Shaukat_Tareen

Shaukat Tarin

Shaukat Tarin

Pakistani politician

Shaukat Fayyaz Ahmed Tarin (Urdu: شوکت ترین; born 11 October 1953) is a former Pakistani Senator and banker who served as Finance Minister of Pakistan from 2008 to 2010 in the Gillani cabinet also and worked with the help of the Pakistan People’s Party's cabinet members.

Quick Facts Minister of Finance, Revenue & Economic Affairs, President ...

On 27 December 2021, he was appointed the Finance Minister of Pakistan again, replacing the recently appointed Hammad Azhar after a cabinet reshuffle by Prime Minister of Islamic Republic of Pakistan Imran Khan.[2][3] He is the Member of the Senate of Pakistan since March 2018.

On 7 October 2008, he was appointed an adviser to the government and was elevated to the post of finance minister after being elected as a senator from Sindh on 27 July 2009. Tarin resigned from the ministry on 23 February 2010 to "raise equity from the market for Silkbank," which while working at finance ministry was "a clear conflict of interest."[4]

Before his ministerial role, Tarin served as the country manager of Citibank and did tenures as head of Habib Bank, Union Bank, and twice as chairman of Karachi Stock Exchange. He currently sits on the board of Silkbank.

On 17 October 2021, he was appointed Advisor to Prime Minister on Finance and Revenue.[5] He served as federal minister for finance and revenue till 17 October 2021 because he was unable to be elected as senator.[5]

Banking career

Tarin came from a Pashtun family that belongs to the Tareen tribe of Pashtuns born to an army doctor in Multan. He got his initial education from Army Cantonment schools all over Pakistan and later got his MBA from University of the Punjab. He joined Citibank in 1975 and remained with it for 22 years rising to become its country manager in Thailand.[6]

In 1997, then-PM Nawaz Sharif asked Tarin to turn around state-owned Habib Bank, for which he left the $1 million plus job in the United States. He, along with Zubyr Soomro at United Bank and Muhammad Mian Soomro at National Bank of Pakistan, were "successful in bringing the nationalised commercial banks (NCBs) back from virtual extinction."[7]

He left HBL in 2000 to join Union Bank as its president.[8] As the president of the Union Bank, Tarin was associated with the acquisition by Standard Chartered Bank of a 95.37% interest in Union Bank in September 2006. The amount paid was $487 million, in cash.[9][10][11]

Shaukat Tarin has also been elected twice as chairman of Karachi Stock Exchange (KSE), the last one being in the year 2008.[12]

Shaukat Tarin was a major stakeholder of Saudi Pak Commercial Bank (SPCB) and formed a consortium, along with senior banker Sadeq Sayeed, International Finance Corporation (IFC), BankMuscat, Nomura Holdings and Sinthos Capital to acquire an 86.55% stake in SPCB from Saudi Pak Industrial And Agricultural Investment Co. Ltd. for $213 million in cash on 31 March 2008. Subsequently, Saudi Pak was rebranded as Silkbank Limited on 1 June 2009 with a strategic focus on SME & Consumer financing for increased profitability.[13][14][15]

Political career

Shaukat Tarin was appointed adviser to the finance ministry of Pakistan with a status of federal minister, on 7 October 2008.[8] Prior to this appointment, Tarin was serving as the President of Saudi-Pak Commercial Bank (presently, Silk Bank). On 27 July 2009, he was elected senator unopposed from Sindh and subsequently, he was elevated to finance minister of Pakistan.[16] As such, he heads the Executive Committee of the National Economic Council (NEC) and the Economic Coordination Committee (ECC).[8]

Tarin resigned from the ministry on 23 February 2010 to "raise equity from the market for Silkbank," which while working at finance ministry was "a clear conflict of interest."[4]

He was appointed Federal Minister for finance and revenue affairs on 16 April 2021.

On 20 December 2021, Tarin was elected as a senator from Khyber Pakhtunkhwa.[17]

On 27 December 2021, he took oath as Federal Minister of Finance and Revenue.[18]

Member of Finance Committee

Shaukat Tarin is a member of the economic and finance committee since 18 April 2019 by Prime Minister Imran Khan. Shaukat Tarin is the convener of the committee to the Prime Minister. This committee will help the finance minister to stabilize the economy and will give their recommendations directly to Prime Minister Imran Khan.

See also

References

  1. [1]
    Raza, Syed Irfan (1 April 2021). "Ex-PPP minister Shaukat Tarin to head economic advisory board". DAWN.COM.
  2. [2]
    "Shaukat Tareen appointed as new finance minister as PM reshuffles cabinet". Daily Times. 16 April 2021. Retrieved 25 April 2021.
  3. [3]
    Wasim, Amir (16 April 2021). "Hammad Azhar given energy ministry, Shaukat Tarin made finance minister in latest cabinet reshuffle". DAWN.COM. Retrieved 25 April 2021.
  4. [4]
    Khaleeq Kiani . "PM accepts Shaukat Tarin’s resignation" Dawn, 24 February 2010
  5. [5]
    "Tarin appointed adviser to PM on finance, revenue after constitutional tenure as federal minister ends". Dawn (newspaper). 18 October 2021. Retrieved 21 October 2021.
  6. [6]
    Saad Hasan. "I expect 3.5 percent growth rate this year" The News on Sunday, 14 March 2010
  7. [7]
    Ikram Sehgal. "Elsie is not a girl" Defence Journal, January 2000 edition
  8. [8]
    "Shaukat Tarin gets top finance post" Dawn, 8 October 2008
  9. [9]
    "Standard Chartered Acquisition of 95.37% Interest in Union Bank Ltd" Archived 6 December 2007 at the Wayback Machine Standard Chartered, 6 September 2006
  10. [10]
    "Standard Chartered acquires Union Bank" The Dawn, 5 September 2006
  11. [11]
    "Standard Chartered Bank (Pakistan) Limited | EMIS " securities.com
  12. [12]
    "Shaukat Tarin elected KSE Chairman" Daily Times, 17 January 2008
  13. [13]
    "History of Silkbank" Archived 17 January 2012 at the Wayback Machine Silkbank Website, accessed 4 September 2009
  14. [14]
    "Consortium led by senior bankers Shaukat Tarin and Sadeq Sayeed completes acquisition of SPCB" The News Website, accessed 11 January 2009 17:07 (GMT +08:00)
  15. [15]
    Silk Bank | Annual Report 2009 Archived 3 July 2011 at the Wayback Machine
  16. [16]
    "Shaukat Tarin elected as Senator". The Nation. 28 July 2009.
  17. [17]
    "Finance adviser Shaukat Tarin elected senator on vacant seat from Khyber Pakhtunkhwa". Dawn. 20 December 2021.
  18. [18]
    "Shaukat Tarin takes oath as federal minister". The News International (newspaper). 27 December 2021.
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