Mohammad Ishaq Dar (born 13 May 1950) is a Pakistani accountant and politician who has served as the 6th deputy prime minister and 38th foreign minister of Pakistan since 2024.
A close aide of the Sharif family, Dar is affiliated with the PML-N and previously served as the finance minister from 2022 to 2023, leader of the House for the Senate in 2022, and Leader of the Opposition for the Senate of Pakistan from 2012 to 2013. He was re-elected as a senator on a technocrat seat from Islamabad in the 2024 Pakistani Senate elections. He is a proponent of a set of economic policies now known as Daronomics.
Ishaq Dar was born in 1950 in Lahore. He attended the Hailey College of Commerce and graduated with a B.Com. He began his career as a chartered accountant in the public and private sector. He entered politics in the 1980s. He was elected to the senate in 2003 and was Leader of the Opposition from 2012 to 2013. He has served as federal minister for commerce; industries and investment; and finance and revenue.
Early life and education Dar was born in Lahore, Punjab on 13 May 1950 into a Punjabi family with Kashmiri ancestry.
He has a bachelor's degree in Commerce from the Hailey College of Commerce of the University of the Punjab in Lahore, which he attended from 1966 to 1969. He then attended Government College University in Lahore. Dar was awarded two merit gold medals and was placed on the roll of honour for coming in first position in B.Com. (Hons) at the University of the Punjab.
Accounting career Dar became an Associate Member of the Institute of Chartered Accountants in England and Wales in 1974, when he qualified as a chartered accountant. In 1975, he became associate member of the Institute of Chartered Accountants of Pakistan. He became a fellow of the Institute of Chartered Accountants in England and Wales in 1980 and of Institute of Chartered Accountants of Pakistan in 1984. Currently, he is a fellow member of the Pakistan Institute of Public Finance Accountants and Institute of Chartered Accountants in England and Wales.
Professionally, Dar is a chartered and management accountant and economist. Dar was director of finance in a London-based textile corporation from 1974 to 1976. Hired by Colonel Muammar Gaddafi, he moved to Libya in 1976 and worked for the Government of Libya as senior auditor in the Office of the Auditor General's Department in Tripoli.
On returning to Pakistan in 1977, he became a partner in a chartered accountancy firm and in 1980, he became financial adviser to Nazir & Company, a multinational construction company.
Political career
Entry into politics and first Sharif ministry
Dar began his political career in the late 1980s as a member of the central executive committee of the Pakistan Muslim League (N) (PML(N)). According to a statement from Dar recorded by the National Accountability Bureau (NAB) when he was detained following the 1999 Pakistani coup d'état, he began a close association with the Sharif family in 1990, in the course of which he laundered "$14.68 million and opened two bank accounts under the names of Sikandar Masood Qazi and Talat Masood Qazi for Nawaz Sharif's brother".
In 1992, then–Prime Minister Nawaz Sharif appointed him as Chairman of the Pakistan Board of Investment with the status of Minister of State. In 1993, the then President of Pakistan, Ghulam Ishaq Khan, dismissed the Sharif ministry. He became President of the Lahore Chamber of Commerce and Industry that same year.
Dar first stood for the National Assembly in a by-election after the 1993 Pakistani general election; Sharif had stood and won in two constituencies but had to resign from one. Dar won on a 62% voteshare (39,483 votes). In 1996, the President, Farooq Leghari, dismissed the Prime Minister Benazir Bhutto and her government, and dissolved the National Assembly.
Role in the second Sharif ministry
In the 1997 general election, Dar successfully stood for election to Lahore's NA-97 National Assembly constituency on a PML(N) ticket and won 61,556 votes. Sharif's PML(N) again won a clear majority, and Dar was Federal Minister for Industries and Investment in from February to July 1997.
In December 1997, he was appointed Federal Minister for Commerce. In 1998, India and then Pakistan tested nuclear weapons; Pakistan was subsequently economically sanctioned, with severe economic consequences. Dar was then appointed Minister for Finance, and negotiated an International Monetary Fund (IMF) bailout package.
Military rule In 1999, General Pervez Musharraf overthrew the Sharif ministry in a military coup d'état. Dar spent nearly two years in jail on corruption charges that never went to trial. Dar withstood pressure to politically abandon the PML(N) and Sharif, but during his detention in 2000, Dar accused Nawaz Sharif of having engaged in money laundering in the late 1990s and, in connection with the Hudabya Papers Mills case, Dar confessed to laundering US$14.86 million on behalf of the Nawaz Sharif. He later said these statements were made under duress. On his release, Musharraf remained in power, and Dar moved to the United Arab Emirates, where he worked as a financial adviser. His clients included a member of the ruling family. In 2002, he was made President of PML(N)'s International Affairs wing.
After several months outside Pakistan, Dar returned to Pakistan in 2003 to run for a seat in the Senate as a candidate of PML(N) and was elected for the first time, for a term of three years. During his tenure as Member of the Senate, he served as Parliamentary Leader of the PML(N) in the Senate. He was re-elected to the Senate in the 2006 senate election as a candidate of PML(N), this time for a term of six years. During his tenure as Member of the Senate between 2003 and 2012, he remained the Parliamentary Leader of the PML(N) in the Senate.
