Latest news with #ZafarMasud
Business Recorder
08-05-2025
- Business
- Business Recorder
Pakistan's banking sector deserves a fairer narrative
In a country gripped by chronic revenue shortfalls and economic instability, one sector quietly shoulders more than its share — yet is frequently criticised. Pakistan's banking sector, the country's largest taxpayer and a critical source of fiscal stability, is often maligned rather than supported. This paradox demands re-examination —and a shift in mindset that continues to distort the public narrative. In 2024, the banking sector, comprising commercial banks, DFIs, and microfinance banks, contributed an astonishing Rs 1.6 trillion to the national exchequer. This includes Rs 856 billion in direct corporate and income taxes, Rs 63 billion in sales and excise duties, and over Rs 685 billion in withholding tax collected and paid. To put this into perspective, that's nearly five times more than what banks paid in 2021. Yet, despite this unmatched contribution, banks continue to face criticism, regulatory unpredictability, and the heaviest tax treatment among all sectors. 'The banking sector contributed Rs 644 billion in taxes in 2023 alone, and in a single day facilitated Rs 30 billion in government revenue. Yet, we are being taxed at rates nearly double other sectors. Taxation must be based on income, not balance sheet size or political expediency. We are partners in progress, not targets for fiscal patchwork.'— Zafar Masud, Chairman, Pakistan Banks Association Banks today pay an effective tax rate of 54 percent, compared to the standard 29 percent paid by most other industries. This disparity is not only disproportionate, it is counterproductive. When institutions that finance infrastructure, businesses, and public services are penalized for their efficiency, the broader economy suffers. Critics often accuse banks of prioritizing government securities over private sector lending. But this ignores Pakistan's underlying economic realities, a persistently wide fiscal deficit, underdeveloped capital markets, and a narrow, undocumented tax base. In FY24 alone, banks financed over 99 percent of the government's budget deficit, ensuring critical expenditures like defence, pensions, and social protection continued uninterrupted. This is not a diversion of resources; it is a stabilising lifeline. Banks are not turning away from the private sector. They are responding rationally to a high-risk environment, where legal enforcement is weak and formal documentation is scarce. Until structural reforms are achieved, sovereign lending remains the most prudent and often regulatorily encouraged option. 'With 54 percent of the banks' income directed to the government, it is only fair that we are treated as partners. Time and again, whenever the government has called upon the banking industry, we have always stepped up, a commitment we will proudly uphold in the best interest of Pakistan. As one of the most transparent sectors of the economy, we remain dedicated to contributing to Pakistan's progress and trust our efforts will be acknowledged.' — Atif Bajwa, Chairman, Pakistan Banking Summit Steering Committee Much of the criticism directed at banks is based on generalizations. The sector collectively employs over 200,000 people and is actively increasing gender diversity under the State Bank's inclusion mandate. While service delivery can always improve, to suggest banks are uniformly exploitative is inaccurate. Moreover, the banking sector is among the most heavily regulated, audited, and transparent in the economy. It is also among the most forward-looking supporting SMES, agri-finance, housing, and digital transformation, even in a volatile economic climate. 'Profitability should not be treated as a red flag; it is a prerequisite for financial resilience and national progress.' The broader issue is this, when a compliant and transparent sector like banking is disproportionately burdened with taxation while vast segments of the economy remain undocumented, the incentive structure becomes distorted. No society can progress when responsibility is concentrated on a few formal sectors while others remain unregulated and under-taxed. Pakistan's banking sector is not asking for applause—it is asking for fairness in taxation and recognition of its role as a partner in national development. It has delivered when it mattered most. A transparent, tax-compliant sector that supports public finance, SMEs, and digital transformation deserves policy consistency—not punitive treatment. It is time for policymakers and the public to do the same: anchor the debate in facts, and shift the conversation from blame to balance. Copyright Business Recorder, 2025
Business Recorder
07-05-2025
- Business
- Business Recorder
Chairman OGDCL Zafar Masud's book ‘Seat 1C' launched
