Shaukat Fayaz Ahmed Tarin
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
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
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