Ishaq Dar

Senator
Ishaq Dar
Minister for Finance
Assumed office
7 June 2013
Prime Minister Nawaz Sharif
Preceded by Mir Hazar Khan Khoso (Acting)
Leader of the Opposition in the Senate
In office
March 2012 – May 2013
Prime Minister Yousaf Raza Gillani
Raja Pervaiz Ashraf
Mir Hazar Khan Khoso (Acting)
Preceded by Abdul Ghafoor Haideri
Succeeded by Aitzaz Ahsan
Minister for Finance
In office
31 March 2008 – 13 May 2008
Prime Minister Yousaf Raza Gillani
Preceded by Salman Shah
Succeeded by Naveed Qamar
Minister for Finance
In office
7 November 1998 – 12 October 1999
Prime Minister Nawaz Sharif
Preceded by Nawaz Sharif (Acting)
Succeeded by Shaukat Aziz
Ministry for Commerce
In office
17 February 1997 – 12 October 1999
Prime Minister Nawaz Sharif
Preceded by Ahmad Mukhtar
Succeeded by Humayun Akhtar Khan
Personal details
Born Lahore, Punjab, Pakistan
Political party Pakistan Muslim League (N)
Alma mater Government College University, Lahore
University of the Punjab
Profession Chartered accountant[1]
Religion Islam

Muhammad Ishaq Dar (Urdu: محمد اسحاق ڈار) is a Pakistani politician who is the current Finance Minister of Pakistan in the third Sharif ministry.[2] A leader of the Pakistan Muslim League (Nawaz) (PML-N), Dar grew up in Lahore, and was educated at the University of the Punjab, 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.[3][4]

Dar began his political career as the chief executive of Pakistan Board of Investment in 1990 during the Sharif's first ministry.[5] He previously held the cabinet portfolios of Commerce Minister of Pakistan from 1997 to 1999 in Sharif's second ministry with the additional portfolio of Finance Minister of Pakistan from 1998 to 1999. He briefly served as Finance Minister of Pakistan in the Gillani ministry in 2008.[2]

Dar has been a member of the Senate of Pakistan since 2003 and served as the Leader of the Opposition in the Senate from 2012 to 2013.[1][6] He was elected member of the National Assembly of Pakistan in 1993 and 1997.[5]

In May 2013, after Nawaz Sharif elected as the Prime Minister of Pakistan for the third time, Dar was appointed as the Finance Minister of Pakistan for the third time.[2]

Family and education

Dar is considered an old loyalist of Sharif family which goes back to the time when Dar, as a young clerk, began working in the then growing Ittefaq Group of Sharif family. In 2004, London-based son of Dar married Nawaz Sharif’s Asma Nawaz daughter in Jeddah, Saudi Arabia.[7][8]

Dar has a bachelor’s degree in commerce from the Hailey College of Commerce, University of the Punjab, Lahore[9] which he attended from 1966 to 1969. He also attended Government College University, Lahore.[3] Reportedly, Dar was awarded two gold medals and a roll of honour for first position in B. Com. (Hons) at the University of Punjab.[3]

Dar became an Associate Member of Institute of Chartered Accountants in England and Wales in 1974, from where Dar 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.[10] In 1975, he became associate member of the Institute of Chartered Accountants of Pakistan. He got fellowship of the Institute of Chartered Accountants in England and Wales in 1980 and of the Institute of Chartered Accountants of Pakistan in 1984. Currently, he is a fellow member of the Institute of Public Finance Accountants of Pakistan and of the Institute of Chartered Accountants in England and Wales.[3]

Professional career

After having worked as director of finance in a London-based textile corporation from 1974 to 1976, Dar in 1976 moved to Libya and worked as senior auditor in the Office of the Auditor General's Department in Tripoli.[3]

