Biography of Jahangir Siddiqui: From Ice Cream Distributor to Business Mogul
Biography of Jahangir Siddiqui
Jahangir Siddiqui, a prominent Pakistani businessman, began
his entrepreneurial journey in 1962 by becoming a local distributor for ice
cream and Coca-Cola, supported by his family. Despite initial challenges, he
persevered and expanded his interests. By 1966, Siddiqui had earned a bachelor's
degree in commerce and started training as a chartered accountant, laying the
groundwork for his future endeavors in finance and business.
Founding Jahangir Siddiqui & Co.
In October 1971, Jahangir Siddiqui founded Jahangir Siddiqui
& Co. Ltd. This marked the beginning of what would eventually grow into the
JS Group of companies through both organic growth and strategic acquisitions.
Siddiqui's keen interest in stock markets played a pivotal role in shaping the
company's direction and success over the years.
Overcoming Challenges and Building Success
In the early days of establishing his company, Siddiqui
faced significant hurdles, including initial reluctance from his father to
provide financial support. Undeterred, Siddiqui raised funds by selling his
family's car and other assets. Reflecting on his early struggles, he emphasized
the importance of positive thinking and resilience in the face of adversity,
traits he believed set entrepreneurs apart.
Entrepreneurial Spark
At a young age, Jahangir Siddiqui's entrepreneurial spirit
emerged when he frequented a mosque after school. Observing a friend's shop
activities, he calculated the business potential of selling Coca-Cola.
Determined to start his own venture, he approached his father for financial
support but was met with the challenge of needing Rs. 6,000 to begin.
Bold Initiative
Undeterred, Jahangir Siddiqui took matters into his own
hands during his father's absence, selling the family car and surplus coal and wheat
to raise the required capital. He transformed his father's garage into a café,
launching his business selling cold drinks and ice cream.
Legacy Beyond Business: The Mahvash & Jahangir Siddiqui
Foundation
Beyond his business accomplishments, Jahangir Siddiqui and
his wife Mahvash founded the Mahvash & Jahangir Siddiqui Foundation. This
charitable organization focuses on healthcare, education, sustainable
development, and emergency relief in Pakistan. Through their foundation, the
Siddiquis have made significant contributions to society, aiming to create
lasting positive impacts in their community and beyond.
Siddiqui: From Ice Cream Distributor to Business Mogul /Early life / Struggles / Pakistani businessman / Investor / Billionaire
Views on Market Competition and Mergers
Jahangir Siddiqui advocates for healthy competition in
financial markets, emphasizing the importance of maintaining multiple stock
exchanges rather than merging them. He believes competition fosters innovation
and benefits investors, cautioning against mergers that could stifle new
exchanges from emerging.
Embracing Mutual Funds
Expressing optimism about the future of mutual funds,
Jahangir Siddiqui highlights their potential to simplify investment for
individuals. He stresses the role of mutual funds in diversifying portfolios
and managing investments effectively, particularly for those who lack the time
and expertise to trade directly.
Challenging Stock Broker Stereotypes
Reflecting on the reputation of stock brokers, Jahangir
Siddiqui challenges stereotypes by asserting that not all brokers manipulate
markets. He acknowledges the industry's mixed perception but defends the
integrity of many brokers while acknowledging the presence of unscrupulous
practices.
JS Group Portfolio Overview
The JS Group, under Jahangir Siddiqui's leadership,
encompasses a diverse portfolio including industries such as manufacturing,
media, finance, aviation, and hospitality. Notable holdings include Al Abbas
Industries, Pak American Fertilizer Company, Hum TV, JS Bank, and various
international ventures in banking, insurance, and consumer credit.
CVT and Financial Policy
Jahangir Siddiqui discusses the controversial Capital Value
Tax (CVT), supporting its implementation as a minimal levy that contributes to
government revenue without significantly burdening investors. He contrasts his
views with those who criticize the tax, emphasizing its minimal impact on
transactions.
Land Allegations
In December 2010, Jehangir Siddiqui faced accusations of
illegally acquiring a 1,000 square yard plot in Karachi. He was placed on the
Exit Control List (ECL), with officials claiming he used forged documents in
collaboration with a real estate agent. The Additional Executive District
Officer (AEDO) Mustafa Jamal Qazi highlighted that such incidents were becoming
common, with government-awarded land falling prey to vested interests of the
"land mafia." The Anti-Corruption Establishment made arrests related
to the case later that month.
Legal Response and Court Proceedings
Siddiqui responded by suing several individuals, including
the director of the Anti-Corruption Establishment and a member of the EDO
Revenue, for defamation. He argued that an earlier assessment by the
Citizens-Police Liaison Committee in 2001 had validated the property's
ownership as legal. The Sindh High Court issued notices to the defendants and
imposed a restraining order on any media attacks until the case was resolved.
The Pakistan Observer described these events as a deliberate effort to tarnish
Siddiqui's reputation.
Court Decision and Outcome
On 29 November 2011, the court declared the allegations
against Siddiqui as "false and baseless," emphasizing that such
accusations should not be brought forward in the future.
Personal Life
Jehangir Siddiqui is related to prominent figures in the
entertainment and business sectors. He is the brother of Sultana Siddiqui, a
noted television director, producer, and businessperson. His nephew, Shunaid
Qureshi, is also involved in business. Siddiqui's son, Ali Jehangir Siddiqui,
plays an active role in the family's enterprises. Another of his sons is
married to the daughter of Mir Shakil-ur-Rahman.
Support and Understanding
Upon his father's return, rather than anger, Jahangir
Siddiqui found understanding and support. His father recognized his
determination and provided additional funds. This encouragement bolstered
Jahangir's resolve, leading to continued success in his early business
endeavors.
Educational Crossroads
Despite initial success in business, Jahangir Siddiqui faced
challenges academically, failing to clear some subjects in his Inter-Commerce
examinations due to waning interest in studies. His father, strict about
education, intervened, insisting on a balance between academic achievement and
entrepreneurial pursuits.
Timeline summarizing Jahangir Siddiqui's journey based on
the provided information:
1962: Jahangir Siddiqui starts his entrepreneurial journey
by becoming a local distributor for ice cream and Coca-Cola in Pakistan.
1966: Siddiqui earns a bachelor's degree in commerce and
begins training as a chartered accountant, setting the stage for his future in
finance and business.
October 1971: Jahangir Siddiqui founds Jahangir Siddiqui
& Co. Ltd., laying the foundation for what would become the JS Group of
companies.
Early 1970s: Siddiqui faces initial challenges including
reluctance from his father to provide financial support, prompting him to sell
family assets like their car to raise funds.
1980s-1990s: JS Group expands through organic growth and
strategic acquisitions across various industries including manufacturing,
media, finance, aviation, and hospitality.
Foundation of Mahvash & Jahangir Siddiqui Foundation:
Jahangir and his wife Mahvash establish the foundation to focus on healthcare,
education, sustainable development, and emergency relief in Pakistan.
2010: Allegations surface regarding the illegal acquisition
of a plot in Karachi, leading to legal proceedings and a temporary inclusion of
Jahangir Siddiqui on the Exit Control List (ECL).
November 2011: The Sindh High Court declares the allegations
against Jahangir Siddiqui as false and baseless, clearing his name.
Throughout his career, Jahangir Siddiqui has been involved in advocating for market competition, promoting mutual funds, and managing a diverse portfolio under the JS Group's umbrella. His story reflects perseverance, entrepreneurial spirit.
