Zafar Masud

President and CEO of Bank of Punjab

Compiled from 1 recorded interview. Every statement below is drawn from the passage cited beside it.

Zafar Masud is the president of Bank of Punjab. Masud joined Dubai Islamic Bank. He set up Dubai Islamic Bank from scratch, at the age of 35 in 2005.

Early life and background

Masud was born in Karachi. His family moved to Lahore when he was about one year old. [1]

Education

Masud attended Cathedral School. He did not do A-levels because his results were not good. He graduated from Hailey College and placed third in Punjab University. [1]

He was admitted to IBA, and classes began in August. He graduated with a concentration in banking in June 1993. [1]

Career

Masud joined Dubai Islamic Bank. He set up Dubai Islamic Bank from scratch, at the age of 35 in 2005. He was a partner at a firm. About five years later, that business was bought out. [1]

Masud says he became probably the youngest board member ever of the central bank. He turned down a CEO role at a development finance institution. He gave up his State Bank board seat to become Director General of National Savings. [1]

He was appointed by DFID, the UK aid agency. He was made interim CEO of a company. He also set up a company from scratch. After returning to Pakistan, he took a CEO role. [1]

Barclays in Southern Africa

Masud was head of Barclays for the Southern Africa region. In 2007 Barclays offered him the country manager and CEO role in Zambia. He became the head of Zambia, Zimbabwe and Botswana. He says he had the choice of moving to Botswana, described as the largest franchise, but decided to stay. He also says he found a family-like circle of friends in Zambia. [1]

Bank of Punjab and Oil & Gas Development Company Limited

Masud is President and CEO of Bank of Punjab. He is also chairman of Oil & Gas Development Company Limited. [1]

Masud says there is no need for the Oil & Gas Development Company Limited to remain in the public sector. He says the pension problem within the company has been resolved, and that its entire pension bill is 100 percent funded. [1]

Views

Masud favours a bottom-up approach to tax. He says he does not believe in income tax, and that tax should move toward turnover, taxing goods as they are sold. He says 92 percent of tax collection is indirect. [1]

He says land below 12.5 acres is exempted, and that 89 percent of farmers hold land below 12.5 acres. He supports a wealth tax. He describes inheritance tax as applying to property that a person has inherited and holds. He says non-filers should not exist. [1]

Masud says banks have by default become, or could be described as, rent-seekers. He says the banking industry is a competitive business and that about 95 percent of government funding needs come from banks. He says specialised banks should be created for SMEs and for project financing. [1]

Masud says the discussion is not about a crypto-type currency. He suggests banning cash retail sales above Rs. 100,000 per transaction, and says a policy of both carrot and stick must be followed. He says every kind of subsidy should be ended, and that an existing scorecard could be used to give cash subsidy directly. [1]

Masud says Pakistan is passing through a defining time and that he would see a brighter future for Pakistan, especially by 2050. He says government is inefficient, extremely slow and lacks transparency, and that about 52 percent of business is conducted informally. He says he put himself at a deficit and gave other people more empowerment. He says the connection and relationships with people make a person different from others. [1]

Personal life

Masud has never married. He survived a plane crash. He fainted before the crash, and he was already being rescued when he regained consciousness. He spent four months in hospital. He says he did not know that survivor's guilt existed. [1]

Timeline

1993
Graduated with a concentration in banking.[1]
1997
Transferred to Lahore in January and joined a bank in December.[1]
2005
Set up Dubai Islamic Bank from scratch at the age of 35.[1]
2007
Offered the country manager and CEO role in Zambia by Barclays.[1]

Appearances

DateTitleWhere
2023-12-06 Zafar Masud: the life I am living now is a borrowed heaven Thought Behind Things

Frequently asked questions

Who is Zafar Masud?

Zafar Masud is President and CEO of Bank of Punjab and chairman of Oil & Gas Development Company Limited. He was born in Karachi. His career includes roles at American Express and Barclays.[1]

What does Zafar Masud do?

Zafar Masud is President and CEO of Bank of Punjab. He is also chairman of Oil & Gas Development Company Limited.[1]

Where is Zafar Masud from?

Zafar Masud was born in Karachi. His family moved to Lahore when he was about one year old.[1]

Where did Zafar Masud study?

Zafar Masud attended Cathedral School. He graduated from Hailey College and placed third in Punjab University. He was also admitted to IBA.[1]

What did Zafar Masud set up from scratch?

