Biography of Jahangir Siddiqui: Founder of JS Bank, Angel Investor & Entrepreneur
Biography of Jahangir Siddiqui:
Jahangir Siddiqui & Co. Ltd. (JSCL) is a prominent
investment company based in Pakistan, primarily involved in financial services
and long-term investments in various sectors. Established on May 4, 1991, under
the Companies Ordinance, 1984, JSCL traces its roots to Mr. Jahangir Siddiqui's
pioneering efforts in equity and fixed income securities, and corporate
finance.
Early Life and Entrepreneurial Beginnings
Jahangir Siddiqui, born on 28th July 1948 in Sehwan Sharif,
Sindh, Pakistan, was the ninth of ten children of Qazi Imdad Ali Siddiqui, a
government servant, and a homemaker mother. His family later relocated to
Hyderabad. Unlike most teenagers, at the age of 14, Jahangir started working as
a distributor for Coca-Cola in Hyderabad. He also ventured into
entrepreneurship by establishing 'Dreamland Cold Corner' near Firdaus Cinema,
where he earned PKR 110,000 in just two years—a substantial amount for that
time.
Entrepreneurial Spirit Takes Root
Raised in a religious household, Jahangir spent his
afternoons praying and observing the local business scene at a friend's soft
drinks shop. Recognizing a business opportunity, he estimated needing PKR 6,000
to start his own venture. Despite his father not having the capital to invest,
Jahangir displayed his determination by selling his father's car and other
household goods to raise the required funds. His entrepreneurial mindset and
drive were evident even at such a young age.
Commitment to Education and Entrepreneurship
Although deeply involved in business, Jahangir's father
emphasized the importance of education. He sold his business and leased out the
café to comply with his father's wishes, returning to full-time education.
Jahangir successfully completed his intermediate and later earned a Bachelor's
degree in Commerce with distinction. Despite focusing on academics, he
continued his entrepreneurial pursuits, investing his savings in a fishing
trawler and his elder brother's transport business.
Early Exposure to Stock Exchange
The year 1967 marked a pivotal moment in Jahangir Siddiqui's
life when he began his article-ship as a Chartered Accountant at Gangat &
Co. in Karachi. Despite his rigorous schedule, Jahangir was drawn to the stock
exchange, captivated by its atmosphere and the potential for financial growth.
Interacting with stockbrokers, he received advice on investment strategies to
maximize returns. Although initially limited in funds, profits from his fishing
trawler and transport ventures allowed him to invest, resulting in a
substantial gain of PKR 200,000 within a year—an impressive sum at that time.
Despite this success, the sudden passing of his father in December 1967 led him
to prioritize completing his Chartered Accountancy article-ship as per his
father's wishes, momentarily setting aside his stock market activities.
Return to Stock Market
By 1970, Jahangir Siddiqui resumed his involvement in the
stock exchange, using his earlier profits and savings to reinvest. With limited
experience, he entrusted a broker to manage his investments, a common practice
before the establishment of the Central Depository Company (CDC). However, just
days before his CA exam, the broker informed Jahangir of his financial collapse
and impending bankruptcy due to substantial losses. Despite the setback,
Jahangir's integrity and compassion shone through when he rushed the broker to
the hospital after he suffered a heart attack during their conversation.
Opportunity in Adversity
Following a week of recovery, the broker offered Jahangir
the opportunity to take over his office in the stock market in exchange for
settling his investments. This unexpected turn of events presented Jahangir
Siddiqui with a significant opportunity to deepen his involvement in the stock
market and further his understanding of investment strategies and market
dynamics.
Revolutionizing the Karachi Stock Exchange (KSE)
Jahangir Siddiqui made significant contributions to the
evolution of Pakistan's stock markets, particularly at the Karachi Stock
Exchange (now Pakistan Stock Exchange - PSX). His impact earned him recognition
as a pivotal figure in the country's banking and finance sector. Initially
supported by Mr. Z.A. Saya, Jahangir Siddiqui served as a board member at KSE
for 13 consecutive years, including a tenure as vice president for 2 years. His
visionary approach extended globally as he engaged with representatives from
various international stock exchanges.
Visionary Beginnings
Jahangir Siddiqui's entrepreneurial journey started early in
life, driven by a deep admiration for Quaid-e-Azam Muhammad Ali Jinnah,
Pakistan's founder. Inspired by Jinnah's leadership and determination in
securing independence for Muslims in South Asia, Jahangir Siddiqui dreamed big.
He was motivated by the success story of Subway's founders, Fred DeLuca and
Peter Buck, who achieved their ambitious goal of opening 10,000 branches far
ahead of schedule. This taught him the power of dreaming big and breaking down
goals into achievable steps.
