Introduction: The Early Years and Literary Friendships
Agha Hasan Abidi, a man who would later revolutionize global banking, started his journey in Lucknow, India's intellectual and cultural hub. While studying at Lucknow University, Abidi's closest friend was Ibad Yar Khan, who gained fame in the literary world as Ibad Barelvi. Their friendship and the insights Barelvi provided played a crucial role in shaping Abidi's future. In his book Ghazalan Rana, Barelvi sketches a vivid portrait of Abidi, capturing his early aspirations and the pivotal moments that led him from the corridors of academia to the highest echelons of banking.
A Scholarly Pursuit in Lucknow
During his time at Lucknow University, Agha Hasan Abidi was pursuing both an MA and an LLB in English. This dual academic endeavor reflected his deep intellectual curiosity and his drive for excellence. However, despite his academic achievements, Abidi found himself at a crossroads regarding his future career path. One day, he confided in Ibad Barelvi, expressing his disinterest in traditional professions like lecturing or law. "I can neither be a lecturer nor a lawyer," Abidi told Barelvi. "Both professions are not in my mood. I think I should do some small job in Mahmoodabad Estate, where my father is employed."
The Turning Point: A Path to Banking
Ibad Barelvi, recognizing the potential in his friend, advised against settling for a minor position in the Mahmoodabad Estate. Instead, Barelvi suggested a bold move: securing a position at the newly established Habib Bank, a Muslim-owned institution. He proposed that Abidi seek a recommendation from Raja Sahib of Mahmoodabad, who had significant influence and could write a letter to Habib Seth, the founder of Habib Bank.
Initially, Abidi was hesitant, expressing his reservations about a career in banking. "Man! How do you talk? I would do a bank job! You know my mood very well. This job does not suit my temperament," he remarked. However, Barelvi was persistent, highlighting the scarcity of opportunities for Muslims in the post-independence era. He urged Abidi to reconsider, emphasizing the potential for growth in the banking sector and the unique opportunities it presented.
The Decision to Move to Bombay
After much deliberation, Abidi decided to follow Barelvi's advice. He approached Raja Sahib, who graciously wrote the letter of recommendation. The next day, Abidi shared the news with Barelvi, still uncertain about his decision. Barelvi, sensing the gravity of the moment, urged his friend to act swiftly: "Take this letter and go to Bombay immediately. Meet Habib Seth, deliver this letter to him, and become an officer in Habib Bank."
Abidi, trusting in Barelvi's judgment, left for Bombay within a week. His decision marked the beginning of a remarkable journey. Just a few days after his arrival, Abidi wrote to Barelvi, expressing his satisfaction with the new environment: "Raja Sahib's letter did a great job. I got a job, the environment is good here, and Bombay city is very good. My heart is set here."
The Rise of Agha Hasan Abidi in the Banking World
With his position secured at Habib Bank, Abidi began his career in banking, a field he had initially dismissed. Over the next few years, he immersed himself in the workings of the bank, showing an exceptional aptitude for finance and management. His early training included organizing various branches of Habib Bank across India, which provided him with a broad understanding of the banking industry and the diverse markets within the country.
The Shift to Pakistan and the Formation of United Bank Limited
The partition of India in 1947 marked a significant turning point in Abidi's career. As Pakistan emerged as a new nation, Abidi moved to Karachi, where he continued to rise through the ranks at Habib Bank. It was during this period that he began forming crucial relationships with leading Pakistani businessmen, most notably the Sehgal family.
By 1959, a pivotal moment arrived when the Habib family refused to provide a bank guarantee to the Sehgal family for a business venture. Abidi, recognizing the potential of the venture, disagreed with the Habibs' decision, leading to his departure from Habib Bank. The Sehgal family, recognizing Abidi's talents and vision, supported him in establishing United Bank Limited (UBL) on November 7, 1959.
United Bank Limited: A New Dawn in Pakistani Banking
The establishment of UBL marked the beginning of a new era in Pakistani banking. Under Abidi's leadership, UBL expanded rapidly, opening branches not only across West and East Pakistan but also internationally. Within a decade, UBL had become one of the most prominent banks in the country, with 912 branches, including 224 in East Pakistan, and 24 overseas branches.
Abidi's vision for UBL was not just limited to commercial success; he sought to build a bank that could compete on the global stage. His innovative approach to banking, combined with his strategic partnerships with influential business families like the Sehgals, positioned UBL as a leader in the industry.
The Dream of a World Bank: The Birth of BCCI
After the fall of Dhaka in 1971, which led to the secession of East Pakistan (now Bangladesh), Abidi's ambitions took on a global dimension. By this time, the Pakistani government had nationalized all major banks, including UBL. Unfazed by this setback, Abidi began working on his dream of establishing a world bank.
In 1974, with the support of Sheikh Zayed bin Sultan Al Nahyan, the ruler of the United Arab Emirates, Abidi founded the Bank of Credit and Commerce International (BCCI) in Luxembourg. BCCI was envisioned as a global bank that would cater to the financial needs of developing countries, providing them with the same level of service and support as the leading Western banks.
BCCI: A Global Banking Giant
BCCI quickly grew into a global powerhouse, with operations in over 70 countries at its peak. Abidi's vision of a world bank had become a reality, and BCCI was lauded for its innovative banking practices and its role in facilitating international trade and development.
However, BCCI's meteoric rise was followed by a dramatic fall. In 1991, the bank was embroiled in a massive scandal involving allegations of money laundering, fraud, and regulatory violations. The subsequent investigation led to the closure of BCCI and tarnished Abidi's legacy.
Conclusion: A Legacy of Vision and Controversy
Agha Hasan Abidi's life is a story of remarkable achievements and complex legacies. From his early days at Lucknow University, where he contemplated a modest career, to his role in shaping the banking industry in Pakistan and beyond, Abidi's journey was marked by vision, determination, and an unwavering belief in his abilities.
While his involvement in the BCCI scandal remains a controversial chapter in his life, Abidi's contributions to the banking sector cannot be overlooked. His innovative approach to banking, his ability to build and lead successful financial institutions, and his commitment to providing opportunities for developing nations are all part of a legacy that continues to influence the world of finance.
In the end, Agha Hasan Abidi's life serves as a testament to the power of ambition and the impact one individual can have on the global stage. His story, as told through the lens of his close friend Ibad Barelvi, is a reminder of the importance of mentorship, friendship, and the courage to pursue one's dreams, no matter how unconventional they may seem.
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