Ishaq Dar

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Senator
Ishaq Dar
Ishaq Dar 1.jpg
Minister of Finance
Assumed office
7 June 2013
President Mamnoon Hussain
Prime Minister Nawaz Sharif
Preceded by Saleem Mandviwalla
Mir Hazar Khan Khoso (Acting)
In office
31 March 2008 – 13 May 2008
President Pervez Musharraf
Prime Minister Yousaf Raza Gillani
Preceded by Salman Shah
Succeeded by Abdul Razak Dawood
In office
7 November 1998 – 12 October 1999
President Wasim Sajjad (Acting)
Muhammad Rafiq Tarar
Prime Minister Nawaz Sharif
Preceded by Nawaz Sharif (Acting)
Succeeded by Shaukat Aziz
Leader of the Opposition in the Senate
In office
14 March 2012 – 4 June 2013
President Asif Ali Zardari
Prime Minister Yousaf Raza Gillani
Raja Pervaiz Ashraf
Mir Hazar Khan Khoso (Acting)
Preceded by Abdul Ghafoor Haideri
Succeeded by Aitzaz Ahsan
Minister of Commerce
In office
17 February 1997 – 12 October 1999
President Farooq Leghari
Wasim Sajjad (Acting)
Muhammad Rafiq Tarar
Prime Minister Nawaz Sharif
Preceded by Ahmad Mukhtar
Succeeded by Humayun Akhtar Khan
Personal details
Political party Pakistan Muslim League (N)
Education B. Com
FCA
Alma mater Government College University
Hailey College of Commerce
Profession chartered accountant
Awards Nishan-e-Imtiaz

Muhammad Ishaq Dar (Urdu: محمد اسحاق ڈار‎) is a Pakistani politician and chartered accountant who is the current Finance Minister of Pakistan, in office since June 2013. A member of the Pakistan Muslim League (Nawaz), Dar has been a member of the Senate of Pakistan since 2003, serving as Leader of the Opposition in the Senate from 2012 to 2013. He had previously been a member of the National Assembly of Pakistan for seven years from 1993 to 1999.

Dar grew up in Lahore, and was educated at the Hailey College of Commerce, Government College University, later attending the Institute of Chartered Accountants in England and Wales. Prior to entering politics, he worked as an accountant in various private and public sector organizations.

Dar was the chief of Pakistan Board of Investment in early 1990s during the Sharif's first ministry and has served as a member of the federal cabinet, in various positions, since 1997. During the Sharif's second ministry, he held the cabinet portfolios of Commerce Minister of Pakistan with the additional portfolio of Finance Minister of Pakistan. He briefly served as the Finance Minister of Pakistan for the second time during the Gillani ministry. In June 2013, during the third Sharif ministry, Dar was appointed as the Finance Minister of Pakistan for the third time.

Early life and education[edit]

Dar has a bachelor's degree in commerce from the Hailey College of Commerce of the University of the Punjab in Lahore,[1] which he attended from 1966 to 1969. He then attended Government College University in Lahore.[2] Reportedly, Dar was awarded two gold medals and a roll of honor for first position in B. Com. (Hons) at the University of Punjab.[2]

Dar became an Associate Member of the Institute of Chartered Accountants in England and Wales in 1974, where he achieved his certification in chartered accountancy. He was one of the youngest Pakistanis at the time to have passed the professional qualification in the minimum time period.[3] In 1975 he became associate member of the Institute of Chartered Accountants of Pakistan. He obtained fellowship in the Institute of Chartered Accountants in England and Wales in 1980 and in the Institute of Chartered Accountants of Pakistan in 1984. Currently, he is a fellow member of the Pakistan Institute of Public Finance Accountants and of the Institute of Chartered Accountants in England and Wales.[2]

Professional career[edit]

Professionally, Dar is a chartered accountant.[4][5] After having worked as director of finance in a London-based textile corporation from 1974 to 1976, Dar moved to Libya in 1976 and worked as senior auditor in the Office of the Auditor General's Department in Tripoli.[2][6]

