Shaukat Tarin

Shaukat Tarin (Urdu: شوکت ترین‎; born 1953) is a Pakistani banker who served as Finance Minister of Pakistan from 2009 to 2010 in the Gillani cabinet.

Shaukat Tarin شوکت ترین
Member of Finance, Revenue & Economic Affairs Committee
Incumbent
Assumed office 18 April 2019
Prime Minister	Imran Khan
Minister of Finance, Revenue & Economic Affairs
In office 8 October 2008 – 22 February 2010
Prime Minister	Yousaf Raza Gillani
Preceded by	Naveed Qamar
Succeeded by	Abdul Hafeez Shaikh
President of the Union Bank (Pakistan)
In office 2000 – 2006 Karachi Stock Exchange
Chairman of the Karachi Stock Exchange
In office 2002–2008 Serving with Sadeq Sayeed
Prime Minister	Shaukat Aziz
Personal details
Born	Shaukat Tarin 1953 (age 67–68) Multan, West Pakistan
Nationality	Pakistani
Residence	Islamabad,
Alma mater	University of the Punjab (MBA), Forman Christian College University
Profession	Banker

On 7 October 2008, he was appointed as 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."[1]

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.

Banking career

Tarin is an ethnic Pashtun 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.[2]

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."[3]

He left HBL in 2000 to join Union Bank as its president.[4] 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.[5][6][7]

Shaukat Tarin has also been elected twice as chairman of Karachi Stock Exchange (KSE), the last one being in the year 2008.[8]

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.[9][10][11]

Finance Minister

Shaukat Tarin was appointed adviser to the finance ministry of Pakistan with a status of federal minister, on 7 October 2008.[4] 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.[12] As such, he heads the Executive Committee of the National Economic Council (NEC) and the Economic Coordination Committee (ECC).[4]

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."[1]

Member of Finance Committee

Shaukat Tarin is the member of the economic and finance committee since 18 April 2019 by Prime Minister Imran Khan. Jahangir Khan Tareen 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 the Prime Minister Imran Khan.

See also

• Silkbank Limited

References

1. Khaleeq Kiani . "PM accepts Shaukat Tarin’s resignation" Dawn, 24 February 2010
2. Saad Hasan. "I expect 3.5 percent growth rate this year" The News on Sunday, 14 March 2010
3. Ikram Sehgal. "Elsie is not a girl" Defence Journal, January 2000 edition
4. "Shaukat Tarin gets top finance post" Dawn, 8 October 2008
5. "Standard Chartered Acquisition of 95.37% Interest in Union Bank Ltd" Standard Chartered, 6 September 2006
6. "Standard Chartered acquires Union Bank" The Dawn, 5 September 2006
7. "Standard Chartered Bank (Pakistan) Limited | EMIS " securities.com
8. "Shaukat Tarin elected KSE Chairman" Daily Times, 17 January 2008
9. "History of Silkbank" Archived 17 January 2012 at the Wayback Machine Silkbank Website, accessed 4 September 2009
10. "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)
11. Silk Bank | Annual Report 2009 Archived 3 July 2011 at the Wayback Machine
12. "Shaukat Tarin elected as Senator" The Nation, 28 July 2009

External links

• Silkbank