The writer is Editor of The Express Tribune
Started in 1972 with a $2.5 million investment by the ruler of Abu Dhabi, Abedi sahab built BCCI into one of the largest banks in the world which was seen at the time as a success story for the third world. At its peak in the 1980’s, the bank had 14,000 employees, 400 offices in 72 countries, 1.3 million depositors and more than $20 billion in assets.
While the West has been particularly vicious when it comes to Abedi sahab, as Pakistanis we remember the man as someone who dared to dream big and was punished for it in the end. Given our love for conspiracy theories, are we right in assuming that this brilliant banker was actually the victim of an international plot?
I recall the cover picture in Time magazine which termed the BCCI as the “Bank of Crooks and Criminals” and in an obituary written on Abedi sahab’s demise, the New York Times stated that the BCCI cheated depositors in more than 70 countries out of $15 billion, was involved in money laundering and had been an elaborate Ponzi scheme.
Investigators found as reported by the paper that the bank had laundered drug money, financed arms deals and assisted an array of criminal activities. At the time of the investigation, Abedi sahab had left the bank for more than two years but this was not enough for the Western media to malign him.
Most Pakistanis remember him in different terms. In the announcement made by the presidency, the literary and social contributions made by the late Abedi sahab were mentioned. It can go without saying that not only did thousands of people benefit from his work and philantrophy during his lifetime, several more have benefitted and continue to benefit after his death. That is the sign of a great personality.
He introduced computer science in Pakistan back when few knew what it even was. He donated Rs100 million to form the BCCI Foundation for Advancement of Science and Technology (FAST) in 1980 to promote computer science. Ghulam Ishaq Khan Institute (GIKI) was also a brainchild of the same man. Both these schools have produced many scientists and engineers who are contributing heavily towards Pakistan’s economy.
In the words of Naim Beg, a former banker who worked in the BCCI and now runs a restaurant in Karachi, Abedi sahab was a man ahead of his time. Since his death and the collapse of the BCCI, we wonder how many other banks have been brought down by the regulators on similar charges. As things stand, we do know that neither had money laundering and nor have questionable business practices ended in the banking industry across the world. But the manner in which BCCI was made an example of, we can only scratch our heads.
We will continue to remember Abedi sahab for the genius he was. Born in UP in 1922, Abedi sahab earned a Masters degree in English from Lucknow University. After migrating to Pakistan, he worked with the Habib Bank before joining the Saigols to form UBL, which many remember as a bank that changed the way banking was done in Pakistan. After prime minister Bhutto nationalized banks post 1970, Abedi sahab went on to form BCCI. He was not one to sit and mope over his losses.
I remember meeting many BCCI staffers on and off and was impressed by the fact that these bankers, many of whom were from Pakistan, were working in different parts of the world, where they not only challenged the traditional banking practiced but shook the local industry.
Two years back, one of our bloggers, Samir Butt, in an ode to Abedi sahab called him one of the finest minds that Pakistan ever produced. Butt also said that in the mess that exists today, the youth of Pakistan desperately need inspiring personalities to look up to, and that Abedi sahab was one such person. How true.
Published in The Express Tribune, March 9th, 2015.
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