Summary of Mr. Zafar Masud’s Interview with Prof. Arif Zaman on The Business Show of Bloomsbury Radio — London
On Monday, August 18, 2025, an edition of “The Business Show” on Bloomsbury Radio featured an in-depth interview between host Arif Zaman and guest Zafar Masud, a prominent banker and public sector expert. The discussion, broadcast at 20:00 UK time, covered Masud’s miraculous survival of a plane crash, the profound impact it had on his life and leadership philosophy, and his strategic initiatives as the CEO of the Bank of Punjab and Chair of the Pakistan Banks’ Association.
A Survivor’s Tale and Renewed Purpose
The central theme of the discussion is the PIA Flight 8303 crash on May 22, 2020, which Zafar Masud miraculously survived, being one of only two survivors out of 98 people on board. This life-altering event is chronicled in his book,
Seat 1C: A Survivor’s Tale of Hope, Resilience, and Renewal. The experience fundamentally reshaped his perspective, instilling in him a “seize the day” philosophy and a profound sense of urgency. He emphasizes that the crash reinforced his belief that life and leadership are “all about people” and the impact one has on them.
Remarkably, despite sustaining severe injuries, Masud returned to his role as CEO of the Bank of Punjab just two days after the accident. This decision was driven by necessity, as several senior positions at the bank were vacant. He humorously notes that while others talk about “work from home,” he talks about “work from hospital bed,” and found that immersing himself in work was a crucial part of his healing process.
Leadership and Transformation at the Bank of Punjab
As the CEO of the Bank of Punjab, an institution with 14,000 employees, Masud has spearheaded a significant digital transformation. Key aspects of his leadership and strategy include:
- Governance and Disruption: Masud is a staunch advocate for robust governance, transparency, and accountability, which he considers the cornerstones of strong institutions. His leadership style encourages taking “fearless decisions thoughtfully” and acting as a disruptor to stay ahead in a competitive world.
- Digital Innovation: Under his guidance, the Bank of Punjab has transformed from a digital laggard to one of the top three digital banks in Pakistan. The bank has become a market leader in digital lending, with a portfolio several times larger than the rest of the industry combined.
- Social Impact and Inclusion: He strategically balances commercial objectives with national development. The bank focuses on impactful lending to underserved sectors like SMEs and agriculture, which form two-thirds of the economy. He is also a champion for gender equality, and the bank has won awards for its programs supporting women entrepreneurs.
Navigating Pakistan’s Economic Landscape
As the Chairperson of the Pakistan Banks’ Association, Masud provides insights into the challenges and opportunities facing the nation’s financial sector.
- Macroeconomic Challenges: The most pressing challenges include developing human capital, dealing with inconsistent and “extractive” taxation policies, and tackling the country’s large undocumented economy. He points out the massive discrepancy where sectors like real estate, agriculture, and retail contribute 52% to the economy but only 3.6% to total taxation.
- Strategic Priorities: The association is focused on driving growth in priority areas such as agriculture, digital finance, low-cost housing, and SME financing. A key goal is to double the lending to SMEs in the next three years.
- Transition to Islamic Banking: He discusses the mandated transition to a fully Islamic banking system by 2027. While acknowledging challenges related to government debt and international finance, he sees it as a major opportunity for promoting financial inclusion.
Ultimately, Masud’s message is one of living a life of impact and urgency. He concludes by reading from his book, emphasizing that knowing he is “living on borrowed time” propels him to work towards the betterment of others without procrastination.
Zafar Masud: Forging a Legacy of Resilience, Renewal, and Impactful Leadership
On May 22, 2020, as the world was grappling with the nascent stages of the COVID-19 pandemic, Pakistan International Airlines Flight 8303 crashed into a residential area of Karachi, claiming the lives of 98 people. In a turn of events that can only be described as miraculous, Zafar Masud, a seasoned banker and public sector expert, emerged as one of only two survivors. This life-altering experience did not just leave him with physical scars; it fundamentally reshaped his perspective on life, leadership, and his purpose in the world. In his book,
Seat 1C: A Survivor’s Tale of Hope, Resilience, and Renewal, Zafar Masud chronicles not only his extraordinary tale of survival but also the profound lessons he has carried into his professional life, particularly in his role as the President and CEO of the Bank of Punjab. This is the story of how a man who came face-to-face with death chose to live a life of greater urgency, impact, and purpose.