Reportedly, he has been a director of the World Bank, as Vice Chairman of the Board of Governors at the Asian Development Bank and as a Governor of the Islamic Development Bank.[7][1] From 2002 to 2008,[8] during the Pervez Musharraf rule in Pakistan, he moved to the United Arab Emirates where he was a financial adviser to a member of the ruling family of the United Arab Emirates.[9] On returning to Pakistan in 1977, he became partner in a chartered accountant firm, and in 1980 he became financial adviser to a multinational construction company.[2] Dar served as president of Lahore Chamber of Commerce and Industry in 1993.[9]

Political career[edit]

Dar began his political career in the late 1980s as a member of the central executive committee of PML-N.[9] In 1992 he held his first public office as chief executive of the Pakistan Board of Investment until 1993 with the status of the Minister of State.[9]

Dar was elected as a member of the National Assembly of Pakistan for the first time in the 1993 general election, representing Lahore-IV constituency in Punjab.[9]

He was re-elected as the member of the National Assembly for the second time in the 1997 general election, representing Lahore-VI constituency in Punjab.[9] when his party, PML-N, won a clear majority in the National Assembly for the first time.[10] In February 1997 Dar was appointed as the Commerce Minister of Pakistan in Nawaz Sharif's second ministry.[11][9] In May 1998 Pakistan tested its nuclear weapons, and the world responded with heavy sanctions against Pakistan.[12] The economy nosedived, so Dar was given the additional position of Finance Minister of Pakistan for the first time.[4][9][13] He helped conclude negotiations for an International Monetary Fund rescue package to meet an economic crisis that had been triggered by the sanctions.[5]

Dar continued to serve in both positions until the 1999 Pakistani coup d'état in which then Chief of Army Staff, Pervez Musharraf, overthrew Nawaz Sharif and his existing elected government. Dar spent nearly two years[5] in jail under Musharraf over corruption charges that never went to trial.[1] Dar is amongst Nawaz Sharif's loyalists who kept the PML-N alive during Musharraf's rule.[14]

In 2003, Dar returned to Pakistan after several months’ of stay outside Pakistan[15] and was elected for the first time as a member of the Senate of Pakistan for a term of three years. During his tenure, he also served as Parliamentary Leader of PML-N in the Senate. He was re-elected for the second time as the member of the Senate in the 2006 senate election, this time for six years.[9]

After the 2008 general election, the Pakistan Peoples Party (PPP) and PML-N formed a coalition government as both parties secured the most number of seats in the National Assembly. Dar was appointed as the Finance Minister of Pakistan for the second time.[16][4][9][1] However, his tenure was short-lived after the PML-N left the PPP-led coalition to lead the movement to impeach Pervez Musharraf and to restore judiciary[17] Dar was elected as the Leader of the Opposition in the Senate in March 2012.[18] He continued at his position as Opposition Leader until May 2013.[9][18]

In 2011, Dar was decorated with Nishan-e-Imtiaz, the highest civil award given to Pakistani nationals, for his parliamentary service in Pakistan. However, along with other party colleagues, he refused to receive it from then President Asif Ali Zardari.[9]

Dar was re-elected for the third time as the member of the Senate in the 2012 general election, for six years.[9] As a member of the Special Committee of the Parliament of Pakistan on Constitutional Reforms, Dar co-prepared and passed the eighteenth, nineteenth, and twentieth amendments to the Constitution of Pakistan.[9]

For the 2013 general election, Dar was made part of PML-N's central parliamentary board tasked with selecting candidates for the election.[14] Upon PML-N's victory in the 2013 elections, Dar was made the Minister for Finance for the third time in June 2013 in the third Sharif ministry.[19] [1][20]

In 2014, Dar was made the chairman of the Special Parliamentary Committee on Election Reforms.[21]

