Ishaq Dar

Ishaq Dar
Muhammad Ishaq Dar (born 23 May 1950) is a senior Pakistani politician and chartered accountant. He is a senator of Pakistan and was appointed Finance Minister of Pakistan on 28 September 2022.
Dar was born in 1950 in Lahore. He attended the Hailey College of Commerce, Government College University, and the Institute of Chartered Accountants in England and Wales. He began his career as a chartered accountant in the public and private sector. He entered politics in the 1980s. He was elected to the senate in 2003 and was Leader of the Opposition from 2012 to 2013. He has served as federal minister for commerce; industries and investment; and finance and revenue.
Early life and education
Dar was born in 1950. He has a bachelor's degree in commerce from the Hailey College of Commerce of the University of the Punjab in Lahore, which he attended from 1966 to 1969. He then attended Government College University in Lahore. Dar was awarded two merit gold medals and a roll of honor for first position in B.Com. (Hons) at the University of Punjab.
Dar became an Associate Member of the Institute of Chartered Accountants in England and Wales in 1974, when he qualified as a chartered accountant. In 1975, he became associate member of the Institute of Chartered Accountants of Pakistan as well. He became a fellow of the Institute of Chartered Accountants in England and Wales in 1980 and of Institute of Chartered Accountants of Pakistan in 1984. Currently, he is a fellow member of the Pakistan Institute of Public Finance Accountants and Institute of Chartered Accountants in England and Wales as well.
Early career
Professionally, Dar is a chartered and management accountant and economist Dar was director of finance in a London-based textile corporation from 1974 to 1976. He moved to Libya in 1976 and worked for the Government of Libya as senior auditor in the Office of the Auditor General's Department in Tripoli.
On returning to Pakistan in 1977, he became partner in a chartered accountancy firm and in 1980 he became financial adviser to Nazir & Company – a multinational construction company.
Political career
Entry into politics and first Sharif ministry
Dar began his political career in the late 1980s with the Pakistan Muslim League (N) as a member of its central executive committee (CEC). According to a statement from Dar recorded by the National Accountability Bureau when he was detained following the 1999 Pakistani coup d'état, he began a close association with the Sharif family in 1990, in the course of which he laundered "$14.68 million and open[ed] two bank accounts under the names of Sikandar Masood Qazi and Talat Masood Qazi for Nawaz Sharif's brother".
In 1992, the then Prime Minister, Nawaz Sharif, appointed him Chairman of the Pakistan Board of Investment with a status of Minister of State till 1993. In 1993, the then President of Pakistan, Ghulam Ishaq Khan, dismissed the Sharif ministry. He became President of the Lahore Chamber of Commerce and Industry that same year.
Dar first stood for the National Assembly in a bye-election after the 1993 Pakistani general election; Sharif had stood and won in two constituencies but had to resign from one. Dar won on a 62% voteshare (39,483 votes). In 1996, the President, Farooq Leghari, dismissed the Prime Minister Benazir Bhutto and her government, and dissolved the National Assembly.
Second Sharif ministry
In the 1997 snap election, Dar successfully stood for election to Lahore's NA-97 National Assembly constituency on a PML-N ticket and won 61,556 votes. Sharif's PML-N again won a clear majority, and Dar was Federal Minister for Industries and Investment in from February to July 1997.
In December 1997, he was appointed Federal Minister for Commerce. In 1998, India and then Pakistan tested nuclear weapons; Pakistan was subsequently economically sanctioned, with severe economic consequences. Dar was then appointed Minister for Finance, and negotiated an International Monetary Fund (IMF) bailout package.
In 1999, General Pervez Musharraf overthrew the Sharif ministry in a military coup d'état. Dar spent nearly two years in jail under Musharraf over corruption charges that never went to trial. Dar withstood pressure to politically abandon the PML-N and Sharif, but during his detention in 2000, Dar accused Nawaz Sharif of having engaged in money laundering in the late 1990s and, in connection with the Hudabya Papers Mills case, Dar confessed to laundering US$14.86 million on behalf of the Nawaz Sharif. He later said these statements were made under duress. On his release, Musharraf remained in power, and Dar moved to the United Arab Emirates, where he worked as a financial adviser. His clients included a member of the ruling family. In 2002, he was made President of PML-N's International Affairs wing.
Third Sharif ministry
Dar was a member of the PML-N's parliamentary board, charged with the selection of candidates for the 2013 general election. The PML-N won a majority, and Dar resigned as leader of the opposition in the Senate. He became Minister for Finance and was given the additional cabinet portfolios of Revenue, Economic Affairs, Statistics and Privatisation. Dar held significant power. He chaired the Special Parliamentary Committee on Election Reforms and the Economic Coordination Committee (ECC). With Maryam Nawaz, he deputed for the Prime Minister whilst he underwent surgery in the United Kingdom. Dawn reported that he headed over "four dozen" committees. In July 2016, the NAB cleared Dar of allegations of corruption involving over Rs 130 billion. Pakistan Today reported that a source in the NAB alleged "immense pressure" to clear Dar, even though there was sufficient evidence to convict him.
