Thursday, February 5, 2009

Agha Hasan Abedi

I was posting something different, when I saw a community on Faceboook about Agha Hasan Abedi. I got full with sharp colors, and thus ended with the following posts on the community:

A great personality. A few of the institutions that I remember he created, include

FAST-NU (Foundation of Advances Studies in Science and Technology/National University), earlier named as BCCI-FAST

Infaq Foundation (still operating under the same name)

United Bank Limited (already mentioned by Haris Siddiqui)

He was a man with an extremely clear vision, and a very strong focus...
Wikipedia, and other sources, say that his bank (BCCI) was involved in fraudulent money transfers and that the bank was used to transfer money to terrorists in the Middle East, but all this was a plot to destroy a bank which was able to run a whole country at one point in time. BCCI gave loans to the Pakistan Government when it was in high need of monetary help and no one was willing to provide support to it. The agencies of the West clearly understood the fact that the Middle Eastern nations can become independent of monetary help from West in case this bank develops at this pace - resulting in a conspiracy to destroy the bank.

Quoting Wikipedia, BCCI expanded from 19 branches in five countries in 1973 to 27 branches in 1974, to 108 branches in 1976, with assets growing from $200 million to $1.6 billion.

The Gold Medal at the National University of Computer and Emerging Sciences (FAST), awarded to the highest CGPA Holder of the batch, is known as the Agha Hasan Abedi Gold Medal.
History witnesses such men quite seldom - Absolute Respect for Agha Sahib

Also, I found his obituary posted in DAWN, dated 9th August 1995:
Agha Hasan Abedi passes away
By H. A. Hamied

KARACHI, Aug. 5: Agha Hasan Abedi, the founder of the collapsed BCCI,
died on Saturday at Agha Khan University Hospital. Mr Abedi was
suffering from multiple ailments, including brain trauma which he
suffered in February, 1988 after a heart attack. He died of a cardiac

Agha Hasan Abedi became an international figure in banking when the BCCI
he had founded on Sept. 21,1972, collapsed on July 29, 1991, with
serious monetary ramifications all over the world. The bank collapsed
when Mr Abedi was no longer associated with its operations. After the
collapse of the BCCI, the US authorities wanted him for investigations
but the Nawaz Sharif government declined to extradite him to face
charges in America.

Mr Abedi founded the BCCI with Bank of America NT&SA as one of the major
share-holders and became BCCI's first president. In addition to being a
member of the board of directors, he was a director of BCCI Holdings
(Luxembourg) SA.

Agha Hasan Abedi was born on May 14, 1922 in Lucknow, India and was
educated at the University of Lucknow from where he got his MA in
English Literature and LLB degrees. After completing his education, Mr
Abedi started his career in banking in 1946 with Habib Bank in India, as
a senior selective service officer. During his 12 years with that bank
he held several managerial positions and then as executive responsible
for business development at the head office.

In 1959 he founded United Bank in Pakistan and became its first general
manager in addition to being a director. He was later designated as
president and managing director. He was finally elected chairman of the
board while at the same time holding office of the president.


May God rest his soul in peace.

Also see:

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