ISLAMABAD: Chairman of Oil and Gas Development Company Limited (OGDCL) Zafar Masud's book titled 'Seat 1C: A Survivor's Tale of Hope, Resilience, and Renewal' was launched on Tuesday at a well-attended ceremony hosted by the Islamabad Policy Research Institute (IPRI). The event was inaugurated by President IPRI, Lt-Gen Majid Ehsan (retd). The book, which chronicles Masud's miraculous survival in a plane crash five years ago, offers a deeply personal reflection on life, trauma, and recovery. Speaking at the event, Zafar Masud said, 'I wrote this book primarily for myself, but it contains life lessons that can be beneficial for everyone.' He noted that Seat 1C explores not just his experience of survival, but also broader themes such as mental health, tradition, courage, arrogance, and survivor's guilt. Copyright Business Recorder, 2025
Express Tribune
28-04-2025
- General
- Express Tribune
'Seat 1C' launched with life lessons from a plane crash
Zafar Masud, the banker who miraculously survived the plane crash in Karachi five years ago involving the national airline, shared his story at the launch of his book, Seat 1C. Speaking at the event, he stated "I wrote this book primarily for myself, but it contains life lessons that can be beneficial for everyone." The book not only narrates his personal story but also addresses important topics such as mental therapy, the significance of traditions, courage, arrogance, and "survivor's guilt." Following the book launch, Masud was invited for a discussion and Q&A session at Habib University, where he spoke about the experiences, emotions, and reflections before, during, and after the crash, as captured in his book. The session was moderated by journalist Naveen Naqvi, and was attended by literary circles, academia, students, various figures from the banking sector, and professionals from different fields. Masud, who is also the president of the Bank of Punjab, claimed that surviving a plane crash is an experience unlike any other, and that extensive research went into the background of the book, drawing from survival stories around the world. He emphasised that in life, certain lessons are crucial and must not be overlooked, stressing that the book does not promote any political ideology; rather, it focuses on history, research, and life lessons valuable to all individuals. Masud also mentioned that literature is the best medium to express themes related to education and the economy, and this belief motivated him to write the book, which he believes can especially serve as a learning resource for youth and students. He shared that one of his favorite chapters is about rituals, where he recounts the kindness of people who immediately came to his aid after the crash. He recalled how the vehicle that transported him was later destroyed, but he remained deeply grateful for the good people who were there for him at the right time. The book also dedicates an entire chapter to the topic of arrogance, shedding light on the possible causes of the plane crash. According to Masud, the pilot's overconfidence was a major factor; despite warnings from his subordinates about landing issues, the pilot chose not to listen. Masud stated "I am an optimistic person. Without the prayers of my grandfather and the help of good people, I wouldn't be here today. Courage means not fleeing from challenges but standing firm."
Express Tribune
13-04-2025
- General
- Express Tribune
Seat 1C review: the weight of survival
In the May of 2020, when much of the world was under varying degrees of lockdown due to the Covid-19 pandemic, Pakistan witnessed one of the worst air disasters in its history — the sixth in the span of a decade. Pakistan International Airlines Flight 8303, on approach to Karachi's Jinnah International Airport, crashed a few miles short of the runway, plunging into one of the city's most densely populated residential areas. Of the 99 people on board, including the crew, only two survived. Zafar Masud, who had been appointed chief executive officer of the Bank of Punjab just a month before the crash, was one of them. In the years since the tragedy, Masud has frequently spoken about the experience in both public engagements and write-ups. He has also shared his observations, not only on what went wrong that fateful day, but also on the complex personal journey of coming to terms with survival and the conflicted emotions it can leave behind. His book 'Seat 1C: A Survivor's Tale of Hope, Resilience and Renewal', published by Lightstone Publishers this year, attempts to bring together those reflections. The book, however, is no self-indulgent memoir. Nor does it succumb to the sense of exceptionalism someone else might develop with a survival story of similar proportions. Masud, in fact, takes pains to downplay his own survival, framing it as an