In July 2017, the Supreme Court disqualified both Dar and Sharif from office, following the publication of the Panama Papers. Sharif's successor, Shahid Khaqan Abbasi, reappointed him as Finance Minister despite the ruling, but reduced his powers. Dar was replaced as Chair of the ECC and a committee on privatisation. The finance ministry was split. The Nation reported that Dar wished to leave the cabinet but that it was impossible to relieve him of all responsibility immediately due to the extent of his former responsibilities. Dar also was removed as chairman of 35 National Assembly committees by thus further reducing Dar's influence. It was noted that the move to limit Dar to the Ministry of Finance only was made at the direction of the Sharif family. In September 2017 a NAB court in Pakistan indicted Dar in the Panama Papers corruption case for having wealth beyond his known sources of income, but, despite criticism from the opposition parties, he continued to serve as finance minister. In October 2017 he fell ill while in Saudi Arabia and left for the United Kingdom for medical treatment.
In November 2017 the court issued a non-bailable arrest warrant for him while he was in London for not appearing in court. It was reported that he may lose his ministerial portfolio due to the corruption case against him on the grounds that he has become ineffective and unable to carry out the responsibilities of a Minister. On 21November a court declared him an absconder. Amid the rumours that he had already resigned from the ministerial office due to pressure and criticism, he on 22November vacated the ministerial office of Finance after taking a medical leave His cabinet portfolio of Finance Minister was withdrawn however, he continued to remain a member of the federal cabinet as a federal minister without portfolio. It was noted that Dar has refused to leave the Finance Ministry and that he took a temporary medical leave for three months after which he may retook the office upon his return to Pakistan. During his third tenure as Finance Minister, he has been credited for stabilizing the economy of Pakistan for three years after 2013; in particularly steering country out of balance of payments crisis in 2013. The economic policies of Dar, referred to by some as Darnomics, were commended by international media and economic experts for reviving economy of Pakistan however at the same time were criticised by the opposition political parties during Dar's time in office such as for having obtained $35billion in foreign loans and for manipulating statistics to show a better economic performance for the country. In December 2017, An accountability court declared Dar a proclaimed offender in a corruption case after he repeatedly failed to appear before the court and subsequently was called fugitive by the court.
On 26 December, Prime Minister Abbasi elevated his special assistant on Economic Affairs Miftah Ismail as his Adviser on Finance, Revenue and Economic Affairs with the status of a federal minister as successor of Dar. Abbasi continued to hold the ministerial office of Finance.
In January 2023, Ministry of Wealth in Pakistan requested US support in reviving IMF program to improve economy hit by floods and global economic challenges.
Fourth Tenure as Pakistan's Federal Minister for Finance & Revenue
At present, Senator Muhammad Ishaq Dar holds the office of Minister for Finance and Revenue with effect from 28 September 2022. He is also the incumbent Leader of the House in the Senate of Pakistan on behalf of the Prime Minister to represent the federal government and to regulate government affairs in the Senate.
In January 2023, Dar presented Pakistan's case to the US government to seek support in reviving IMF program to improve economy hit by floods and global economic challenges.
In Opposition & Post-Ministerial Parliamentary Politics
In October 2016, the Finance Ministry announced that the IMF conferred the "Finance Minister of the Year for South Asia" award to Dar. After which the IMF had to issue a statement saying the newspaper did not belong to it and that it was an independent publication. It was noted that five Pakistani state-owned firms funded the Emerging Markets edition, which carried a supplement on Pakistan.
In Opposition
After a stay of several months outside Pakistan, Dar returned to Pakistan in 2003 to run for a seat in the Senate as a candidate of PML-N and was elected for the first time, for a term of three years. During his tenure as Member of the Senate, he served as Parliamentary Leader of the PML-N in the Senate. He was re-elected to the Senate in the 2006 senate election as a candidate of PML-N, this time for a term of six years. During his tenure as Member of the Senate between 2003 and 2012, he remained the Parliamentary Leader of the PML-N in the Senate.
After the formation of a coalition government between the PPP and PML-N with Yousaf Raza Gillani as Prime Minister, following the 2008 general election, which had resulted in a hung parliament where the PPP had secured the largest number of seats in the National Assembly and the PML-N the second largest, Dar due to his expertise in finance and economics, was invited to join the cabinet of Yousaf Raza Gillani with the status of a federal minister in March 2008 and was re-appointed as the Minister for Finance with the additional cabinet portfolio of revenue, economic affairs and statistics. However, his tenure as Minister for Finance was short-lived after the PML-N left the PPP-led coalition government in May 2008 to lead the movement to impeach Pervez Musharraf and to restore the judiciary after the coalition failed to restore the judiciary, as agreed between PML-N and PPP in the Bhurban Accord. During his brief tenure as finance minister, he was criticized for causing the rupee fall, bank run and panic in the market. Meanwhile, he has been credited for proposing the idea of the Benazir Income Support Programme, a Pakistani government aid program to provide financial assistance to low-income families which is said to be one of the largest in South Asia. Dar claimed that the original name of the organisation proposed was Pakistan Income Support Programme but that it was renamed by PPP for political gains after he stepped down form the ministerial office.
