Special Commemorative Edition Central Depository Company Tribute to Late Muhammad Hanif Jakhura Late Muhammad Hanif Jakhura, CEO-CDC (2002-2017) passed away on January 9, 2017 in Makkah during his Umrah visit. This is a humble effort of Central Depository Company of Pakistan Limited to pay homage to its longest serving CEO for leading the depository onto the path of growth and success. Contents A Lifetime of Achievements 03 Muhammad Hanif Jakhura: the Man 1. a Friend 2. a Colleague 3. a Boss 06 Condolence Letter by Chairman SECP 07 Industry Condolences (Pakistan) 09 Tribute by CDC Board of Directors 10 Behind the rise of CDC 11 Industry Condolences (Global) 13 Remembering Those We Lost in 2016 THE CUSTODIANSLATE 01 THE CUSTODIANSLATE A Lifetime of Achievements For many, he died a desirable death- an end befitting a triumphant life. At 54, Muhammad Hanif Jakhura had achieved much that many could only aspire for. lmost two decades ago, institution of Pakistan Capital His accomplishments are spread CDC was established to Market. over a wide spectrum of initiatives, alter the course of Pakistan ranging from introducing CapitalA Market. Today, it proudly During his 14 year tenure as diversification in the Company stands as a symbol of innovation CEO-CDC, Mr. Jakhura represented business to launching investor and trust in the corporate sector the Company on various national cultivation activities. One of his across the nation. This track record and international platforms, each prominent achievements to broaden of excellence is surely a product of time amassing acknowledgement investor base in Pakistan’s Capital sustained efforts of a team and and appreciation for his passionate Market is the launch of Abbottabad utmost conviction of stakeholders. drive to innovate and develop CDC Sarmayakari Markaz (ASM). He BUT, it is no exaggeration to say that into a world class depository. was appointed as the head of a without the visionary leadership of Through his aggressive approach, committee (formed by SECP) with Late Muhammad Hanif Jakhura, CDC managed to carve its own the mandate to help establish CDC would never have reached distinct position in the global CSD Capital Market Hubs in second tier such heights of accomplishment. community, carving several cities of Pakistan in the beginning of knowledge sharing and 2015, and by the end of that year the In 1991, after completing Chartered collaborative initiatives with first hub was already serving the Accountancy studies, Mr. Jakhura international depositories. residents of the Hazara belt. proved his mettle while working for leading corporate organizations, Mr. Jakhura also served as the Inspite of his success and stature in and at a young age of 31 became one Chairman of the Asia-Pacific CSD the corporate sector, Mr. Jakhura of the founding members of Group (ACG) Executive Committee never shied away from an Pakistan’s first and only securities for the term 2014-2016. By virtue of opportunity to learn new and depository. his chairmanship, CDC was acting contemporary methods of business. as the ACG Secretariat. As ACG It was only last year that he, amid Within less than a decade he Executive Committee Chairman he all his commitments, managed to climbed right to the top. He became also represented the Asia-Pacific attend the Advance Management the Chief Executive Officer of CDC Region on the World Forum of Program conducted by Harvard in 2002. At the same time he also CSDs. At the end of the term, many Business School. served as the CEO of the National in the association were of the view Clearing Company of Pakistan that under Mr. Jakhura’s resourceful He was a part of CDC when it was a Limited (NCCPL)* until it was leadership the association has mere idea, and he left it at the handed over to an independent transformed into a vibrant body and heights of success and recognition management in 2005. (*NCCPL was has become the true voice of Asian with a team of over 400 employees. initially operated by CDC). Mr. Depositories on the global front. His His larger than life legacy will Jakhura was a go-getter. It was his efforts were thus acknowledged and forever remain an integral part of ability to aim high and make things he was re-elected to serve for the CDC’s journey. attainable that helped CDC evolve second term 2017-2019 as well, into a market shaping, before providence took him away revolutionizing infrastructure from our midst. 