Agha Hasan Abedi

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Agha Hasan Abedi (Urdu) (14 May 1922 – 5 August 1995) was a Pakistani banker and convicted felon who established Bank of Credit and Commerce International (BCCI) in Pakistan and witnessed its demise after one of the largest banking fraud scandals in history was unearthed. He was sentenced to eight years in jail for fraud before his death by a United Arab Emirates court. United Bank Limited was also founded by Abedi. Abedi underwent heart transplant surgery in 1988 and died as a result of a heart attack in Karachi on August 5th, 1995.

Early life and education

Agha Hasan Abedi was born in Lucknow, British India, to a middle-class family with members who served as consultants and courtiers to the Nawab of Awadh. He earned his master's degree in English literature as well as a law degree from Lucknow University. After the establishment of Pakistan in 1947, Abedi migrated to Pakistan.

Personal life

Hasan Abedi was married to Rabia Abedi. Maha was the couple's daughter. Despite the fact that Abedi was born into a Muslim family, he was also a well-known Muslim mystic. He would spend hours discussing his mystical beliefs during his BCCI Bank addresses. BCCI was not just a bank, but a god-gifted entity that was directly connected to the universe, according to him.

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Career

Abedi began his career at the age of 24 when he joined Habib Bank Limited.

Abedi founded the United Bank Limited in 1959 (UBL). He was both the Founder and the first President. UBL became Pakistan's second largest bank under his stewardship. Abedi introduced the idea of customized service and banking assistance to trade and industry, paying particular attention to the bank's overseas activities. Abedi was one of the first to understand the benefits of the oil boom in the Persian Gulf, leading to close economic cooperation between Pakistan and the UAE. (UAE). Sheikh Zayed bin Sultan Al Nahyan, the UAE President, extended his patronage to UBL activities both in Pakistan and abroad.

Abedi established the Bank of Credit and Commerce International (BCCI) in 1972, with initial funding of US$2.5 million only. It was the world's fastest-growing bank for a decade. At its high point, it was present in more than seventy countries and had nearly 1.3 million depositors.

He left in 1988 due to poor health.

The bank was discovered by international regulators in July 1991 that it was involved in a massive fraud and money laundering scheme involving Colombian drug cartels, Abu Nidal Organization and Central Intelligence Agency, respectively. Its assets were seized in the ensuing years.

The BCCI began functioning in Luxembourg from a two-room head office in London. It has developed into a multinational banking institution with branches in 72 countries and 16,000 employees. Abedi was personally responsible for inducing a large number of Pakistanis into the field of international banking, although over 80% of the BCCI's top executive positions in the head office and branches in several countries were held by Pakistanis. "It was founded by Agha Hasan Abedi in 1972, and it was largely by the South Asians." After suffering a heart attack and living a retired life in Karachi until his death of heart disease at Aga Khan Hospital in 1995, Abedi severed his link with BCCI in 1990.

Abedi established charitable organisations in the United Kingdom, Bangladesh, Zimbabwe, and Pakistan.

In Karachi, Pakistan, the Infaq Foundation has just one office. It has over Rs. 100,000 in capital and reserves. The 2.50 billion figure, which is equivalent to less than US$30 million, is equivalent to just over US$30 million. The Sindh Institute of Urology and Transplantation, National Institute of Cardiovascular Diseases, Lady Dufferin Hospital and Sir Syed University of Engineering and Technology in Karachi, as well as the Ghulam Khan Institute of Engineering Sciences and Technology, are two of the key beneficiaries. From 1983 to 1995, Ghulam Ishaq Khan was the first Chairman of the Foundation.

With a gift of Rs. 70,000, Abedi also established BCCI FAST in 1980. A $100 million initiative to foster computer science education. It is now Pakistan's first multi-campus university, National University of Computer and Emerging Sciences. It has five campuses located in Islamabad, Peshawar, Karachi, Lahore, and Faisalabad.

Abedi has also contributed to the establishment of the Ghulam Ishaq Khan Institute of Engineering Sciences and Technology.

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Award and honor

• Agha Hasan Abedi Auditorium at Ghulam Ishaq Khan Institute of Engineering Sciences and Technology, Swabi, Khyber Pakhtunkhwa, Pakistan, was named after him.
• Agha Hasan Abedi was posthumously awarded the Hilal-i-Imtiaz, a Pakistani Civilian Award, by the President of Pakistan in 2015 for his services to the nation.