In July 2016 the National Accountability Bureau cleared Dar in an over Rs 130 billion corruption case. Dar had previously claimed several times that he was facing no corruption case; however, the closing of an investigation against him negated his earlier claims. The NAB had included Dar's case in the list of 179 mega-corruption cases since 2001.[22] It was reported that the case was closed due to "immense pressure" from within the NAB or from the federal government despite the fact that enough material was available against Dar.[23]

In April 2016 Dar looked after important government matters when Nawaz Sharif underwent heart surgery in May 2016 in the United Kingdom.[24]

In October 2016 the Emerging Markets newspaper, which was reportedly published by the International Monetary Fund/World Bank, declared Dar as 'Finance Minister of the year 2016 for South Asia'.[25] The award was received by the Pakistan Ambassador to the United States Jalil Abbas Jilani on behalf of Dar.[26] Following the award, several government officials jumped to congratulate him for winning such a 'prestigious' award.[27] Later, the International Monetary Fund said the newspaper did not belong to it and was an independent publication. It was noted that five Pakistani state-owned firms funded the Emerging Markets edition, which carried a supplement on Pakistan.[28]

Personal life[edit]

Dar is considered an old loyalist of the Sharif family[29][30] which goes back to the time when Dar, as a young clerk, began working in the Ittefaq Group owned by the Sharif family. In 2004 Dar's eldest son married Nawaz Sharif's daughter Asma Nawaz in Jeddah, Saudi Arabia.[31][32]

Dar runs two charitable organisations as well. These trusts reportedly work to provide shelter to the homeless, help financially deprived students, and arrange mass marriage events for needy couples.[9]

References[edit]