Reportedly, he has been a director of the World Bank, Asian Development Bank and Islamic Development Bank.[9] From 2002 to 2008[11] during the Musharraf rule, he moved to the United Arab Emirates where he was a financial advisor to a member of the ruling family of the United Arab Emirates.[5] On returning to Pakistan in 1977, he became partner in a chartered accountants firm and in 1980, he became financial advisor to a multinational construction company.[3] Dar served as president of Lahore Chamber of Commerce and Industry.[5]

Political career

Since the late 1980s, Dar has been a member of the central executive committee of PML-N.[5] In 1992 he was chosen as the Minister of State and held first public office from as chief executive of Pakistan Board of Investment until 1993.[5]

He was elected as the member of National Assembly of Pakistan for the first in Pakistani general election, 1993 and again re-elected in Pakistani general election, 1997[5] when his party PML-N won clear majority in National Assembly for the first time in the history of Pakistan and Nawaz Sharif sworn in as Prime Minister of Pakistan for the second time.[12] In February 1997, Dar was appointed as the Commerce Minister of Pakistan in the Nawaz Sharif's second ministry.[5] Dar was appointed as the Finance Minister of Pakistan for the first time succeeding Sartaj Aziz in late 1998.[13][1][5] Dar continued on the both positions till the 1999 Pakistani coup d'état in which then Chief of Army Staff, Pervez Musharraf, overthrew elected Prime Minister Nawaz Sharif and his existing elected government. Dar spent more than a year in jail under Musharraf over corruption charges that never went to trial.[9] Dar is amongst the Nawaz Sharif's loyalist who kept the PML-N alive during the Musharraf rule.[14]

Reportedly in 2011, Dar was decorated with Nishan-e-Imtiaz, the highest civil award given to Pakistani nationals, for his parliamentary services in Pakistan, however, he along with other party colleagues refused to receive it from then President Asif Ali Zardari.[5]

Senator

In 2013, for the first time he was elected as the member of the Senate of Pakistan for only three years and then re-elected for the next two consecutive terms, both time for six years. He was appointed as Parliamentary Leader of PML (N) in the Senate.[5]

After the Pakistani general election, 2008, PPP and PML-N formed a coalition in the cabinet 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.[1][5][9] However, his tenure was short-lived due to PML-N's decision to leave the Pakistan Peoples Party led collation government.[15] Dar was elected as the Leader of the Opposition in the Senate of Pakistan in March 2012.[6] He continued at his position as Opposition Leader till May 2013.[5]

Finance Minister (2013 - present)

For Pakistani general election, 2013, Dar was made part of PML-N’s central parliamentary board tasked with selecting candidates for the election.[14] Upon PML-N victory in the 2013 elections, Dar was made the Minister for Finance for the third time in June 2013.[9][16]

In July 2016, the National Accountability Bureau gave a clean chit to Dar in over Rs 130 billion corruption case. Dar previously claimed several times that he was facing no corruption case however closing of an investigation against him negated his earlier claims. NAB had included Dar's case in the list of 179 mega corruption cases since 2001.[17] Pakistan Today 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 the Dar.[18]

In April 2016, Dar looked after important government matters when Nawaz Sharif underwent heart surgery in May 2016 in the United Kingdom.[19]

In October 2016, the Emerging Markets newspaper, which reportedly publish by the International Monetary Fund/World Bank declared Dar as ‘Finance Minister of the year 2016 for South Asia’.[20] The award was received by the Pakistan Ambassador to the United States Jalil Abbas Jilani on behalf of Dar.[21] After which several government officials jumped to congratulate them for winning such a ‘prestigious’ award.[22] Later, International Monetary Fund said the newspaper does not belong to it and is an independent publication. It was noted that five Pakistani state-owned firms funded the Emerging Markets edition which carried a supplement on Pakistan.[23]

Philanthropy

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.[5]

