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Federal Minister for Finance and Revenue

Federal Minister for Finance and Revenue

shaukat tarin finance minister

Shaukat Fayaz Ahmed Tarin

Profile

A business graduate, who majored in finance, Mr. Tarin started his career with Citibank Pakistan in 1975, and worked there for almost twenty-two years. In 1985, he was appointed Country Manager UAE and Oman and Regional Manager for Citibank’s Consumer Business in Gulf and Pakistan.

In 1991, Mr. Tarin was appointed as the Country Manager, Citibank Pakistan. During his five-year tenure as Country Manager, Citibank increased its balance sheet size almost seven times and pre-tax profits grew from Rs. 200 million to Rs. 1.2 billion. Owing to his strong commitment to building customer franchise, Citibank emerged as one of the leading consumer banks in the country.

In 1996, Mr. Tarin was appointed Citibank Thailand’s Country Manager. He was responsible for Citibank’s business in Thailand which had a balance sheet size of US$ 4 billion, revenues of US$ 300 million, net income of US$ 100m and over 2,200 employees.

In 2014, Mr. Tarin received the “Distinguished Alumni Award” for leadership and ingenuity from CEO of Citibank New York.

In 1997, when the government introduced banking reforms in Pakistan, Mr. Tarin was appointed as the Chairman & President of one of the country’s largest nationalized banks, Habib Bank. During his tenure, the bank recorded unprecedented progress in customer franchise, risk management, human resource development, cost management and financial performance. The bank which was incurring an operating loss of $220 million annually made a small profit when he left in 2000. Last year, HBL made in excess of $ 330 million in net profits. When he left in 2000, World Bank recognized the outstanding role he played in reforming the banking sector in Pakistan.

He was associated with Union Bank from June 2000 as its Chairman and Chief Executive Officer. He was able to build a bank from a balance sheet of $250M to $2.2Bn and PAT from breakeven to $30M in 6 years. Bank was successfully sold to Standard Chartered for $500M, thus giving investors 1800% return on their investments.

Mr. Tarin was also the Chairman of Pakistan Banks Association for 3.5 years and Chairman of the Karachi Stock Exchange Limited as well as the Chairman of National Commodity Exchange Limited for two consecutive terms.

For his meritorious services to the banking sector, he received two national awards:

Quaid e Azam, Gold Medal Award on December 3, 2005 by the Governor of State Bank of Pakistan, Dr. Ishrat Husain for his meritorious contribution to the banking industry.
Sitara e Imtiaz, a Civil award conferred by the President of Pakistan on March 23, 2007 for his contribution to Public Service.
 

From October 6, 2008 till February 28, 2010 he was appointed as Minister for Finance, Revenues, Economic Affairs, Planning and Statistics. During his tenure he stabilized the economy which was heading towards a certain default and was facing high inflation, large current account and fiscal deficits and dwindling FX reserves. He was able to spearhead the successful conclusion of a Consensus National Finance Commission Award after 19 years.


During his stay with the government, Mr. Tarin refused compensation and paid for his own transport and accommodation expenses as well.

Mr. Tarin resigned from his post as Finance Minister on a matter of principle that he could not help his bank raise capital while he was in office. Managing Director IMF recognized his valuable services to the country when he left office.

From March 3, 2011 till September 30, 2019 he was appointed as an Advisor to the Chairman of the Board of Silkbank Limited. Mr. Tarin is main Sponsor in Silkbank Limited since March 2008.

On April 17, 2021 he took over charge of Minister for Finance & Revenue, Government of Pakistan.

Presently, Mr. Tarin is a Member of the following:

Vice Chairman, Economic Advisory Council
Prime Minister’s Strategic Reforms & Implementation Unit
Prime Minister’s COVID-19 Think Tank
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