Zafar Masud says he set up Dubai Islamic Bank from scratch. He was 35 when he did so in 2005. He also says he set up a company from scratch.[1]

Did Zafar Masud survive a plane crash?

Zafar Masud survived a plane crash. He fainted before the crash and was already being rescued when he regained consciousness. He spent four months in hospital.[1]

What does Zafar Masud think about taxation?

Zafar Masud favours a bottom-up approach to tax. He says he does not believe in income tax and that tax should move toward turnover. He supports a wealth tax.[1]

What did Zafar Masud do at Barclays?

Zafar Masud was head of Barclays for the Southern Africa region. In 2007 Barclays offered him the country manager and CEO role in Zambia. He became the head of Zambia, Zimbabwe and Botswana.[1]

References

  1. Zafar Masud: the life I am living now is a borrowed heaven . Thought Behind Things , 2023-12-06.
Show the source passages (72 statements)
  1. Zafar Masud was born in Karachi. I was born in Karachi, but you know, I was, I think, ek saal ka tha
  2. His family moved to Lahore when he was about one year old. ek saal ka tha toh Lahore migrate kar gaye the hum log
  3. His father was a film and drama actor. My father, who is who is a movie star, drama artist, Munawar Saeed sahab
  4. His paternal grandfather was a lawyer. My dada was a lawyer by the way.
  5. His paternal uncle is an accomplished banker. my chacha, Anwer Saeed sahab, who is a very accomplished banker
  6. His parents never imposed a career choice on their children. mere parents ne kabhi bhi hum pe impose nahi kiya what you want to do
  7. He attended Cathedral School. mera Cathedral School mein tha main
  8. He did not do A-levels because his results were not good. Couldn't do my A-levels because scores achchhe results achchhe nahi the
  9. He graduated from Hailey College and placed third in Punjab University. from Hailey College I graduated and I got third position in the entire Punjab University
  10. He was admitted to IBA, and classes began in August. Made it to IBA. August mein classes shuru ho gayi.
  11. He graduated with a concentration in banking. I am I am a graduate of banking concentration mein
  12. He graduated in June 1993. This is 1993 I graduated. June 1993, 91 to 93.
  13. American Express hired two people from a class of 38. American Express hire two people out of the class of 38
  14. He was one of the two people American Express hired. us ne do aadmi hire kiye, ek main tha
  15. He wanted exposure to the outside world. I wanted to get the exposure of outside world
  16. He was transferred to Lahore in January 1997. So January 1997 he transferred me to Lahore
  17. He joined a bank in December 1997. In December 1997 I joined American Express Bank uh City Bank 1997
  18. He became the head of a bank in Islamabad, covering the whole north. I became the head of City Bank in Islamabad here, North ka poora
  19. He joined Dubai Islamic Bank. I had joined Dubai Islamic Bank
  20. He set up Dubai Islamic Bank from scratch. I set up Dubai Islamic Bank from scratch
  21. He was 35 when he set up the bank from scratch in 2005. So 2005, 35 year old, you are now setting up a bank from scratch
  22. He was a partner at a firm. Burj Capital, uska head office udhar hi tha toh I was a partner there
  23. About five years later, that business was bought out. 5 saal ke baad Abraj came through and they bought out that business
  24. He says he became probably the youngest board member ever of the central bank. probably the youngest ever board member of the Central Bank
  25. He turned down a CEO role at a development finance institution. Forgoing a CEO role that they offered me in one of the DFIs. I said I don't want that.
  26. He gave up his State Bank board seat to become Director General of National Savings. So I sacrificed my board position with State Bank of Pakistan and I I accepted the job as the Director General of National Savings
  27. He was appointed by DFID, the UK aid agency. I was appointed by DFID jisko kehte hain UK ki UK Aid
  28. He was made interim CEO of a company. Woh company ka mujhe unhone interim CEO banaya
  29. He set up a company from scratch. Us company ko maine scratch se setup kiya
  30. He says he had to let go of a company. I had to let go of InfraZamin
  31. He says he was made an offer he could not refuse. So they made me an offer which I couldn't refuse
  32. He says he put himself at a deficit and gave other people more empowerment. where I put myself at a deficit, gave other people more empowerment
  33. Zafar Masud is President and CEO of Bank of Punjab. Zafar Masud is the President & CEO of Bank of Punjab and Chairman of Oil & Gas Development Company Limited.
  34. Zafar Masud is chairman of Oil & Gas Development Company Limited. Zafar Masud is the President & CEO of Bank of Punjab and Chairman of Oil & Gas Development Company Limited.
  35. After returning to Pakistan he took a CEO role. jab main wapas Pakistan aaya aur main yahan par aa ke main CEO ka role liya
