Shahkur Ullah Durrani

Shakir Khan Durrani (also known as "Shakir K. Durrani.", and also transliterated as "Shakir'ullah") (Urdu: شاکر اللہ درانی‎) (3 March 1928 – 20 November 2009) was a Pakistani banker who served as the managing director of Pakistan International Airlines and Governor of the State Bank of Pakistan. His daughter Tehmina Durrani is a wife of former Chief Minister of Punjab, Pakistan Shehbaz Sharif.

Shakir Khan Durrani
5th Governor of the State Bank of Pakistan
In office
1 July 1971 – 22 December 1971
Preceded byMahbubur Raschid
Succeeded byGhulam Ishaq Khan
Personal details
Born(1928-03-03)3 March 1928
Died20 November 2009(2009-11-20) (aged 81)
Spouse(s)Samina Durrani
ChildrenTehmina Durrani

Career

Durrani served for three years as an officer in the Pakistani Army.[1]

Banking career

After leaving military service Durrani started on a banking career.[1] After some years in England, Durrani returned home to be appointed Deputy Managing Director of Pakistan Industrial Credit and Investment Corporation (PICIC) in 1962.[2][3]

In February 1966 the Pakistani government established the Investment Corporation of Pakistan (ICP), a government-owned mutual fund with the objective of enlarging the investor base and developing the capital markets in Pakistan,[4] and Durrani was appointed its first managing director.[1][2][5]

In September 1969 the Pakistani government nationalized Pakistan International Airlines and appointed Durrani[1] as its new managing director.[2]

In July 1971 he was appointed Governor of the State Bank of Pakistan[6] but when the Pakistani military government lost a disastrous war against India in December, SU Durrani's meteoric rise was over. When Zulfiqar Ali Bhutto became president and Chief Martial Law Administrator of Pakistan in December 1971, Durrani was put under house arrest and later sent to prison. No charges were brought against Durrani.[2][7]

After his release from prison, Durrani resumed his banking career. In the 1970s Bankers Equity Limited (BEL) arranged a joint venture between him and a large Japanese leasing company --- Orient Leasing (later ORIX),[2] one of largest commercial aircraft lessors. BEL took 25% of the equity; the Japanese took 40%; Durrani's business partner took 4% with Durrani taking the rest (31%). SU Durrani was appointed Chairman of the Orient Leasing Pakistan Limited (OLP) with Humayun Murad as General Manager and his nominee. The Japanese managed the company till 1990, when the company went public. The Japanese directors took up assignments in Europe with the 43-year-old Humayun Murad appointed as Managing Director and Durrani remained as Vice Chairman.[8]

Durrani later took on a number of projects in his home district, Charsadda, aimed at helping Pashtuns and Pakistanis, including job creation and funding humanitarian projects, development and charities. These projects included a fructose factory and Frontier Ceramics,[9] one of the largest in output of Italian style tiles and functional ceramics in Asia (at the time).

See also

References
  1. Fricker, John (29 May 1969). "PIA Looks Ahead". Flight International. p. 866. Retrieved 27 February 2015.
  2. Idris, Kunwar (21 November 2009). "From Subaltern to SBP Governor: Durrani". Dawn. Karachi. Retrieved 27 February 2015.
  3. "APPRAISAL OF PAKISTAN INDUSTRIAL CREDIT AND INVESTMENT CORPORATION, LIMITED". World Bank. 5 February 1963. Retrieved 28 February 2015.
  4. "Investment Corporation of Pakistan". Retrieved 28 February 2015.
  5. "The Imperial SEC? – Foreign Policy and the Internationalization of the Securities Markets, 1934–1990". Retrieved 28 February 2015. In 1966, USAID introduced the SEC to a Pakistani who was the managing director of the Investment Corporation of Pakistan and close to the president of Pakistan
  6. "SU Durrani passes away". The News International. Karachi. 26 November 2009. Retrieved 27 February 2015.
  7. "BHUTTO VISIT – PRIVATE VISIT OF S.U. DURRANI TO THE U.S". wikileaks.org. 14 September 1973. Retrieved 28 February 2015.
  8. "DUBAI MAJID AL FUTTAIM, JAPAN ORIX IN LEASING JV". Khaleej Times. Dubai. 12 June 2001. Retrieved 28 February 2015.
  9. "Annual Report 2000" (PDF). Frontier Ceramics. Retrieved 28 February 2015.
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