It’s about time our writers document our financial history by writing books on great Pakistani companies. PHOTO: CREATIVE COMMONS
There is a dearth of books on Pakistani entrepreneurs and companies. The only book I know of, written on the making of a Pakistani company, is The EFU Saga by a German national, Wolfram W Karnowski. Roshen Ali Bhimjee — a visionary whose stunning achievements are the stuff that dreams are made of — is the central character of the book. According to Karnowski, Bhimjee was brought into the company in the late 1950s when it seemed that EFU would collapse because of the disastrous business with the company’s London-based agents. Bhimjee convinced the board of directors to change the company’s shareholding structure, negotiated a deal with a Munich-based reinsurer, secured a loan, and got rid of the London business. As a result, EFU rose from a state of near-collapse to become the largest life insurance company in Afro-Asia, excluding Japan, in just 10 years.
Afterwards, Bhimjee set up successful insurance companies in the UK, the UAE and Saudi Arabia in collaboration with renowned banker Agha Hasan Abedi. With the unfortunate demise of their parent company, the Bank of Credit and Commerce International (BCCI), Bhimjee’s insurance companies lost a substantial amount of money. The consecutive setbacks did not prevent him from launching yet another life insurance company in 1992, when the government rolled back the anti-free market policies of the past. Known as EFU Life Assurance today, it is the largest private sector life insurance company in Pakistan, with over Rs37.8 billion of assets, as of December 2012.
People know about Bhimjee’s remarkable business acumen today, only because somebody decided to write a 500-page book on the company he built over several decades. Surely, there are other Bhimjees around us, but their ingenuity is unknown to the public at large. It’s about time our writers documented the financial history of the country by writing books on great Pakistani companies and conglomerates. We have Warren Buffets of our own — all we need to do is document and highlight their successes.
Published in The Express Tribune, July 19th, 2013.
COMMENTS (8)
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I woukd suggest you all to read midlife and naked a book by Shahista Ayesha, highlighting lives of two young entrepreneurs of Pakistan. its available at liberty books. a must read!
I think the success stories don't need any special coverage by authors or media. Any success story would stand for itself. People don't need a biography to recognize achievement of Shahid Khan, pakistani borned American billionaire, who recently bought english club fulham and NFL Team
My American friend often tells me that 'it is not just American dream, you guys should highlight PAKISTANI DREAM TOO' . His 2 favourite examples are: Parvez Musharraf: a migrant from India who grew up to be Chief of Army Staff and then (although through Coup) President of Pakistan. Second example he gives of Malik Riaz of Bahria Town. . Most of the people at top in businesses, army and bureaucracy (our bureucracy is cruited through competition exams) are from humble backgrounds. Media guys (most of the anchors earn $10,000 dollars a month plus perks) were once fresh graduates who started their career a decade or so ago either free or $30 dollars a month.
@Kazim Alam: Sir, I guess, the point I was tryimng to make was simple fact that the world does not know Mr Buffett for being in the insurance business but for his investment skills and the value of holding on to what you got rather than speculate. Look at this gem a wisdom and free advice from good old Warren Buffett for ever, "I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years."
But this is just beside the point, if you think that we got many such greats like Buffetts, Soros etc. then so be it, who am I to prevent anyone's thinking or fantacies. Why not, it doesn't cost nothing after all.
@Uza Syed Insurance business made Warren Buffet what he is today. His holding company, Berkshire Hathaway, owns GEICO, General Re, Berkshire Hathaway Reinsurance Group, and Berkshire Hathaway Primary Group. Premiums alone were more than one-fifth of the holding company’s revenues in the latest quarter. http://www.berkshirehathaway.com/qtrly/1stqtr13.pdf.
I agree with the writer. Though our success stories may not be able to match the business tycoons like Warren Buffet, but still, in a country like Pakistan which is facing a very new challenge every passing day, successful businessmen like Mian Mansha, Malik Riaz, Hashoo Group, Dewan Group, Crescent Group etc. should be given a fair Write
But how does this match or compare with Warren Buffet, Branson or Soros? Have you done any real reading on these guys at all or you just decided to write something for a its 'feel-good-effect' ?