In 2011 Dar was decorated with Nishan-e-Imtiaz, the highest civil award given to Pakistani nationals, for his parliamentary service in Pakistan. However, he refused to receive it from the then-President, Asif Ali Zardari. Dar was re-elected to the Senate for the third time in the 2012 senate election, for six years as a candidate of PML-N on technocrat seat from Punjab after which he was appointed by Nawaz Sharif as the Parliamentary Leader of the PML-N in the Senate. A few days later he was elected as the Leader of the Opposition in the Senate, replacing Abdul Ghafoor Haideri for his negotiation skills with PPP government on major issues. During his tenure as Member of the Senate, he remained member of the various Standing Committees of Senate such as defence and defence production, foreign affairs, Kashmir affairs and Gilgit-Baltistan, commerce and finance, revenue, economic affairs, statistics, planning and development and privatisation. He also served as a member of the Special Committee on Constitutional Reforms, and co-prepared and passed the 18th, the 19th, and the 20th amendments to the Constitution of Pakistan.
Post-ministerial parliamentary politics
In February 2018, the name of Dar was shortlisted by PML-N amongst the candidate for March 2018 Senate election after which Dar filed his nomination papers for a general seat and a technocrat seat in the Senate. However the Election Commission of Pakistan rejected his nomination papers. On 17 February, Lahore High Court granted permission to Dar to participate in the Senate elections. On 22 February, the Election Commission of Pakistan declared all PML-N candidates for the Senate election as independent after a ruling of the Supreme Court. On 3 March 2018, he was re-elected to the Senate as an independent candidate on technocrat seat from Punjab with the backing by PML-N. On 12 March 2018, he ceased to hold the position of a federal minister due to expiration of his Senate term.
In May 2018, the Supreme Court ordered the ECP to suspend the notification of Senator-elect Dar as member of the Senate for his failure to appear before the court. As of June 2018, he did not take oath of Senator. In June 2018, the ECP suspended the Senate membership of Dar. On 10 July, the Supreme Court ordered Dar to appear before court within three days. Interpol Red Notice for Dar was issued by the government of Pakistan on 14 July to bring him back to Pakistan.
In August 2018, the NAB approved an inquiry into a graft case against Dar for illegally awarding a Next Generation Mobile Services contract and for committing alleged financial irregularities. In September, his passport was cancelled by the government of Pakistan making him a stateless person. The same month, a British parliamentary team rejected an online petition seeking the deportation of Dar on the ground that there is no extradition treaty between the two countries.
Personal life
Dar belongs to a family of businessmen and traders of Kashmiri origin. He is regarded as the most trusted aide of the Sharif family. In 2004, Dar's eldest son married Nawaz Sharif's daughter Asma Nawaz in Jeddah, Saudi Arabia.
Dar runs two charitable organisations as well. These trusts are aimed to provide shelter to the homeless children or orphans, provide student scholarships and organize mass wedding ceremonies for the less privileged.
Dar is also an accomplished entrepreneur, businessman and investor; and, his declared assets stand at PKR. 583 million and investments at PKR. 325 million in Pakistan Investment Bonds. As of February 2022, all his personal assets, assets belonging to his family and those owned by his charitable organizations have been unfrozed under court orders.
External Links to Official Biographies
https://www.finance.gov.pk/profile_minister_sep_2022.html
https://senate.gov.pk/en/profile.php?uid=765
https://senate.gov.pk/en/profile.php?uid=14
https://www.icap.org.pk/safaconference/profiles/muhammad_ishaq_dar.php
References
Living people
1950 births
Pakistani accountants
Pakistani expatriates in Libya
Pakistani expatriates in the United Kingdom
Pakistani prisoners and detainees
Politicians from Lahore
Pakistani MNAs 1993–1996
Pakistani MNAs 1997–1999
Pakistani people of Kashmiri descent
Pakistani senators (14th Parliament)
Pakistan Muslim League (N) MNAs
Finance Ministers of Pakistan
Government College University, Lahore alumni
Hailey College of Commerce alumni
World Bank people
Recipients of Nishan-e-Imtiaz
Pakistani officials of the United Nations
Fugitives wanted by Pakistan
Pakistani politicians convicted of corruption
Pakistani exiles
Stateless people
Pakistani Muslims