Agha Hasan Abedi

Agha Hasan Abedi (; 14 May 1922 – 5 August 1995) was a Pakistani banker who founded Bank of Credit and Commerce International (BCCI) and saw its collapse after one of the biggest bank fraud scandals in history was unearthed. Before his death, he was convicted by the United Arab Emirates court of fraud and sentenced to eight years in prison. Abedi underwent a heart transplant operation in 1988, and died of a heart attack on 5 August 1995 in Karachi.

Early life and education Agha Hasan Abedi was born in Lucknow, British India, to an Urdu-speaking middle class family with members who served as advisors and courtiers to the Nawab of Awadh. Abedi migrated to Pakistan after the creation of Pakistan in 1947. He was the Founder and the first President. Under his stewardship, UBL became the second largest bank in Pakistan. Abedi introduced the concept of personalised service and banking support to trade and industry, paying particular attention to the bank's overseas operations. One of the first to comprehend the opportunities offered by the oil boom in the Persian Gulf, Abedi pioneered close economic collaboration in the private sector between Pakistan and the United Arab Emirates (UAE). The UAE President, Sheikh Zayed bin Sultan Al Nahyan, extended his patronage to UBL operations both in Pakistan and abroad.

Formation of the United Arab Emirates A 1992 report by the United States Senate Committee on Foreign Relations states that Abedi developed a close financial and advisory relationship with Sheikh Zayed, beginning in the mid-1960s. At the time, Abu Dhabi was emerging as a major oil-producing state under traditional governance structures inherited from the Trucial States period. According to testimony cited in the report, Abedi initially provided banking services related to Pakistani workers in Abu Dhabi and later became a principal financial intermediary for Sheikh Zayed and his family. Former BCCI officials told Senate investigators that Abedi handled a wide range of financial, administrative, and logistical matters for Sheikh Zayed, and that this relationship expanded alongside Abu Dhabi’s growing oil revenues. The Senate report further notes that some former BCCI officials believed Abedi played an important role in facilitating Sheikh Zayed’s international recognition and in advancing the idea of a federation among the Gulf emirates, which culminated in the establishment of the UAE in 1971. According to this testimony, Abedi assisted Sheikh Zayed in early diplomatic engagements, including contacts with Pakistan and the United Kingdom, during the formative period of the UAE. Bank of Credit and Commerce International In 1972, Abedi started the Bank of Credit and Commerce International (BCCI) initially with funding of only.

Philanthropy

Abedi founded charitable organisations in UK, India, Bangladesh, Zimbabwe and Pakistan.

The Infaq Foundation has only one office in Karachi, Pakistan. Ghulam Ishaq Khan was the first Chairman of the Foundation from 1983 to 1995.

Abedi also founded BCCI FAST in 1980 with a donation of Rs. 100 million, to promote education in computer science. Abedi was born into a Shia Muslim family, and was a well-known Muslim mystic. During his speeches at the meetings of the BCCI Bank, he would spend hours sharing his mystical beliefs. He believed that BCCI was not only a bank, but a God-gifted entity that was directly connected to the universe.

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.