Asad Umar

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Asad Umar
Asad Umar.jpg
Member of Economic Development Council Finance, Revenue and Economic Affairs
Assumed office
09 July 2019
Chairman of Standing Committee on Finance, Revenue and Economic Affairs
Assumed office
8 May 2018
Federal Minister for Finance, Revenue and Economic Affairs
In office
20 August 2018 – 18 April 2019
PresidentMamnoon Hussain
Arif Alvi
Prime MinisterImran Khan
Preceded byShamshad Akhtar (caretaker)
Succeeded byAbdul Hafeez Shaikh (as advisor)
Member of the National Assembly of Pakistan
Assumed office
13 August 2018
ConstituencyNA-54 (Islamabad-III)
In office
16 September 2013 – 31 May 2018
ConstituencyNA-48 (Islamabad-I)
Personal details
Born (1961-09-08) 8 September 1961 (age 57)
Rawalpindi
NationalityPakistani
Political partyPakistan Tehreek-e-Insaf
AwardsSitara-i-Imtiaz

Asad Umar (Urdu: اسد عمر‎; born c. 1961) is a Pakistani politician who has been the member of the National Assembly of Pakistan since September 2013 till date. He is cuurently serving as the Chairman of the Standing Committee of the National Assembly on Finance, Revenue and Economic Affairs, since May 8, 2019. He has previously served as the Finance, Revenue, and Economic Affairs Minister of Pakistan from 20 August 2018 to 18 April 2019. Prior to entering politics, he was a business executive, serving as the Chief Executive Officer (CEO) of Engro Corporation from 2004 to 2012.[1]

Early life and education[edit]

In an interview, Umar said he was born in Rawalpindi in 1961 and is the youngest of six brothers and one sister. After his father's retirement from military, he moved to Karachi along with his family.[2] His father, Major General (retd) Ghulam Umar, was an army officer considered a close aide to General Yahya Khan.[3] He is the youngest brother of Mohammad Zubair, who was 32nd Governor of Sindh.[4][5]

Umar received a degree in Commerce (B.Com) at the Government College of Commerce & Economics.[6]

Umar graduated from IBA Karachi in 1984[7][8] from where he received an MBA degree.[2][6]

Professional career[edit]

He worked in HSBC Pakistan[8] after graduation for seven months.[2][6] He joined Exxon Chemical Pakistan in 1985[7] as a business analyst and was based in Canada. He was the only Pakistani employee of the company due to his father's diplomatic contacts.[8] Umar came back to Pakistan[8] to join Engro Corporation in 1985.[8]

In 1997 was appointed the first CEO of Engro Polymer and Chemicals, the petrochemical company of the group.[8] He became the President and CEO of Engro Corporation in 2004.[7] In 2009, he was awarded Sitara-i-Imtiaz for his public service.[9]

He took an early retirement as president and CEO from Engro in April 2012[7][10][11] at the age of 50[12] with some reports suggesting that he may have been forced to do so.

Umar is being credited for turning a chemical company into a major conglomerate[7][11][12] and is considered one of the most popular and highly paid CEOs in Pakistan.[8][8][11] During his tenure as CEO of Engro Corporation, Umar was paid about usd 6 million for the year 2011.[8]

Political career[edit]

He joined Pakistan Tehreek-e-Insaf (PTI) in 2012[7][11][12] and was made senior vice president of PTI.[13]

He was elected to the National Assembly of Pakistan from Constituency NA-48 (Islamabad-I) as a candidate of PTI in by-election held in August 2013.[14][15] He received 48,073 votes and defeated a candidate of Pakistan Muslim League (N).[16]

In 2014, Lahore University of Management Sciences cancelled a scheduled speech of Umar due to being political in nature rather than educational.[17]

He was re-elected to the National Assembly as a candidate of PTI from Constituency NA-54 (Islamabad-III) in 2018 Pakistani general election.[18] He received 56,945 votes and defeated Anjum Aqeel Khan.[19] Following his successful election, Umar was named as the potential candidate for the office of Minister for Finance, Revenue, and Economic Affairs.[20] On 20 August 2018, he was sworn in as Federal Minister for Finance, Revenue, and Economic Affairs in the federal cabinet of Prime Minister Imran Khan.[21]

On 18 September 2018, he presented amended finance bill for fiscal year 2018-2019 in the National Assembly.[22]

On 11 October 2018, Umar held a meeting with Christine Lagarde, chair of the International Monetary Fund (IMF) and formally applied for bailout package.[23]

The same month news reports emerged that Prime Minister Imran Khan has expressed dissatisfaction and reservations over Umar's performance as Minister for Finance.[24]

On 18 April 2019, he steped down from the Finance Ministry .[25]

From 08 May 2019, Asad Umar is serving as the Chairman of the Standing Committee of the National Assembly of Pakistan for Finance, Revenue, and Economic Affairs. This is a key office as it is above the finance ministry as the chairman can ask the finance minister and his ministry regarding their performance. Moreover, the chairman can also guide the finance minister and the finance ministry regarding their policies.