Biography of Jahangir Siddiqui: Founder of JS Bank and Angel Investor/Entrepreneur/ JS Group/ Investor/Life Struggles/Success story/Jahangir Siddiqui
Core Investments and Activities:
Financial Services: JSCL has a robust presence in financial
services, spanning asset management, commercial banking, investment banking,
Islamic banking, securities brokerage, and insurance. Its comprehensive
approach covers all facets of the financial sector, ensuring a diverse
portfolio that leverages opportunities across different financial instruments
and services.
Strategic Investments: Beyond financial services, JSCL
strategically invests in technology, transportation, media, and industrial
sector companies. These long-term investments are aimed at fostering growth and
innovation in key sectors of the Pakistani economy, contributing to economic
development and market diversification.
Jahangir Siddiqui VC Fund, based in Karachi, Sindh,
Pakistan, focuses its investments primarily on startups in the sectors of
E-Commerce, Rental services, and Hospital management. The fund targets
companies at the Seed and Pre-Seed stages, operating primarily in Pakistan and
the United Arab Emirates.
Portfolio Highlights:
Ailaaj: Ailaaj stands as Pakistan’s pioneering full-stack
digital healthcare company. It offers a comprehensive healthcare experience
from initial diagnosis by PMDC certified doctors to medication delivery and
ongoing patient care. Ailaaj is part of the Fazal Din Group, renowned for
advancing Pakistan's healthcare services for over 70 years. It integrates
doctor consultations, prescriptions, and medication delivery into a single
platform, ensuring a seamless and stress-free healthcare experience for users.
Invygo: Invygo is recognized as the first and largest car
subscription service in the MENA region. Established in 2018 in Dubai, UAE,
Invygo provides consumers with flexible, all-inclusive monthly car
subscriptions through a user-friendly mobile app. This model offers
accessibility to passenger cars without the financial burdens associated with
ownership. For dealers, Invygo's technology-driven platform introduces a new
business model that enhances revenue generation while reducing depreciation and
operational costs.
Brandverse: Founded in 2017 and headquartered in Karachi,
Brandverse specializes in creating connective content that optimizes product
visibility and attractiveness across digital platforms. It offers immersive,
omnichannel-ready content solutions that cater to digitally-enabled commerce
businesses and their supply chains. Brandverse focuses on delivering brand-safe
and future-proofed product content, enhancing the online presence and appeal of
brands worldwide.
Jahangir Siddiqui VC Fund's strategic investments in these
innovative startups underscore its commitment to fostering digital
transformation, enhancing healthcare accessibility, redefining mobility
solutions, and optimizing digital commerce experiences across the MENA region
and beyond.
Historical Milestones:
Wall Street Pedigree: JSCL established its reputation as the
first securities company in Pakistan with a Wall Street Pedigree, owing to its
former joint venture partnership with Bear Stearns.
Market Listing: JSCL became the first corporate member of
the Karachi Stock Exchange and subsequently listed on both the Karachi and
Islamabad stock exchanges in Pakistan on August 10, 1993. This listing
reinforced its position as a leading player in Pakistan's financial markets.
Vision and Mission:
Vision: To be recognized as the premier and best-performing
investment company in Pakistan, reflecting its commitment to excellence and
leadership in the financial sector.
Mission: JSCL aims to build shareholder value by delivering
competitive returns on a sustainable basis through prudent investment
decisions. It emphasizes best practices in corporate governance, rigorous risk
management, and adherence to ethical standards and legal compliance in all
business operations.
Building a Global Empire
Jahangir Siddiqui's vision extended beyond borders, leading
him to establish a diverse group of companies with interests across the globe
and a net worth in billions of rupees. His journey reflects his commitment to
excellence and growth, driven by strategic thinking and bold decision-making.
His businesses span various sectors, demonstrating his capability to navigate
challenges and achieve substantial success.
Sharing Knowledge and Inspiring Others
Jahangir Siddiqui generously shares his wealth of business
knowledge with students, managers, entrepreneurs, and anyone eager to learn.
His openness about his experiences aims to inspire others to achieve their own
goals and aspirations. His life story serves as a guiding light, emphasizing
the importance of perseverance, continuous learning, and a visionary mindset in
overcoming obstacles and reaching new heights in business and personal
endeavors.
Group Overview:
JSCL operates within a group framework that integrates its
diverse investments and activities across multiple sectors. This cohesive
approach enables JSCL to leverage synergies, optimize investment strategies,
and capitalize on emerging opportunities in Pakistan's dynamic economic
landscape.