  1. ^ a b c d e Anwar, Haris (8 June 2013). "Dar Appointed Pakistan's Finance Minister as Growth Falters". Bloomberg. Retrieved 7 October 2016. 
  2. ^ a b c d e "Ishaq Dar declared 'Finance Minister of the year 2016 for South Asia'". Ary News. 8 October 2016. Retrieved 20 October 2016. 
  3. ^ Shahbaz Rana (14 May 2013). "Right man for the job?: Senator Ishaq Dar tipped to be next finance minister - The Express Tribune". The Express Tribune. Retrieved 7 October 2016. 
  4. ^ a b c Irfan Ghauri (8 June 2013). "Federal cabinet unveiled: Enter the ministers - The Express Tribune". The Express Tribune. Retrieved 27 October 2016. 
  5. ^ a b c "New finance minister will have tough job". The News. 17 March 2008. Retrieved 4 January 2017. 
  6. ^ Ghumman, Khawar (7 June 2013). "Experience and loyalty count in the PML-N kitchen cabinet". Dawn. Retrieved 27 October 2016. 
  7. ^ "Mohammad Ishaq Dar: Executive Profile & Biography – Bloomberg". Bloomberg. Retrieved 3 January 2017. 
  8. ^ "Profile – Minister Ishaq Dar". www.finance.gov.pk. Ministry of Finance. Retrieved 21 October 2016. 
  9. ^ a b c d e f g h i j k l m n o Imran Kazmi (25 April 2013). "Mohammad Ishaq Dar profile". DAWN. Retrieved 7 October 2016. 
  10. ^ Burns, John F. (5 February 1997). "Muslim Party Gets Huge Margin in Pakistan's Parliament". The New York Times. Retrieved 13 November 2008. 
  11. ^ "Commerce ministers since 1997 came from LCCI". The News. 13 December 2007. Retrieved 21 January 2017. 
  12. ^ "CNN – U.S. outlines sanctions against India, Pakistan – June 18, 1998". CNN. 18 June 1998. Retrieved 4 January 2017. 
  13. ^ Jamil, Farah (7 June 2013). "26 member Cabinet to take oath today". Aaj News. Retrieved 31 October 2016. 
  14. ^ a b Mahmood, Amjad (26 March 2013). "'Loyalists dominate' N parliamentary board". Dawn. Retrieved 17 October 2016. 
  15. ^ "LAHORE: Ishaq Dar returns to contest Senate polls". DAWN.COM. 12 January 2003. Retrieved 21 January 2017. 
  16. ^ "Ishaq Dar to become finance minister: PML-N spokesperson". Dawn. 13 May 2013. Retrieved 4 January 2017. 
  17. ^ Wasim, Amir (26 August 2008). "Nawaz pulls out of coalition: Justice Saeeduz Zaman is PML-N candidate for president's post". Dawn. Retrieved 31 October 2016. 
  18. ^ a b APP (14 March 2012). "Ishaq Dar made opposition leader in Senate". Dawn. Retrieved 7 October 2016. 
  19. ^ AFP (13 May 2013). "Nawaz Sharif picks finance minister as stocks hit high - Khaleej Times". Khaleej Times. Retrieved 7 October 2016. 
  20. ^ Abdul Manan (7 June 2013). "PML-N-led federal cabinet takes oath - The Express Tribune". The Express Tribune. Retrieved 29 October 2016. 
  21. ^ "Ishaq Dar elected chairman of electoral reforms committee". DAWN.COM. 6 August 2014. Retrieved 21 January 2017. 
  22. ^ Report, Dawn (16 July 2016). "NAB gives a clean chit to Dar in Rs130bn case". Dawn. Retrieved 14 October 2016. 
  23. ^ Mian Abrar (15 July 2016). "Ishaq Dar walks free from NAB reference". Pakistan Today. Retrieved 14 October 2016. 
  24. ^ "Ishaq Dar, Maryam Nawaz to manage govt matters in absence of PM Nawaz". Pakistan Today. 14 April 2016. Retrieved 14 October 2016. 
  25. ^ Shehbaz Rana (9 October 2016). "Ishaq Dar declared 'Finance Minister of the Year' - The Express Tribune". The Express Tribune. Retrieved 9 October 2016. 
  26. ^ APP (10 October 2016). "Finance minister of the year: Jilani receives Ishaq Dar's award – The Express Tribune". The Express Tribune. Retrieved 13 October 2016. 
  27. ^ "KP Governor, AJK PM, Sindh CM congratulate Ishaq Dar for achieving Finance Minister of 2016 for South Asia award". Associate Press Of Pakistan. 10 October 2016. Retrieved 14 October 2016. 
  28. ^ Shehbaz Rana (14 October 2016). "IMF distances itself from Ishaq Dar's 'Finance Minister of the Year' award - The Express Tribune". The Express Tribune. Retrieved 14 October 2016. 
  29. ^ "Political parties being run as family limited companies". The News. 6 March 2012. Retrieved 21 January 2017. 
  30. ^ "Sharifs used paper mill to whiten money, Dar told court in 2000". Dawn. 13 November 2009. Retrieved 4 January 2017. 
  31. ^ Shahzad Raza (15 June 2016). "Dar gets PM's mandate". Daily Times. Retrieved 8 October 2016. 
  32. ^ Correspondent, By Abdullah Iqbal, (29 May 2004). "Wedding bells for Nawaz son, daughter". Gulf News. Retrieved 14 October 2016. 
Political offices
Preceded by
Ahmad Mukhtar
Minister for Commerce
1997–1999
Succeeded by
Abdul Razak Dawood
Preceded by
Nawaz Sharif
Acting
Minister for Finance
1998–1999
Succeeded by
Shaukat Aziz
Preceded by
Salman Shah
Acting
Minister for Finance
2008-2008
Succeeded by
Naveed Qamar
Preceded by
Abdul Ghafoor Haideri
Leader of the Opposition in the Senate
2012–2013
Succeeded by
Aitzaz Ahsan
Preceded by
Mir Hazar Khan Khoso
Acting
Minister for Finance
2013–present
Incumbent