Minister of Finance (2008)
After the formation of a coalition government between the PPP and PML(N) with Yousaf Raza Gillani as Prime Minister, following the 2008 general election, which had resulted in a hung parliament where the PPP had secured the largest number of seats in the National Assembly and the PML(N) the second largest, Dar due to his expertise in finance and economics, was invited to join the cabinet of Yousaf Raza Gillani with the status of a federal minister in March 2008 and was re-appointed as the Minister for Finance with the additional cabinet portfolio of revenue, economic affairs and statistics. However, his tenure as Minister for Finance was short-lived after the PML(N) left the PPP-led coalition government in May 2008 to lead the movement to impeach Pervez Musharraf and to restore the judiciary after the coalition failed to restore the judiciary, as agreed between PML(N) and PPP in the Bhurban Accord. During his brief tenure as finance minister, he was criticized for causing the rupee fall, bank run and panic in the market. Meanwhile, he has been credited for proposing the idea of the Benazir Income Support Programme, a Pakistani government aid program to provide financial assistance to low-income families which is said to be one of the largest in South Asia. Dar claimed that the original name of the organisation proposed was Pakistan Income Support Programme but that it was renamed by PPP for political gains after he stepped down form the ministerial office.
In 2011 Dar was decorated with Nishan-e-Imtiaz, the highest civil award given to Pakistani nationals, for his parliamentary service in Pakistan. However, he refused to receive it from the then-President, Asif Ali Zardari. Dar was re-elected to the Senate for the third time in the 2012 senate election, for six years as a candidate of PML(N) on technocrat seat from Punjab after which he was re-appointed by Nawaz Sharif as the Parliamentary Leader of the PML(N) in the Senate. A few days later he was elected as the Leader of the Opposition in the Senate, replacing Abdul Ghafoor Haideri for his negotiation skills with PPP government on major issues. During his tenure as Member of the Senate, he remained member of the various Standing Committees of Senate such as defence and defence production, foreign affairs, Kashmir affairs and Gilgit-Baltistan, commerce and finance, revenue, economic affairs, statistics, planning and development and privatisation. He also served as a member of the Special Committee on Constitutional Reforms, and co-prepared and passed the 18th, the 19th, and the 20th amendments to the Constitution of Pakistan.
Minister of Finance (2013-2017)
Dar was a member of the PML(N)'s parliamentary board, charged with the selection of candidates for the 2013 general election. The PML(N) won a majority, and Dar resigned as leader of the opposition in the Senate. He became Minister for Finance and was given the additional cabinet portfolios of Revenue, Economic Affairs, Statistics and Privatisation. He chaired the Special Parliamentary Committee on Election Reforms and the Economic Coordination Committee (ECC). With Maryam Nawaz, he deputed for the Prime Minister whilst he underwent surgery in the United Kingdom. Dawn reported that he headed over "four dozen" committees. In July 2016, the NAB cleared Dar of allegations of corruption involving over Rs 130 billion. Pakistan Today reported that a source in the NAB alleged "immense pressure" to clear Dar, even though there was sufficient evidence to convict him.
In October 2016, the Finance Ministry announced that the IMF conferred the "Finance Minister of the Year for South Asia" award to Dar. Dar was issued the award by an independent publication unaffiliated with the IMF but funded by five Pakistani state-owned firms.
In July 2017, the Supreme Court disqualified both Dar and Sharif from office, following the publication of the Panama Papers. Sharif's successor, Shahid Khaqan Abbasi, reappointed him as Finance Minister despite the ruling, but reduced his powers. Dar was replaced as the chair of the ECC and a committee on privatisation. The finance ministry was split. The Nation reported that Dar wished to leave the cabinet but that it was impossible to relieve him of all responsibility immediately due to the extent of his former responsibilities. Abbasi also removed Dar from the chairmanship of 35 committees of the National Assembly, thus further reducing Dar's influence. Pakistan Today quoted a source claiming that Sharif had ordered the reduction of Dar's influence. In September 2017 a NAB court in Pakistan indicted Dar in the Panama Papers corruption case for having wealth beyond his known sources of income, but, despite criticism from the opposition parties, he continued to serve as finance minister. In October 2017 he fell ill while in Saudi Arabia and left for the United Kingdom for medical treatment.
In November 2017 the court issued a non-bailable arrest warrant for him while he was in London for not appearing in court. It was reported that it was possible he would lose his ministerial portfolio due to the corruption case against him on the grounds that he has become ineffective and unable to carry out the responsibilities of a Minister. On 21November a court declared him an absconder. Amid the rumours that he had already resigned from the ministerial office due to pressure and criticism, he resigned on 22 November after taking medical leave. His cabinet portfolio of Finance Minister was withdrawn. However, he continued to remain a member of the federal cabinet as a federal minister without portfolio. It was noted that Dar has refused to leave the Finance Ministry and that he took a temporary medical leave for three months after which he may retake the office upon his return to Pakistan.