  36. He was head of Barclays for the Southern Africa region. I used to be the head of Barclays for Southern Africa region
  37. In 2007 Barclays offered him the country manager and CEO role in Zambia. in 2007, again December, I became I was offered by the by Barclays to become the country manager CEO of Zambia
  38. He says he had the choice of moving to Botswana, described as the largest franchise, but decided to stay. I had a choice of moving to Botswana as well, which was the largest franchise. But I decided to stay
  39. He became the head of Zambia, Zimbabwe and Botswana. So I became the head of Zambia, Zimbabwe and Botswana
  40. He found a family-like circle of friends in Zambia. I found some very interesting friends in Zambia like my family
  41. He has never married. I never got married by the way
  42. He survived a plane crash. until you know, I survived a crash, plane crash
  43. He fainted before the crash. main toh faint kar gaya tha crash se pehle
  44. He was already being rescued when he regained consciousness. When I got the consciousness, I was already being rescued by six people
  45. He spent four months in hospital. So, the four months that I was on the hospital bed, that kept me going
  46. He says he did not know that survivor's guilt existed. mujhe nahi pata tha ki survivor's guilt naam ki koi cheez hoti hai
  47. He says the connection and relationships with people make a person different from others. it is the connection with people, the relationship with people that makes you different from the others
  48. He favours a bottom-up approach to tax. I am talking about bottom up approach, collect the taxes
  49. He says he does not believe in income tax. ye main income tax pe believe nahi karta
  50. He says tax should move toward turnover, taxing goods as they are sold. Aap turnover ki taraf jaiye. Jo bik rahi hai cheez, aap uske upar direct upar tax lagayein
  51. He says land below 12.5 acres is exempted. Jo jo 12.5 acre se neeche ke land hain, wo exempted hain
  52. He says 89 percent of farmers hold land below 12.5 acres. 89% of farmers are below 12.5 acre ka land
  53. He says 92 percent of tax collection is indirect. abhi aaj 92% tax collection is indirect
  54. He supports a wealth tax. Mere khayal se is about time that we start imposing wealth tax as well
  55. He describes inheritance tax as applying to property that a person has inherited and holds. Inheritance tax wo hai ke jo property aapne inherit karke apne paas rakhi hui hai
  56. He says non-filers should not exist. Non-filer should not exist.
  57. He says banks have by default become, or could be described as, rent-seekers. what has happened is that banks have by default or could be attributed as rent seekers
  58. He says the banking industry is a competitive business. Banking industry is a competitive business.
  59. He says about 95 percent of government funding needs come from banks. 95% of the banks contribution uh uh government ki jo funding requirement hai, that comes from the banks
  60. He says specialised banks should be created for SMEs and for project financing. Hamein SME bank banana chahiye. Hamein project financing ke bank banana chahiye
  61. He says there is no need for the Oil & Gas Development Company Limited to remain in the public sector. koi zaroorat nahi hai OGDCL ki public sector mein hone ki
  62. He says the pension problem within the Oil & Gas Development Company Limited has been resolved. OGDC ke andar humne yeh pension wala masla jo hai, isko resolve kar liya hai
  63. He says the company's entire pension bill is 100 percent funded. OGDC's entire pension bill as of today is 100% funded
  64. He says the discussion is not about a crypto-type currency. toh phir hum baat nahi kar rahe hain ke crypto type currency aa jayegi
  65. He suggests banning cash retail sales above Rs. 100,000 per transaction. no cash sale on the retailer more than let's say Rs. 100,000 per per transaction
  66. He says a policy of both carrot and stick must be followed. aapko carrot and stick dono policy follow karni padengi
  67. He says every kind of subsidy should be ended. humein har qism ki subsidy khatam kar deni chahiye
  68. He says an existing scorecard could be used to give cash subsidy directly. you already have the NSER or BISP ka scorecard which you can use to give them cash subsidy directly
  69. He says Pakistan is passing through a defining time. Main kahunga ke Pakistan is waqt jo hai na, ek defining time se zaroor guzar raha hai
  70. He says he would see a brighter future for Pakistan, especially by 2050. I'd see a brighter future for Pakistan, especially for 2050
  71. He says government is inefficient, extremely slow and lacks transparency. government is inefficient, government is extremely slow, government is lacks transparency
  72. He says about 52 percent of business is conducted informally. 52% jo business hai, woh informal tareeqe se ho raha hai