Zafar Masud awarded the Greenwich Honorary PhD —In recognition of his outstanding contributions to banking and finance, his visionary leadership across national and international institutions, and his role in inclusive economic progress, Greenwich University confers upon Zafar Masud the degree of Doctor of Philosophy in Banking and Finance (Honoris Causa).
Greenwich University Confers Honorary Doctorate upon Zafar Masud
Zafar Masud stands amongst Pakistan’s most distinguished leaders in banking and finance, embodying visionary leadership, ethical governance, and an unwavering commitment to institutional excellence. This video highlights his remarkable career journey and the prestigious recognition of his contributions to the industry.
A Career of Global and National Impact
Zafar Masud’s professional path is marked by senior leadership roles at globally renowned institutions, including American Express Bank, Citibank, Dubai Islamic Bank and Barclays Bank which has led to Zafar Masud’s Honorary PhD awarded by Greenwich University, Karachi.
Beyond the private sector, he has rendered exceptional public service as a member of the Board of Directors and the Monetary Policy Committee of the State Bank of Pakistan. As Director General of National Savings, he led transformative reforms in digital modernization, financial inclusion, and welfare-oriented savings initiatives.
Transforming the Bank of Punjab
As the President and Chief Executive Officer of the Bank of Punjab, Zafar Masud has driven strategic transformation and strengthened corporate governance. His leadership has enhanced institutional resilience and advanced responsible banking in alignment with national economic priorities.
Testimonials and Tributes for Zafar Masud’s Honorary PhD
Colleagues and family members share insights into Zafar Masud’s Honorary PhD and the man behind the leadership:
- Leadership Excellence: Muneer Kamal notes that under Masud’s influence, the PBA has emerged in a “completely new color”.
- Visionary Approach: Kazim Saeed highlights his clear vision for every project and product.
- Dedication: Jamal Mughal observes that whatever he starts, he finishes at the top level.
- Family Pride: His father, Munawar Saeed, and his mother express their deep joy in his growth and the name he has made for himself.
Zafar Masud’s Honorary PhD Conferment
In recognition of his outstanding contributions to banking and finance, his visionary leadership across national and international institutions, and his role in inclusive economic progress Greenwich Honorary PhD was award to Mr. Zafar Masud.
Zafar Masud’s Honorary PhD confers by Greenwich University upon Zafar Masud is the degree of Doctor of Philosophy in Banking and Finance (Honoris Causa).
Zafar Masud: A Titan of Pakistani Banking and a Testament to Resilience
Introduction
The landscape of Pakistan’s financial sector has been shaped by a handful of visionaries who possess not only technical acumen but the courage to drive institutional reform. Standing tall among these figures is Zafar Masud, a name synonymous with innovation, ethical governance, and miraculous resilience. Currently serving as the President and CEO of The Bank of Punjab (BOP), Masud’s journey is a compelling narrative of professional excellence that spans global banking giants and critical public sector roles.
Recently, Greenwich University recognized his monumental contributions to the field by conferring upon him the Greenwich Honorary PhD -a degree of Doctor of Philosophy in Banking and Finance (Honoris Causa). This honor is not merely a reflection of his C-suite titles but a tribute to a career dedicated to financial inclusion, digital modernization, and national service. As highlighted in recent tributes, Masud embodies a rare blend of visionary leadership and an unwavering commitment to institutional excellence, a sentiment echoed by colleagues, family, and industry veterans alike.
Early Life and Distinguished Lineage
To understand the depth of Zafar Masud as a leader, one must look at his roots that led to this Greenwich Honorary PhD. He hails from a family of immense intellectual and cultural significance in the subcontinent. He is the son of Munawar Saeed, a veteran actor and celebrated figure in Pakistani cinema and television. This artistic and intellectual pedigree extends further; he is the nephew of the legendary poets and scholars Rais Amrohvi and Jaun Elia.
Despite this formidable cultural heritage, Masud carved his own niche in the distinct world of finance. His academic foundation was laid at the Institute of Business Administration (IBA), Karachi, where he earned his MBA in 1993. His quest for governance excellence later took him to INSEAD in Fontainebleau, France, where he specialized in Corporate Governance—a qualification that would later become the bedrock of his management philosophy.
