In this episode of The Power Broadcast 33, Zafar Masud, President and CEO of the Bank of Punjab, shares his profound journey from a “squarely middle-class” upbringing to becoming a transformative leader in Pakistan’s financial sector.
Following his miraculous survival of a tragic plane crash, Zafar has championed a unique philosophy of “Management by Empathy”, emphasizing that material success pales in comparison to one’s impact on people. He discusses the Bank of Punjab’s leading role in women empowerment, the cultural shifts necessary to support female participation in the workforce, and his deep-seated belief in borderless human connection between India and Pakistan.
Zafar Masud’s Journey
Zafar Masud’s journey is a testament to the power of resilience and the profound impact of a leadership style rooted in empathy. Coming from a middle-class family where education was the cornerstone, he pursued an MBA in banking and built a diverse career spanning the public and private sectors. His professional trajectory eventually led him to the helm of the Bank of Punjab, where he has overseen a significant expansion of the institution’s balance sheet while prioritizing social responsibility.
See also: Zafar Masud Profile — A masterclass in survival and success.
Management by Empathy Philosophy
A defining moment in Masud’s life was his survival of a catastrophic plane crash, an event that fundamentally reshaped his worldview. He emerged from this tragedy with the firm conviction that material wealth and professional titles are secondary to the relationships we build and the impact we have on others. This realization birthed his “Management by Empathy” philosophy, which advocates for understanding the strengths and weaknesses of others to help them reach their full potential.
In the corporate world, empathy is often misunderstood as softness, but Masud clarifies that it involves setting clear boundaries while allowing room for growth and mistakes. By creating an environment where employees feel supported, leaders can foster an entrepreneurial spirit that ultimately benefits the entire organization. This human-centric approach is particularly vital when addressing systemic challenges like financial exclusion and gender disparity.
Advocacy and the History for Women Empowerment
Masud is a passionate advocate for women’s entrepreneurship in Pakistan, viewing it as both a social and economic imperative. He notes that while women make up half the population, their participation in the workforce remains significantly lower than the global average. By bringing more women into the documented economy through targeted financial support, Pakistan could potentially see a massive increase in its GDP, adding billions of dollars to the national economy annually.
The Bank of Punjab has taken a leading role in this effort, accounting for a staggering 75% of loans dispersed to women in the Pakistani banking industry last year. Masud attributes this success to a combination of proactive institutional policies and support from the provincial government. He highlights the positive influence of having women in high-ranking government positions, which has created a more conducive environment for female-focused financial initiatives.
However, Masud acknowledges that government support is only one part of the equation. He identifies a “double glass ceiling” that women face: one composed of infrastructural and legal barriers, and another rooted in deep-seated cultural and social norms. To truly empower women, the shift must begin at home with families providing the same level of encouragement and resources to daughters as they do to sons.
Reflecting on his own life, Masud credits his father as a primary champion of women’s empowerment, ensuring his sister had every opportunity to excel internationally. He also draws inspiration from his grandmothers, who were both entrepreneurial forces in their own right, managing businesses and supporting their communities long before such roles were commonly accepted for women in their society.
The conversation also touches on the shared heritage of India and Pakistan, with Masud emphasizing that human connections should transcend political borders. Having family on both sides, he advocates for a “borderless” approach to human empathy and regional cooperation. He shares personal anecdotes of the kindness he has received from Indian families abroad, reinforcing his belief that people are fundamentally the same regardless of their nationality.
The Role of Pakistani Diaspora
Looking toward the future, Masud is focused on innovative financial instruments like social impact bonds to drive development. He invites the global Pakistani diaspora to participate in these initiatives, viewing them as a way to send a positive message of unity and shared purpose. By leveraging the collective strength of the diaspora, he believes significant strides can be made in skill development and financial inclusion for all.
Ultimately, Zafar Masud’s vision is one of a more inclusive and empathetic world. Whether through his best-selling book “Seat 1C” or his leadership at the Bank of Punjab, he continues to advocate for a society where every individual has the support they need to succeed. His story serves as a reminder that the most lasting legacies are not built with money, but with the lives we touch and the barriers we help others break.