An enormous loss indeed

With the sad demise of Mr Muhammad Ahmed Zuberi, I know that his sons and daughters have lost not only a loving Father but a mentor and a wizard of financial and economic circle also. A person like me, who has benefited from him in 1980, also lost a great and respected mentor who helped me in my crucial period of business specially as President of Karachi Stock Exchange for six years.
I met Mr M. A. Zuberi in 1975-76 when I became the President of Karachi Stock Exchange, In 1978, I had a detailed meeting with him regarding stock exchange and economy of Pakistan. At that time I was a young man of 38 years with no experience of public exposure. Mr M. A. Zuberi encouraged me and guided me in running the stock exchange and asked his staff at that time the business correspondent and a Parsi gentleman to assist. Many editorials were written about the economy and the stock exchange by Mr M. A. Zuberi himself which were an eye opener.
I still remember when General Ziaul Haq came to the Stock Exchange in 1979. This was the period of Martial Law and the economy was in the bad shape with stock market also very sick. I requested Mr M. A. Zuberi to attend the meeting we were having with General Ziaul Haq. Being experienced, I requested Secretary Stock Exchange to write a speech for me which I did not like and instead I wrote the speech myself raising many controversial issues including levy of double taxation on dividends, capital gain tax and overall taxation system. I was not so confident about my speech, therefore, I visited Mr M. A. Zuberi and showed him my draft of speech. Although I was advised by my Board not to be that bold in putting these proposals to the then Martial Law Administrator and also criticising the government, Mr M. A. Zuberi approved my draft and asked me to go ahead and also graciously said that he will attend the meeting himself. After my speech Mr M. A. Zuberi who was sitting in the first row stood up and asked General Ziaul Haq to do away with double taxation and also to give more benefit to the industries specially textile which at that time was coming up and to concentrate on the infrastructure. I still remember that the President remarked to Mr M. A. Zuberi that you have made my work easy by agreeing to what the President of Stock Exchange has suggested and I will see that this is implemented.
Mr M. A. Zuberi in the same meeting remarked about the philanthropic activities being done by the business community in Pakistan and referred to Ayesha Bawany Academy, Gangaram Hospital in Lahore and other institutions and requested the President to support the education and health sector.
I also remember one more incident when he once came to Stock Exchange, I told him about the Kharadar General Hospital which I had taken over the same year and told him that though I have very modest sum of money but I am trying to put up a new Hospital Block but KDA is not approving our plans for last six months. He asked me to come and see him next day in the office at 9.30 am I still remember that he called Director General of KDA, Mr Shamim Ahmed and told him in strong Urdu that when the people are willing to contribute for health, your famous Badmash department is creating hurdles. When I reached my office after the meeting, I received a call from Mr Shamim Ahmed that he wants to come and visit the Hospital next day.
The Director General visited the hospital at the promised time and approved the plan on the spot and asked his officers to help us in all possible way. Presently we have a 220-bed hospital at Kharadar which is running with the blessings of persons like Mr M. A. Zuberi. I can never forget his favour and co-operation.
In 1980s, the Stock Exchange was not performing well and most of the companies were not declaring dividends. Instead of penalising them I promoted idea of giving top 25 companies award for good performance. The Business Recorder welcomed this move in its editorial. I went to my Board and asked them that apart from these 25 top companies, I want to honour Mr M. A. Zuberi, Editor of Business Recorder for his exemplary services to the financial sector, stock exchange and to the country. My Board unanimously approved and I called Mr M. A. Zuberi requesting him to accept the award. Mr M. A. Zuberi, graciously accepted my request and award was given to first financial daily of Pakistan, Business Recorder, by Mr Mehboob-ul-Haq the then Finance Minister. If I remember correctly, Mr Mehboob-ul-Haq remarked on the occasion that Mr M. A. Zuberi is an economic wizard and he reads his editorial before he comes to the office and he gets the new ideas whether it is a criticism or an appreciation from Business Recorder.
If I also remember correctly he also visited Business Recorder next day to personally meet the Editorial Board and Mr M. A. Zuberi. Obviously I am narrating this just to emphasise that how great Mr M. A. Zuberi was and the great loss is enormous not only for his family but also for friends and the people to whom he helped in building the career, one of them is myself.
As a student, I still remember when Mr Bhutto nationalised the industries things were very difficult. Chaudhry Nazer Muhammed was President of the Federation of Pakistan Chambers of Commerce and Industry, I with the President of FPCCI went to see Mr M. A. Zuberi and he smilingly said please read my editorial of today which in fact was an eye opener. He had given his peace of mind to the nationalisation policy and how it will harm the economy and the impact of which will be felt by the country for decades. It was his farsighted vision that proved correct. The President FPCCI was as bold as Mr M. A. Zuberi when we met with Mr Zulfiqar Ali Bhutto to plead the case against nationalisation.
I am grateful to Wamiq Bhai and Arshad Bhai that they have given me the great respect every time. I was highly touched when Arshad at the Soyem of Mr M. A. Zuberi held my hand and made me sit next to Wamiq Bhai during Dua. In fact his gesture convinced me that Great people nourish great children. Wamiq Bhai and his brothers are real example of dignity, honesty in journalism and in dealing with people. I am sure all of them will follow the footsteps of the great person - their great father Mr M. A. Zuberi. I know that they have lost their respected Mother and Father both in a span of 35 days which is a great shock to the family specially to the three brothers and two respected sisters.
I pray to Almighty that He guides them to follow the path of great and honest person Mr M. A. Zuberi and may his soul rest in peace in Jannat-ul-Firdous. (Amen)