Agha Hasan Abedi

Agha Hasan Abedi
Agha Hasan Abedi
Born	Template:Birth date; Lucknow, British India
Died	August 5, 1995 (aged 73); Karachi, Pakistan
Occupation(s)	Banker, philanthropist
Known for	Founder of Bank of Credit and Commerce International (BCCI), founder of United Bank Limited
Notable work	Founder of charitable organizations including the Infaq Foundation and contributor to establishment of National University of Computer and Emerging Sciences and Ghulam Ishaq Khan Institute of Engineering Sciences and Technology

Agha Hasan Abedi () (14 May 1922 – 5 August 1995) was a prominent Pakistani banker and later convicted criminal, recognized as the founder of the Bank of Credit and Commerce International (BCCI), which ultimately collapsed amid one of the most extensive banking fraud cases in history. He received an eight-year prison sentence from a United Arab Emirates judiciary on charges of fraud. Additionally, Abedi was the founder of United Bank Limited. After undergoing a heart transplant in 1988, he passed away due to a heart attack on 5 August 1995 in Karachi.

Early life and education

Abedi was born into an Urdu-speaking middle-class family in Lucknow, British India, with ancestral connections to the Nawab of Awadh. He completed a master's degree in English literature along with a law degree from Lucknow University. Following the partition and creation of Pakistan in 1947, he relocated there.

Career

At age 24, Abedi embarked on his banking career with Habib Bank Limited. In 1959, he launched United Bank Limited (UBL) and assumed the role of its inaugural President. Under his guidance, UBL grew to become Pakistan’s second-largest banking institution. He pioneered personalized banking services and prioritized supporting trade and industry, especially enhancing the bank’s international presence. Capitalizing on the economic opportunities presented by the Arabian Gulf oil boom, Abedi nurtured private sector economic relations between Pakistan and the United Arab Emirates (UAE), earning endorsement from UAE President Sheikh Zayed bin Sultan Al Nahyan for UBL’s activities.

Bank of Credit and Commerce International

In 1972, Abedi established the Bank of Credit and Commerce International (BCCI) with an initial capital investment of . Over the following decade, BCCI emerged as the fastest expanding bank worldwide, operating across more than seventy nations and serving approximately 1.3 million depositors. Although registered in Luxembourg, BCCI grew from a modest London office into a vast global enterprise employing around 16,000 individuals. Abedi deliberately appointed numerous Pakistanis to senior management roles, with nearly 80% of top executive positions filled by them. Supported primarily by Middle Eastern financiers, BCCI’s management predominantly consisted of South Asians.

Due to declining health, Abedi stepped down from BCCI leadership in 1988. In 1991, international regulatory authorities exposed BCCI’s involvement in extensive fraud and money laundering activities connected to Colombian drug cartels, the Abu Nidal Organization, and various intelligence agencies. This revelation prompted asset seizures and ultimately led to the bank’s downfall. Abedi spent his remaining years in retirement in Karachi until his death from heart failure in 1995.

Philanthropy

Abedi founded several charitable organizations operating throughout the UK, India, Bangladesh, Zimbabwe, and Pakistan.

The Infaq Foundation, based in Karachi, maintains capital and reserves exceeding Rs. 2.50 billion (equivalent to over US$30 million as of 2009). It supports key institutions including the Sindh Institute of Urology and Transplantation, National Institute of Cardiovascular Diseases, Lady Dufferin Hospital, Sir Syed University of Engineering and Technology, and the Ghulam Ishaq Khan Institute of Engineering Sciences and Technology located in Topi. The Foundation’s first Chairman was Ghulam Ishaq Khan, serving from 1983 to 1995.

In 1980, Abedi contributed Rs. 100 million to establish BCCI FAST, which has since evolved into the National University of Computer and Emerging Sciences, recognized as Pakistan’s first multi-campus university with six campuses spread across Islamabad, Peshawar, Karachi, Lahore, Multan, and Faisalabad.

He also played a key role in founding the Ghulam Ishaq Khan Institute of Engineering Sciences and Technology.

Personal life

Hasan Abedi was married to Rabia Abedi, and together they had a daughter named Maha. Originating from a Shia Muslim background, he was also recognized as a spiritual Muslim mystic. During BCCI gatherings, Abedi frequently expressed his mystical perspectives, perceiving the bank as a divine gift intimately linked with the cosmos.

Award and honor

The auditorium at Ghulam Ishaq Khan Institute of Engineering Sciences and Technology in Swabi, Pakistan, bears the name Agha Hasan Abedi in his honor.
In 2015, he was honored posthumously with the Hilal-i-Imtiaz, one of Pakistan's prestigious civilian awards, presented by the President of Pakistan in recognition of his contributions to the nation.

External links

Biographical

Agha Hasan Abedi, Salaam
Agha Hasan Abedi passes away, Dawn wire service

About BCCI

The BCCI Affair, Federation of American Scientists (www.fas.org)

CDSS – Centre for Development of Social Services

CDSS, Centre for Development of Social Services – Official Website
Korangi Academy, Korangi Academy – Official Website

Misc.

About Foundation for Advancement of Science and Technology (FAST), National University
Genesis, GIK Institute