02 THE CUSTODIANSLATE Muhammad Hanif Jakhura The Man a Friend by Kalim Farooqui, Managing Director, Technology Links (Pvt) Limited “I shall pass through this world but once, any good therefore that I can do, or any kindness that I can show to any human being, let me do it now, let me not defer or neglect it, for I shall not pass this way again.” Stephen Grellet (1773-1855) The void created by the sudden and personality, noble qualities and his untimely demise of someone as enviable traits as I considered his widely respected and adored as existence to be larger than life. Muhammad Hanif Jakhura, is still extremely hard to grasp. He was There was unceasingly an element someone whom his friends, business of graciousness in whatever he did associates and even his colleagues at or pursued and which continued till CDC looked up to and cherished. His his very last day. He travelled to his sincerity, commitment and affection heavenly abode from the very towards all has left behind a legacy sacred land of the two holy which is deeply etched into the hearts mosques; a blissful offer from divine and minds of many. We will continue as well. He has left behind a shining to share our stories and reminisce the class institution. Much could be mirror to reflect upon us all his treasure of moments of association attributed to his vision and to his fortes and achievements and with him. No matter in whatever efforts towards helping Pakistan perhaps for us to believe that he capacity one came across him, in the Capital Market gain international precisely understood what Stephen process we all ended up as friends recognition and respect. Within the Grellet in the 18th century with him and as a close acquaintance organization itself, he implemented envisioned about what a human in he was always ready to give a patient the core values essential to ensure a his lifespan should accomplish. hearing, respectfully extending his sense of belonging among his staff “Defer” he did not and helping hand. leading CDC to be trusted and undoubtedly “neglect” he didn’t. counted as a responsible corporate Whatever he planned for himself The numerous accomplishments citizen. A fact substantiated by the to do, despite the many odds and and the recognition achieved by exponential growth and progress challenges, he displayed firm CDC in such short span of its made by the depository with him as resolve and required perseverance existence, not only nationally but its leader. Muhammad Hanif to achieve it. also internationally, speak volumes Jakhura can, and should be, counted about Hanif’s administrative, amongst those few outstanding May his soul be blessed and managerial and professional individuals whose contribution has may he rest in eternal peace. acumen coupled with his made the corporate sector of determined efforts to ensure that Pakistan, proud. No choice of words CDC today stands out to be a world can essentially describe his towering 03 THE CUSTODIANSLATE a Colleague by Aftab Ahmed Diwan My association with Muhammad institution of the Pakistan Capital legacy that will always be cherished. Hanif Jakhura spanned over 18 Market. We have survived with years. Hanif was not only a vigor and our head held high in CDC was probably the most colleague and a senior, but also a times of market instability and important element of Hanif’s life. It good friend and family to me and distressful times. This stability was was his biggest pride and many of us at CDC. I joined CDC in the result of Hanif’s vision and risk achievement. His sudden passing the beginning years of its journey management in his decision making. away was the most difficult and and Hanif and I were a part of a All these years, he remained a force challenging time CDC has faced as team that contributed immensely to to reckon with and kept challenging an organization. I feel contented to the establishment of this market himself and the entire team of CDC say that not only his life was full of shaping organization. The members to the toughest of tasks. His prides and accomplishments but in of this team remained together in perseverance kept us on the his demise too that happened at not only the thick and thin of our winning track. I have not seen a Masjid-ul-Haram, the holiest of all commitment to this company but more committed person to his job places, he was lucky and blessed. also in each other’s lives as and responsibility in my life. His colleagues and friends. leadership, vision and utmost commitment towards CDC’s Hanif not only had a major role in progress were the key reasons of CDC’s progress and the way we CDC’s continued success over the operate on a day to day basis but past two decades. Hanif’s also in how we became the most contribution is indeed reputed, respectable and stable overwhelming. He leaves behind a 04 THE CUSTODIANSLATE a Boss by Shariq Naseem The best executive is one who has sense enough to pick good people to do what he wants done, and self-restraint enough to keep from meddling with them while they do it.