act of grace rather than personal triumph: 'The truth is that I was saved for no apparent reason, other than my parents' prayers… My being alive was truly a miracle, but it was one I could not question. According to the European Transport Safety Council, 90 per cent of aircraft accidents are technically survivable,' he writes. In contrast to himself, he praises his fellow survivor Mohammad Zubair for acting 'heroically' and with 'remarkable presence of mind': 'Zubair played an active role in getting himself out of danger… My own escape was much more passive in nature… He had repeatedly relied on his gut feeling and impulse to move towards safety and somehow managed to follow through in the most terrifying circumstances.' More than simple recollection, 'Seat 1C' is an exercise in meditation by the author — both on what ails our country, and on what is 'good' within its people and our individual selves. Masud begins by dissecting the air disaster itself, drawing on both his personal observations from the flight cabin and the public and official reports that followed. One trait he identifies as a key factor in the chain of events leading up to the tragedy is 'arrogance'. Although he holds the pilot responsible for the crash — citing an unnecessarily risky descent in disregard of standard protocol and his decision to fly the plane while fasting — Masud views the pilot's 'arrogance' as a symptom of deeper systemic rot. A rot, he argues, extends far beyond the national airline or even the country's aviation sector. Drawing parallels with Pakistan's decline in sports and governance — and even with the fall of the Mughal dynasty — Masud stresses that arrogance, insincerity, and a breakdown in transparent communication are recurring patterns that have long undermined the country's progress, and have, like PK8303, at times culminated in tragedy. While he is unsparing in highlighting institutional shortcomings, the author is equally emphatic about the 'inherent goodness' of ordinary people, which he experienced first-hand through the bystanders who rescued him following the crash. 'None of them had any monetary incentive to jump into a seething fire to drag me out,' he writes. 'The lengths to which they went to help me confounded me in the beginning. I was never a cynical man, but I had not expected such a deluge of selfless acts. It was humbling to get a glimpse of the inherent goodness in people.' Instead, Masud reserves his chastisement for the country's elite, who he argues hold a needlessly disparaging view of the common person. 'Unsurprisingly, the elite tend to see disasters as 'challenges to order, viewing masses as irrational, panic-prone, and likely to loot and even murder',' he writes, citing scholar John F. Freie. The country's policies, Masud contends, 'would be much more humane if our ruling elite internalised the idea that the masses are generally good.' Ultimately, 'Seat 1C' is a call to introspection urging us to examine how individual attitudes, institutional failures and deep-seated societal biases converge to shape the fate of our nation. Through candid confessions and an unflinching gaze at both personal and collective shortcomings, Masud offers readers a rare blend of humility and hope. In recounting the tragedy of PK8303, he crafts a larger argument for renewal grounded in the belief that even amid devastation, resilience and goodness endure. A final lesson that emerges from his book is that genuine progress begins not with cynicism but with trust in the better instincts of our people.
Express Tribune
24-02-2025
- General
- Express Tribune
PIA crash survivor shares details of 'Seat 1C' experience
Banker Zafar Masud, one of the two survivors of the 2020 PIA plane crash in Karachi, shared memories of that fateful day which culminated in his memoir, Seat 1C: A Survivor's Tale of Hope, Resilience of Renewal. The book, written in collaboration with Syeda Amna Hasan, was launched on Saturday at the Lahore Literary Festival. When asked about what inspired him to write the book, Masud replied, "actually, I thought that these are such unique learnings that, God forbid, no one should ever have to confront or face them. I wanted to share my post-crash learnings – to tell people what it feels like when you come so close to death, how your life changes, and what your life priorities should be." Masud was asked about the path to a regret-free life, particularly for those willing to dedicate themselves to their faith. He explained that there is no one-size-fits-all answer, as each individual's priorities vary according to personal preferences. Instead, he emphasised the importance of choosing priorities that generate a positive impact and benefit the community, ensuring that personal ambitions are not pursued at the expense of another's happiness, prosperity, or welfare.