In the video documenting his Greenwich Honorary PhD, his parents offered emotional insights into his journey. His father, Munawar Saeed, expressed a profound sense of pride, noting,
“Today MashaAllah, I am recognized by Zafar Masud. People say that he is Zafar Masud’s father.”
This reversal of recognition, where a celebrated father is known by his son’s achievements, marks the pinnacle of Masud’s professional ascent.
Similarly, his mother, Mrs. Munawar Saeed, shared her joy, stating,
“My heart feels a lot of joy because it’s just like I always imagined that my kids learn and grow, and make a name for themselves.”
The Ascent: Global Banking and Strategic Leadership
Zafar Masud did not start at the top; he climbed the ladder through rigorous tenures at some of the world’s most competitive financial institutions leading up to this Greenwich Honorary PhD. His early career saw him honing his skills at American Express Bank and Citibank, where he was involved in high-stakes government and public sector businesses. At Citibank (1999–2005), he played a pivotal role in major financial deals, including the Government of Pakistan’s inaugural Islamic Sukuk and large-scale infrastructure financing.
His leadership trajectory sharpened when he joined Dubai Islamic Bank to establish its corporate banking division in Pakistan. Here, he demonstrated a knack for aligning Islamic banking principles with modern corporate needs, a skill set that is increasingly vital in the global economy.
However, his international footprint became most visible during his tenure at Barclays Bank. As the Regional Managing Director and CEO for Southern Africa, Masud was responsible for operations across three countries—managing a balance sheet of approximately $3 billion and a workforce of 10,000 people. This role required navigating complex multi-country operations, aligning growth with international best practices, and ensuring robust governance standards in diverse regulatory environments.
Transforming National Institutions: The SBP and National Savings
Zafar Masud is distinct from many private sector bankers due to his deep engagement with public service. His expertise was sought by the State Bank of Pakistan (SBP), where he served as a member of the Board of Directors. More significantly, he was a member of the constitutionally independent Monetary Policy Committee (MPC). In this capacity, he contributed to formulating policies that govern the country’s economic stability, inflation control, and interest rate regimes.
One of his most transformative periods was his tenure as the Director General of National Savings (CDNS) from 2016 to 2018. National Savings is one of the largest financial institutions in Pakistan, yet it had historically been viewed as a legacy organization resistant to change. Masud took on the challenge of modernizing it.
He led a comprehensive digital transformation agenda, moving the organization away from manual ledgers to automated systems. He introduced welfare-oriented savings initiatives tailored for widows, pensioners, and the differently-abled, ensuring that financial inclusion was not just a buzzword but a reality for the most vulnerable segments of society. His reforms also included the introduction of Shariah-compliant savings schemes, broadening the institution’s appeal to a religiously conscious demographic.
The Bank of Punjab: A New Era of Governance
Since April 2020, Zafar Masud has served as the President and CEO of The Bank of Punjab (BOP). Under his stewardship, the bank has undergone a strategic shift, moving from a provincial public sector bank to a dynamic, national financial powerhouse.
His colleagues at BOP attest to the clarity of his strategic direction. Ali Afazal, Head of Corporate Banking South & Financial Institutions, remarked in the tribute video:
“I remember what he laid out, the strategy for the bank 5 years back. We as a bank under his leadership worked with him, worked alongside him, and the results of that strategy that was formulated then is in front of everyone.”
This consistency in vision and execution has been crucial for BOP’s recent growth in assets and market confidence.
Furthermore, his influence extends to the wider industry through the Pakistan Banks’ Association (PBA), where he currently serves as Chairman. Muneer Kamal, a close friend and industry peer, observed,
“It’s abundantly clear is his leadership skills. PBA has emerged in a completely new color. His leadership skills have played a major role in this.”
This suggests that Masud is not just running a bank; he is reshaping the narrative and efficacy of the entire banking sector in Pakistan.
