was appointed its first managing director.[1][2][5]

In September 1969 the Pakistani government nationalized Pakistan International Airlines and appointed Durrani[1] as its new managing director.[2]

In July 1971 he was appointed Governor of the State Bank of Pakistan[6] but when the Pakistani military government lost a disastrous war against India in December, SU Durrani's meteoric rise was over. When Zulfiqar Ali Bhutto became President and Chief Martial Law Administrator of Pakistan in December 1971, Durrani was put under house arrest and later sent to prison. No charges were brought against Durrani.[2][7]

After his release from prison, Durrani resumed his banking career. In the 1970s Bankers Equity Limited (BEL) arranged a joint venture between him and a large Japanese leasing company --- Orient Leasing (later ORIX),[2] one of largest commercial aircraft lessors. BEL took 25% of the equity; the Japanese took 40%; Durrani's business partner took 4% with Durrani taking the rest (31%). SU Durrani was appointed Chairman of the Orient Leasing Pakistan Limited (OLP) with Humayun Murad as General Manager and his nominee. The Japanese managed the company till 1990, when the company went public. The Japanese directors took up assignments in Europe with the 43-year-old Humayun Murad appointed as Managing Director and Durrani remained as Vice Chairman.[8] The Japanese company retained a 40% shareholding in OPL. 11% of the company was owned by the general public. In 1991 Orient leasing changed its name globally to Orix. Amongst many notable achievements he is co-founder of Royal Jordanian Airlines.

Durrani later took on a number of projects in his home district, Charsadda, aimed at helping Pashtuns and Pakistanis, including job creation and funding humanitarian projects, development and charities. These projects included a fructose factory and Frontier Ceramics,[9] one of the largest in output of Italian style tiles and functional ceramics in Asia (at the time).

Final days

After many years in Karachi, Durrani retired to Charsadda with his first wife, Samina, whose connections had proved instrumental in his career. One of his daughters, Tehmina Durrani, was married to a prominent politician, Mustafa Khar, about whom she wrote the best selling book My Feudal Lord. Tehmina is now married to Shahbaz Sharif, the Chief Minister of Punjab.

Durrani died in Charsadda on 20 November 2009.

See also

References

  1. 1 2 3 4 Fricker, John (May 29, 1969). "PIA Looks Ahead". Flight International. p. 866. Retrieved 2015-02-27.
  2. 1 2 3 4 5 Idris, Kunwar (November 21, 2009). "From Subaltern to SBP Governor: Durrani". Dawn (newspaper). Karachi. Retrieved 2015-02-27.
  3. ↑ "APPRAISAL OF PAKISTAN INDUSTRIAL CREDIT AND INVESTMENT CORPORATION, LIMITED". World Bank. February 5, 1963. Retrieved 2015-02-28.
  4. ↑ "Investment Corporation of Pakistan". Retrieved 2015-02-28.
  5. ↑ "The Imperial SEC? - Foreign Policy and the Internationalization of the Securities Markets, 1934-1990". Retrieved 2015-02-28. In 1966, USAID introduced the SEC to a Pakistani who was the managing director of the Investment Corporation of Pakistan and close to the president of Pakistan
  6. ↑ "SU Durrani passes away". The News International. Karachi. November 26, 2009. Retrieved 2015-02-27.
  7. ↑ "BHUTTO VISIT - PRIVATE VISIT OF S.U. DURRANI TO THE U.S". wikileaks.org. 1973-09-14. Retrieved 2015-02-28.
  8. ↑ "DUBAI MAJID AL FUTTAIM, JAPAN ORIX IN LEASING JV". Khaleej Times. Dubai. June 12, 2001. Retrieved 2015-02-28.
  9. ↑ "Annual Report 2000" (PDF). Frontier Ceramics. Retrieved 2015-02-28.
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