References

  1. 1 2 3 4 "Federal cabinet unveiled: Enter the ministers - The Express Tribune". The Express Tribune. 8 June 2013. Retrieved 27 October 2016.
  2. 1 2 3 "Nawaz Sharif picks finance minister as stocks hit high - Khaleej Times". www.khaleejtimes.com. khaleej times. 13 May 2013. Retrieved 7 October 2016.
  3. 1 2 3 4 5 6 "Ishaq Dar declared 'Finance Minister of the year 2016 for South Asia'". ARY NEWS. 8 October 2016. Retrieved 20 October 2016.
  4. ↑ Ghumman, Khawar (7 June 2013). "Experience and loyalty count in the PML-N kitchen cabinet". DAWN.COM. Dawn. Retrieved 27 October 2016.
  5. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 "Mohammad Ishaq Dar profile". DAWN. 25 April 2013. Retrieved 7 October 2016.
  6. 1 2 "Ishaq Dar made opposition leader in Senate". Dawn. 14 March 2012. Retrieved 7 October 2016.
  7. ↑ "Dar gets PM's mandate". dailytimes.com.pk. dailytimes. 15 June 2016. Retrieved 8 October 2016.
  8. ↑ Correspondent, By Abdullah Iqbal, (29 May 2004). "Wedding bells for Nawaz son, daughter". GulfNews. Retrieved 14 October 2016.
  9. 1 2 3 4 5 Anwar, Haris (8 June 2013). "Dar Appointed Pakistan's Finance Minister as Growth Falters". Bloomberg.com. bloomberg. Retrieved 7 October 2016.
  10. ↑ "Right man for the job?: Senator Ishaq Dar tipped to be next finance minister - The Express Tribune". The Express Tribune. tribune. 14 May 2013. Retrieved 7 October 2016.
  11. ↑ "Profile - Minister Ishaq Dar". www.finance.gov.pk. Ministry of Finance. Retrieved 21 October 2016.
  12. ↑ Burns, John F. (5 February 1997). "Muslim Party Gets Huge Margin in Pakistan's Parliament". The New York Times. Retrieved 13 November 2008.
  13. ↑ Jamil, Farah (7 June 2013). "26 member Cabinet to take oath today". Aaj News. Retrieved 31 October 2016.
  14. 1 2 Mahmood, Amjad (26 March 2013). "'Loyalists dominate' N parliamentary board". Dawn. Retrieved 17 October 2016.
  15. ↑ 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.
  16. ↑ "PML-N-led federal cabinet takes oath - The Express Tribune". The Express Tribune. 7 June 2013. Retrieved 29 October 2016.
  17. ↑ Report, Dawn (16 July 2016). "NAB gives a clean chit to Dar in Rs130bn case". Dawn. Retrieved 14 October 2016.
  18. ↑ "Ishaq Dar walks free from NAB reference". Pakistan Today. 15 July 2016. Retrieved 14 October 2016.
  19. ↑ "Ishaq Dar, Maryam Nawaz to manage govt matters in absence of PM Nawaz". Pakistan Today. 14 April 2016. Retrieved 14 October 2016.
  20. ↑ "Ishaq Dar declared 'Finance Minister of the Year' - The Express Tribune". The Express Tribune. 9 October 2016. Retrieved 9 October 2016.
  21. ↑ "Finance minister of the year: Jilani receives Ishaq Dar's award - The Express Tribune". The Express Tribune. 10 October 2016. Retrieved 13 October 2016.
  22. ↑ "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.
  23. ↑ "IMF distances itself from Ishaq Dar's 'Finance Minister of the Year' award - The Express Tribune". The Express Tribune. 14 October 2016. Retrieved 14 October 2016.
Political offices
Preceded by
Ahmad Mukhtar		 Minister for Commerce
1997–1999 		Succeeded by
Humayun Akhtar Khan
Preceded by
Nawaz Sharif
Acting		 Minister for Finance
1998–1999 		Succeeded by
Shaukat Aziz
Preceded by
Salman Shah		 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
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