A Survivor’s Tale: The Miracle of Flight 8303
No biography of Zafar Masud is complete without acknowledging the event that redefined his life and purpose. On May 22, 2020, he was onboard Pakistan International Airlines Flight 8303 from Lahore to Karachi. In a tragic turn of events, the aircraft crashed into a residential area near Jinnah International Airport. Out of 99 people on board, 97 perished. Zafar Masud was one of only two survivors.
See also: Reflections of a Plane Crash Survivor
His survival was nothing short of miraculous. Despite sustaining multiple fractures, he retained his consciousness and, famously, his resilience. In the aftermath, he authored the book “Seat 1C: A Survivor’s Tale of Hope, Resilience, and Renewal“. The book is not merely a recounting of the trauma but a philosophical exploration of second chances, gratitude, and the imperative to serve humanity. This experience has deeply influenced his leadership style, infusing it with empathy and a sense of urgency to do good—a “purpose-driven” approach to banking.
Philosophy and Work Ethic
The Greenwich Honorary PhD video tribute highlights specific traits that define Zafar Masud’s work ethic: clarity, completion, and excellence.
Kazim Saeed, his brother, noted,
“He has a very clear vision of every project, every scheme, every product even…”
This attention to detail prevents strategic drift, ensuring that high-level goals are translated into tangible products.
Jamal Mughal, Chief Operating Officer at McDonald’s Pakistan, emphasized his tenacity:
“Whatever that he starts, he finishes it and reaches to the top level in anything that he touches.”
This “finisher” mentality is rare in the corporate world, where many initiatives are launched but few are seen through to successful maturation.
Deenaz Mughal, Senior Associate at Uraan, summed up the sentiment of his peers:
“No one you know is more deserving than Zafar Masud. I think Zafar is brilliant.”
Awards, Honors, and Global Recognition
The Greenwich Honorary PhD from Greenwich University is the latest in a series of accolades recognizing Zafar Masud. His contributions have been celebrated internationally and locally.
- Doctor of Philosophy in Banking and Finance (Honoris Causa): Greenwich Honorary PhD, conferred by Greenwich University for his visionary leadership and contributions to inclusive economic progress.
- Order of Merit of the Republic of Hungary (Knight’s Cross): In August 2021, the Hungarian government decorated him with one of its highest civil awards. This was in recognition of his efforts to strengthen Hungarian-Pakistani cross-cultural ties, specifically his initiative to support the restoration of 175-year-old artworks by Hungarian artist August Schoefft at the Lahore Fort. Read more…
- Master Mentors Volume 2: He was featured as one of the 30 greatest minds with transformative insights in this book by bestselling author Scott Jeffrey Miller—the only leader featured from outside the Western Hemisphere. Read more…
- Chairman of Oil & Gas Development Company Limited (OGDCL): Serving as the non-executive Chairman of the Board for Pakistan’s largest E&P company, further showcasing his versatility beyond banking. Read more…
- Chairman Pakistan Bank’s Association (PBA): In March of 2024, the PBA Executive Committee convened and unanimously promoted and appointed Masud as the Chairman Pakisatan Bank’s Association, who was serving as the Senior Vice Chairman of the association. Read more…
- Re-election as Chairman PBA: In December of 2025, The Pakistan Banks Association (PBA) constituted a new 16-member Executive Committee and unanimously reelected Zafar Masud as Chairman of Pakistan Bank’s Associations. Read more…
Conclusion: A Legacy in the Making
Zafar Masud represents a modern archetype of Pakistani leadership—globally trained, culturally rooted, and resilient in the face of existential challenges. Whether it is digitizing national savings for widows, steering the Bank of Punjab through economic headwinds, or surviving a catastrophic air crash to tell the tale, his life is a testament to the power of human will and professional integrity.
As the voiceover in the video aptly summarized: “Zafar Masud stands amongst Pakistan’s most distinguished leaders in banking and finance, embodying visionary leadership, ethical governance, and an unwavering commitment to institutional excellence.”
His story is still being written, but the chapters composed so far—marked by the “Seat 1C” miracle and the conferment of his honorary doctorate—suggest that his contribution to Pakistan’s economic and social fabric will be endured for generations.