The journey of Zafar Masud is a testament to the indomitable human spirit. With over three decades of experience in banking, development finance, and corporate governance both in Pakistan and internationally, his career has been nothing short of illustrious. He has served on the boards of major Pakistani institutions, including the Oil and Gas Development Company Limited (OGDCL), the only Pakistani company listed on the London Stock Exchange, and he also holds the distinguished position of Chair of the Pakistan Banks’ Association.
However, it was the harrowing events of May 22, 2020, that would become the crucible in which his leadership philosophy was forged anew. In a recent interview, Zafar Masud shared his deeply personal and professional journey, offering invaluable insights into what it means to lead with resilience, empathy, and a relentless focus on creating a lasting impact.
From the Brink of Death to a Renewed Sense of Purpose
The PIA Flight 8303 crash was a national tragedy, a nightmare scenario for any airline, and a deeply personal trauma for the families of the victims. For Zafar Masud, it was a moment of profound reckoning. His survival, against all odds, was not just a matter of luck but a catalyst for deep introspection and a renewed sense of purpose. As he recounted, the experience reinforced some of his earlier beliefs while also introducing new, powerful learnings that have since become the bedrock of his approach to life and leadership.
One of the most striking aspects of Zafar Masud‘s story is his decision, just two days after the accident and despite sustaining severe injuries, to continue his role as the CEO of the Bank of Punjab. This remarkable determination was born not just out of a sense of duty but also out of necessity. At the time, the bank was in a state of transition, with many senior positions vacant following a delayed CEO appointment. The number two executive was also on the verge of departure, leaving
Zafar Masud with little choice but to resume his responsibilities. In a serendipitous twist of fate, the pandemic-induced shift to remote work, or as he humorously puts it, “work from hospital bed,” enabled him to stay engaged. What began as a necessity, however, turned out to be a powerful healing mechanism. Immersing himself in his work provided a much-needed distraction from the trauma of the crash, becoming, in his own words, a “lifesaver”.
This experience instilled in Zafar Masud what he calls a “seize the day” philosophy, a profound understanding of the ephemeral nature of life and the urgent need to make every moment count. This newfound sense of urgency has translated directly into his strategic approach at the Bank of Punjab and the Pakistan Banks’ Association. He now champions a leadership style that is relentlessly focused on impact and legacy. Procrastination, he argues, is a luxury that life may not always afford us. Decisions must be made, and actions must be taken, “now and rather quickly”. This philosophy is not about reckless haste but about a conscious and deliberate effort to create meaningful change without delay. The journey of
Zafar Masud is a powerful reminder that out of immense personal tragedy can emerge an unwavering commitment to a purpose-driven life.
Governance, Transparency, and Accountability: The Cornerstones of Institutional Strength
The crash of Flight 8303 was not just an isolated incident of mechanical or human error. In his book, Zafar Masud critically examines the systemic failures that contributed to the disaster, framing it not merely as an airline or aviation industry failure, but as a failure of the broader ecosystem—a breakdown in the nation’s value system and social fabric. This experience deepened his already strong commitment to accountability, transparency, and robust governance, principles that he sees as vital for the success and resilience of any institution, especially in the financial sector.
For Zafar Masud, governance is not just a corporate buzzword; it is the very foundation of institutional strength. Drawing on the insights of the acclaimed book
Why Nations Fail, he posits that nations flourish when their institutions are robust, and this robustness is derived directly from their governance structures. A strong governance framework, he explains, rests on the pillars of transparency and a fair and balanced equation of risk, reward, and accountability. In the context of banking, where institutions act as trustees of depositors’ money, the importance of governance is magnified manifold. Without it, banks are prone to digress from their fiduciary duties and ethical responsibilities. The leadership of Zafar Masud at the Bank of Punjab is a testament to his unwavering belief in these principles.
This commitment to strong governance has also informed his approach to decision-making, which he describes as the ability to take “fearless decisions thoughtfully taken”. In today’s competitive world, he argues, organizations must be willing to push boundaries, take calculated chances, and embrace the role of a disruptor. The alternative, he warns, is to be disrupted by others. The concept of “safe disruption” is, of course, subjective and varies from one individual to another, but the underlying principle remains the same: the need to constantly challenge the status quo and stretch one’s own boundaries. This philosophy, championed by Zafar Masud, is a powerful antidote to the bureaucratic inertia that can often plague large organizations, particularly in the public sector.
