Saturday, 2024-07-13, 9:34 AM





Key to success for Pakistan is hidden in this speech.

State Bank of Pakistan has been witness to various historic moments. The State Bank itself was inaugurated by Quaid-i-Azam Muhammad Ali Jinnah. Quaid-e-Azam’s last speech which has been kept hidden from us, because he proposed an economic system based on true Islamic concept. Read the paragraph 4 for which it was kept as an forgotten word, it not only rejects the secular-state theory of Quaid Aazam’s Pakistan but establishes Jinnah’s views about western system. Look how close he predicts the western collapse 60 years before. This speech was delivered on the opening ceremony of The State Bank of Pakistan on 1st July, 1948. Also watch Zaid Hamid comments on this too at the end.

Quaid-i-Azam delivering his inaugural address on the occasion of the opening ceremony of the State Bank of Pakistan on July 1, 1948.

"Mr. Governor, Directors of State Bank, Ladies and Gentlemen.

The opening of the State Bank of Pakistan symbolizes the sovereignty of our State in the financial sphere and I am very glad to be here today to perform the opening ceremony. It was not considered feasible to start a Bank of our own simultaneously with the coming into being of Pakistan in August last year. A good deal of preparatory work must precede the inauguration of an institution responsible for such technical and delicate work as note issue and banking. To allow for this preparation, it was provided, under the Pakistan Monetary System and Reserve Bank Order, 1947, that the Reserve Bank of India should continue to be the currency and banking authority of Pakistan till the 30th September, 1948. Later on it was felt that it would be in the best interests of our State if the Reserve Bank of India were relieved of its functions in Pakistan, as early as possible. The State of transfer of these functions to a Pakistan agency was consequently advanced by three months in agreement with the Government of India and the Reserve Bank. It was at the same time decided to establish a Central Bank of Pakistan in preference to any other agency for managing our currency and banking. This decision left very little time for the small band of trained personnel in this field in Pakistan to complete the preliminaries and they have by their untiring effort and hard work completed their task by the due date which is very creditable to them, and I wish to record a note of our appreciation of their labours.

As you have observed, Mr. Governor in undivided India banking was kept a close preserve of non-Muslims and their migration from Western Pakistan has caused a good deal of dislocation in the economic life of our young State. In order that the wheels of commerce and industry should run smoothly, it is imperative that the vacuum caused by the exodus of non-Muslims should be filled without delay. I am glad to note that schemes for training Pakistan nationals in banking are in hand. I will watch their progress with interest and I am confident that the State Bank will receive the co-operation of all concerned including the banks and Universities in pushing them forward. Banking will provide a new and wide field in which the genius of our young men can find full play. I am sure that they will come forward in large numbers to take advantage of the training facilities which are proposed to be provided. While doing so, they will not only be benefiting themselves but also contributing to the well-being of our State.

I need hardly dilate on the important role that the State Bank will have to play in regulating the economic life of our country. The monetary policy of the bank will have a direct bearing on our trade and commerce, both inside Pakistan as well as with the outside world and it is only to be desired that your policy should encourage maximum production and a free flow of trade. The monetary policy pursued during the war years contributed, in no small measure, to our present day economic problems. The abnormal rise in the cost of living has hit the poorer sections of society including those with fixed incomes very hard indeed and is responsible to a great extent for the prevailing unrest in the country. The policy of the Pakistan Government is to stabilize prices at a level that would be fair to the producer, as well as the consumer. I hope your efforts will be directed in the same direction in order to tackle this crucial problem with success.

I shall watch with keenness the work of your Research Organization in evolving banking practices compatible with Islamic ideas of social and economic life. The economic system of the West has created almost insoluble problems for humanity and to many of us it appears that only a miracle can save it from disaster that is not facing the world. It has failed to do justice between man and man and to eradicate friction from the international field. On the contrary, it was largely responsible for the two world wars in the last half century. The Western world, in spite of its advantages, of mechanization and industrial efficiency is today in a worse mess than ever before in history. The adoption of Western economic theory and practice will not help us in achieving our goal of creating a happy and contended people. We must work our destiny in our own way and present to the world an economic system based on true Islamic concept of equality of manhood and social justice. We will thereby be fulfilling our mission as Muslims and giving to humanity the message of peace which alone can save it and secure the welfare, happiness and prosperity of mankind.

May the Sate Bank of Pakistan prosper and fulfill the high ideals which have been set as its goal.

In the end I thank you, Mr. Governor, for the warm welcome given to me by you and your colleagues, and the distinguished guests who have graced this occasion as a mark of their good wishes and the honour your have done me in inviting me to perform this historic opening ceremony of the State Bank which I feel will develop into one of our greatest national institutions and play its part fully throughout the world.”

Quaid-i-Azam Muhammad Ali Jinnah 1st July, 1948

Inaugural Ceremony of The State Bank of Pakistan
original source:

The Quaid's last Message to the Nation - 14 August 1948
"The foundations of your State have been laid and it is now for you to build and build as quickly and as well as you can. Let it not be said that we did not prove equal to our task".

Gandhi was a Mahatama indeed but Jinnah has been the most unique person in world history to achieve a separate country out of sheer determination, whatever means and resources he utilized for that. - Sandeep Kuulshrestha

"Mr. Jinnah was great as a lawyer, once great as a Congressman, great as a leader of Muslims, great as a world politician and diplomat, and greatest of all as a man of action, By Mr. Jinnah's passing away, the world has lost one of the greatest statesmen and Pakistan its life-giver, philosopher and guide".
--------------------------------------------------------- Surat Chandra Bose, leader of the Forward Bloc wing of the Indian National Congress

Jaswant Singh writes in his book " Jinnah: India – Partition – Independence"…He (Jinnah) created something out of nothing and single-handedly stood against the might of the Congress and the British who didn’t really like him...Gandhi himself called Jinnah a great Indian. Why don’t we recognise that? Why don’t we see (and try to understand) why he called him that?...I admire certain aspects of his personality; his determination and the will to rise. He was a self-made man. Mahatma Gandhi was the son of a Diwan. All these (people) – Nehru and others – were born to wealth and position. Jinnah created for himself a position. He carved in Bombay a position for himself. He was so poor that he had to walk to work…He told one of his biographers that there was always room at the top but no lift…and he never sought a lift”. Jaswant Singh goes on to say that the Indian leaders had not only misunderstood Jinnah but made a demon out of him. According to him the demonisation of Jinnah was a direct result of the trauma of partition. Singh also said that the view held by many in India that Jinnah hated Hindus was a mistake.

Comparing the leadership of Gandhi and Jinnah, the book says, "[Gandhi’s] had almost an entirely religious provincial flavour while [Jinnah’s] was doubtless imbued by a non-sectarian nationalistic zeal”. Jaswant Singh is certainly right to assert this difference between Gandhi and Jinnah on religious grounds. That’s why Gandhi is both hailed and hated in India – hailed by some for being a great Hindu leader and hated by the others, especially the Dalits, for being proponent of Hindu caste system. By yet others, he is abhorred for aiding the making of Pakistan , as they believe so. This third view is even stronger about Nehru amongst the educated Indians. Jaswant Singh somewhat maintains the same tinge. Jinnah too has two opinions about his personality in Pakistan. Some think him to be a liberal who wanted Pakistan to be a secular state and often refer to his August 11, 1947 speech to the Constituent Assembly to support their conjecture.


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