Shaukat Tarin
Shaukat Fayyaz Ahmed Tarin | |
|---|---|
| Born | October 1, 1953 Multan, Pakistan |
| Occupation(s) | Banker, politician |
| Years active | 1975–present |
| Known for | Finance Minister of Pakistan, senator, chairman of Karachi Stock Exchange |
Shaukat Fayyaz Ahmed Tarin (; born 1 October 1953) is a former Pakistani banker and senator who held the position of Finance Minister of Pakistan between 2008 and 2010 within the Gillani cabinet, working alongside the Pakistan People’s Party.
On 27 December 2021, he was reinstated as Finance Minister of Pakistan, succeeding Hammad Azhar following a cabinet reshuffle initiated by Prime Minister Imran Khan. Since March 2018, Tarin has been serving as a member of the Senate of Pakistan.
Initially appointed as an adviser to the government on 7 October 2008, Tarin assumed the finance minister role after his election as senator from Sindh on 27 July 2009. He stepped down on 23 February 2010, citing the need to "raise equity from the market for Silkbank" and highlighting a conflict of interest while holding the finance minister office.
Before his tenure in government, Tarin held prominent banking roles including country manager at CitiBank N.A Pakistan, leadership positions as head of Habib Bank and Union Bank, and served twice as chairman of the Karachi Stock Exchange. He remains a board member at Silkbank.
On 17 October 2021, he was appointed Advisor to the Prime Minister on Finance and Revenue with federal minister status until that date, due to his inability to secure a senate seat.
Early life and education
Born into a Pashtun family belonging to the Tareen tribe in Multan, Tarin is the son of a doctor from the Pakistan Army Medical Corps. His early schooling took place at Army Cantonment institutions throughout Pakistan, followed by earning an MBA from the University of the Punjab.
Banking career
Tarin’s professional journey began at Citibank in 1975, where he spent 22 years and eventually became country manager in Thailand. In 1997, responding to a request from then-Prime Minister Nawaz Sharif, he left a lucrative position in the US to spearhead the revival of state-owned Habib Bank. Alongside executives from United Bank and National Bank, he contributed significantly to rescuing nationalized banks from near failure.
In 2000, Tarin took on the presidency of Union Bank and was instrumental in its $487 million acquisition by Standard Chartered Bank in 2006. He was elected chairman of the Karachi Stock Exchange twice, with his most recent term beginning in 2008.
As a principal investor in Saudi Pak Commercial Bank (SPCB), Tarin led a consortium—including senior banker Sadeq Sayeed, IFC, BankMuscat, Nomura Holdings, and Sinthos Capital—that acquired an 86.55% stake for $213 million in 2008. The bank was rebranded Silkbank Limited in 2009, shifting its focus strategically toward SME and consumer lending to enhance profitability.
Political career
Shaukat Tarin was named adviser to Pakistan’s finance ministry with federal minister rank on 7 October 2008. Prior to this appointment, he served as President of Saudi-Pak Commercial Bank (now Silkbank). On 27 July 2009, he was elected unopposed as senator from Sindh and subsequently took charge as finance minister, overseeing both the National Economic Council (NEC) and Economic Coordination Committee (ECC).
He resigned from his ministerial post on 23 February 2010 to concentrate on raising capital for Silkbank, citing conflicts arising from holding both roles simultaneously.
Tarin was appointed again as Federal Minister for Finance and Revenue on 16 April 2021. He secured a senate seat representing Khyber Pakhtunkhwa on 20 December 2021 and was sworn in as Federal Minister of Finance and Revenue on 27 December 2021.
Starting from 18 April 2019, Tarin participated in the economic and finance committee under Prime Minister Imran Khan’s administration and chaired meetings convened by the Prime Minister.