Transforming a Public Sector Behemoth: The Digital Revolution at the Bank of Punjab
As the CEO of the Bank of Punjab, the second-largest public sector bank in Pakistan with 14,000 employees, Zafar Masud has spearheaded an ambitious strategic transformation to turn the institution into a “cutting-edge, digitally motivated financial institution”. This transformation has been particularly challenging given the complex operating environment of an emerging market like Pakistan, characterized by political, economic, and social volatility. Public sector organizations, in particular, face the added complexity of competing interests from various facets of society, which can often lead to bureaucratic and slow decision-making.
The cornerstone of Zafar Masud‘s strategy has been to foster a change in mindset, both vertically and horizontally, across the organization. This has involved aligning the vision of the board, shareholders, and employees around a common purpose that goes beyond just the bottom line. While acknowledging the commercial imperative of profitability, he has instilled a culture that also prioritizes the medium to long-term benefits for the country and the bank’s own sustainability.
A key enabler of this transformation has been a relentless focus on digital innovation. In a country like Pakistan, with a vast landmass and a population of 250 million, the cost of acquiring new customers through traditional means is prohibitively high. Digitalization, therefore, is not just an option but a necessity for reaching underserved populations and promoting financial inclusion. This is particularly relevant given Pakistan’s extraordinarily young population, with a median age of just 21, which represents a massive, digitally-savvy potential market. The approach of Zafar Masud has been to leverage this demographic dividend by creating a digital infrastructure that can connect with this young cohort.
Under the leadership of Zafar Masud, the Bank of Punjab has made significant strides in this area. Three years ago, the bank was lagging in the digital banking space; today, it is ranked among the top three digital banks in Pakistan. The bank has particularly excelled in digital lending, with a portfolio that is two to three times the size of the entire industry combined.
This success has been driven by a strategic focus on impactful sectors such as SMEs and agriculture, which together constitute almost two-thirds of Pakistan’s economy. By using technology to create blended risk models with the support of the government, the Bank of Punjab has been able to extend credit to these historically underserved sectors, thereby driving both commercial success and social impact.
Recognizing the limitations of a traditional banking culture in fostering innovation, Zafar Masud has also embraced strategic partnerships. A prime example is the bank’s investment in Gobi Ventures, one of the largest venture capital funds in the region. This move is aimed at encouraging other commercial banks to enter the venture capital space, which is crucial for supporting the burgeoning startup ecosystem in Pakistan.
This approach reflects a deep understanding of the bank’s strengths and weaknesses and a willingness to collaborate with partners who can bring complementary expertise to the table. The journey of the Bank of Punjab under Zafar Masud is a powerful case study in how a legacy public sector institution can be transformed into a dynamic and innovative player in the modern financial landscape.
Balancing Commercial Objectives with National Development
A defining feature of Zafar Masud‘s leadership is his unwavering commitment to balancing the commercial objectives of the Bank of Punjab with its role in national development and financial inclusion. He firmly believes that as a public sector institution, the bank has a responsibility that extends beyond maximizing profits for its shareholders. This philosophy is reflected in the bank’s extensive portfolio of initiatives aimed at promoting social impact, such as its interest-free loan programs and its focus on diversity and inclusion.
It is important to note that these social impact initiatives are not acts of charity but are designed to be commercially sustainable. For instance, in the case of the interest-free loan programs, the bank is adequately compensated by the government for the risk it undertakes, creating a win-win situation for the borrower, the bank, and the government.
The real challenge, according to Zafar Masud, lies in motivating the team to pursue these more complex, high-impact businesses rather than simply investing in low-risk government securities. This is where his emphasis on purpose and legacy comes into play. He strives to create an environment where employees feel a sense of pride and fulfillment in their work, knowing that they are contributing to something larger than themselves.
See Also: Plow Savings — Creating Safety Net and Financial Inclusion
This commitment to social impact is also evident in Zafar Masud‘s advocacy for gender equality. As a member of the Champions of Change Pakistan group, he has been a vocal proponent of diversity and inclusion in the financial sector. He argues that the presence of women in the workplace not only brings a more positive and empathetic culture but also has a significant positive impact on the economy.