On 09 July 2019, Umar started working as the Member of Economic Development Council under recommendations of PM Khan in addition to the Chairman of Standing Committee on Finance, Revenue and Economic Affairs.

References[edit]

  1. ^ Farooq Tirmizi (17 April 2012). "Corporate titan: After 27 years at Engro, Asad Umar calls it a day". The Express Tribune.
  2. ^ a b c Zehra Shigri (9 June 2013). "Winds of change". The News US Magazine. Archived from the original on 9 June 2013. Retrieved 26 February 2017.
  3. ^ "Brother of Sindh governor and PTI's Asad Umar passes away in Karachi". The Express Tribune. 24 June 2018. Retrieved 8 March 2019.
  4. ^ "Muhammad Zubair named Sindh governor - The Express Tribune". The Express Tribune. 31 January 2017. Archived from the original on 31 January 2017. Retrieved 26 February 2017.
  5. ^ "Two talented brothers wrestle political issues for opposing sides". DAWN.COM. 21 February 2014. Archived from the original on 27 February 2017. Retrieved 26 February 2017.
  6. ^ a b c "Featured Interviews - Mr. Asad Umar". alumni.iba.edu.pk. IBA. Archived from the original on 9 October 2016. Retrieved 26 February 2017.
  7. ^ a b c d e f "Engro president quits". DAWN.COM. 17 April 2012. Archived from the original on 27 February 2017. Retrieved 26 February 2017.
  8. ^ a b c d e f g h i "Corporate titan: After 27 years at Engro, Asad Umar calls it a day - The Express Tribune". The Express Tribune. 17 April 2012. Archived from the original on 22 December 2016. Retrieved 26 February 2017.
  9. ^ "List of civil award winners". DAWN.COM. 16 August 2009. Archived from the original on 27 February 2017. Retrieved 26 February 2017.
  10. ^ "Engro CEO Asad Umar decides to quit". Daily Times.com. 17 April 2012. Archived from the original on 14 October 2013. Retrieved 19 April 2012.
  11. ^ a b c d "From Engro to PTI: A look back and forward at Asad Umar's life - The Express Tribune". The Express Tribune. 29 April 2012. Archived from the original on 22 December 2016. Retrieved 26 February 2017.
  12. ^ a b c "New recruit: Former Engro CEO Asad Umar joins PTI - The Express Tribune". The Express Tribune. 19 April 2012. Archived from the original on 21 December 2016. Retrieved 26 February 2017.
  13. ^ "Pakistan Tehrik-i-Insaaf". DAWN.COM. 23 March 2013. Archived from the original on 27 February 2017. Retrieved 26 February 2017.
  14. ^ "PTI man wins NA-48 amid low turnout". DAWN.COM. 23 August 2013. Archived from the original on 27 February 2017. Retrieved 26 February 2017.
  15. ^ "By-election: 32 per cent turnout in NA-48 by-election - The Express Tribune". The Express Tribune. 24 August 2013. Archived from the original on 23 August 2013. Retrieved 26 February 2017.
  16. ^ "2013 election result" (PDF). ECP. Retrieved 25 April 2018.
  17. ^ "LUMS cancels Asad Umar's talk". DAWN.COM. 12 November 2014. Archived from the original on 27 February 2017. Retrieved 26 February 2017.
  18. ^ "Pakistan election results live: Imran Khan wins in Pakistan but needs support to form government". GulfNews. 27 July 2018. Retrieved 1 August 2018.
  19. ^ "NA-54 Result - Election Results 2018 - Islamabad 3 - NA-54 Candidates - NA-54 Constituency Details - thenews.com.pk". www.thenews.com.pk. Retrieved 1 August 2018.
  20. ^ "Naya minister, meet purani ministry - Profit by Pakistan Today". Profit by Pakistan Today. 30 July 2018. Retrieved 9 August 2018.
  21. ^ "16 ministers from PM Imran Khan's cabinet sworn in". DAWN.COM. 20 August 2018. Retrieved 20 August 2018.
  22. ^ Khan, Sanaullah (18 September 2018). "Government cuts development spending, increases taxes on country's elite". DAWN.COM. Retrieved 18 September 2018.
  23. ^ "Subscribe to read". Financial Times. 11 October 2018. Retrieved 14 October 2018.
  24. ^ "Reports PM unhappy over Asad Umar's performance refuted | The Express Tribune". The Express Tribune. 12 October 2018. Retrieved 14 October 2018.
  25. ^ "Asad Umar addresses press conference after stepping down as finance minister Due to Jahangir Tareen interference". DAWN.COM. 18 April 2019. Retrieved 18 April 2019.