With women’s participation in the workforce in Pakistan at a mere 25%, compared to the global average of 51%, there is immense untapped potential. He cites studies showing that if Pakistan were to meet the global average for female participation, its economy could grow by 30% in one shot, with the potential for even greater growth in the future.
Under his leadership, the Bank of Punjab has walked the talk in this regard. The bank has been recognized with the prestigious Pakistan Banking Award for women entrepreneurship and has also been lauded by the State Bank of Pakistan for its efforts in this area. The bank’s impressive track record in disbursing loans to women entrepreneurs is a testament to its commitment to empowering women and promoting their economic inclusion. The vision of Zafar Masud is one where commercial success and social responsibility are not mutually exclusive but are two sides of the same coin.
Navigating a VUCA World: Challenges and Opportunities for Pakistan’s Banking Sector
The Pakistani banking sector, like many others around the world, is operating in an increasingly volatile, uncertain, complex, and ambiguous (VUCA) environment. As the chairperson of the Pakistan Banks’ Association, Zafar Masud has a unique vantage point on the challenges and opportunities facing the industry. He identifies both internal and external challenges that need to be addressed to ensure the long-term health and resilience of the sector.
Internally, the biggest challenge is the development of human capital. The dominance of government borrowing in recent years has led to a decline in the critical thinking and transaction structuring skills of bankers, as the business has become a “pretty straightforward vanilla business”. Attracting, retaining, and training talent, especially in the rapidly evolving fields of technology and artificial intelligence, is a major priority for the industry.
See also: Pakistan’s Biggest Crisis: “Human Resource
Externally, the industry is grappling with inconsistent policies, particularly in the realm of taxation. The disproportionately high tax rate on banks and the challenges posed by Pakistan’s large undocumented economy are major impediments to growth. Zafar Masud is a strong advocate for policy changes that would create a more conducive environment for banks to support private sector growth, especially for SMEs and the agriculture sector.
Despite these challenges, Zafar Masud is optimistic about the future. He sees immense opportunities in priority sectors such as agriculture, digital finance, housing, and even electric vehicles. The Pakistan Banks’ Association is actively pursuing a number of key initiatives in these areas, such as the SME risk coverage scheme and the national subsistence farmer support initiative, which are aimed at de-risking lending to these crucial sectors and unlocking their growth potential.
Another significant development on the horizon is the mandated full transition to Islamic banking by 2027. While this presents its own set of challenges, particularly with regard to government debt and international financial transactions, Zafar Masud sees it as a major opportunity to promote financial inclusion, given the strong religious inclinations of the population. The Islamic banking sector is already the fastest-growing segment of the industry, and the transition, if managed effectively, could position Pakistan as a key player in the global Islamic finance landscape.
A Legacy of Hope, Resilience, and Renewal
The journey of Zafar Masud is a powerful narrative of hope, resilience, and renewal. From the depths of a near-death experience, he has emerged with a renewed sense of purpose and a profound commitment to creating a lasting legacy. His leadership at the Bank of Punjab and the Pakistan Banks’ Association is a testament to his vision of a more inclusive, equitable, and prosperous Pakistan.
When asked what advice he would give to business leaders and young people navigating the complexities of today’s world, Zafar Masud turns to the concluding chapter of his book. He speaks of the urgent need to work towards the economic betterment of people, a need that has been amplified by his own brush with mortality. He reminds us that we are all “living on borrowed time,” and this realization should propel us to act with a sense of urgency and purpose.
The story of Zafar Masud is not just about surviving a plane crash; it is about what one chooses to do with a second chance at life. It is a story of a leader who is not just focused on the bottom line but on the broader impact of his actions on society. It is a story that inspires us to reflect on our own lives and to ask ourselves what kind of legacy we want to leave behind.
In a world that is often fraught with uncertainty and despair, the journey of Zafar Masud is a powerful beacon of hope, a testament to the fact that even in the face of unimaginable adversity, the human spirit can not only endure but can also soar to new heights. The leadership and vision of Zafar Masud continue to shape the future of Pakistan’s banking sector and inspire a new generation of leaders to build a better tomorrow.