A New Vision in Banking
The approach to banking developed by Agha Hasan Abedi extended well beyond the prevailing conventions and structures of traditional banking institutions. While many banks of the time focused primarily on financial transactions and profit generation, Abedi articulated a broader vision in which banking would serve wider economic and social purposes.
Through the creation of the Bank of Credit and Commerce International (BCCI), he sought to develop an institution that combined commercial banking with a philosophy of human development, international cooperation, and organisational culture built on shared values. His ideas influenced not only the external activities of the bank but also its internal culture, leadership style, and relationships with employees and clients.
Service to Humanity and the Spirit of Giving
One of the recurring themes in the addresses and speeches of Agha Hasan Abedi to employees of the Bank of Credit and Commerce International (BCCI) was the belief that banking should ultimately serve a broader human purpose. Abedi frequently emphasised that financial institutions should not exist solely as commercial enterprises but should also contribute to the well-being of society. He believed that every individual engaged in professional and economic activity had a responsibility to examine the moral foundations of their work.
In many of his communications with staff, Abedi spoke about the importance of service to humanity, encouraging employees to see their professional responsibilities as part of a wider commitment to social progress. According to this philosophy, the role of banking extended beyond financial transactions and commercial returns to include supporting economic development, helping communities prosper, and strengthening trust between institutions and society.
Closely connected with this idea was the principle of giving. Abedi believed that successful institutions should cultivate a culture in which individuals and organisations contributed actively to charitable and social causes. Within the organisational culture of BCCI, employees were often encouraged to participate in philanthropic initiatives and to support charitable activities, reflecting the view that professional success carried with it a responsibility to give back to society.
This philosophy was also reflected in the establishment of BCCI-supported foundations to support charitable initiatives in various countries where the bank operated. Part or all of the profits generated by BCCI in those countries was channelled toward development-oriented projects and humanitarian activities. These initiatives supported programmes in areas such as health, welfare, education, and community development in developing regions.
Among the initiatives associated with this broader vision were efforts linked with the Global 2000 programme, a development initiative promoted by former President of the United States Jimmy Carter. The Global 2000 initiative focused on improving health, agriculture, and public welfare in developing countries, including programmes implemented in regions such as China and parts of Africa. Financial support for such initiatives reflected the idea that banks could contribute to addressing global challenges such as disease prevention, food security, and community well-being.
Through these efforts, Abedi sought to demonstrate that the activities of a financial institution could extend beyond the traditional sphere of banking to support humanitarian and development objectives. In his view, economic institutions had a responsibility not only to generate financial value but also to contribute positively to the societies in which they operated.
The emphasis on service, philanthropy, and humanitarian engagement therefore became an important component of the organisational ethos associated with BCCI. It complemented Abedi’s wider ideas about development, international cooperation, and the role of financial institutions in promoting both economic progress and human welfare.
Open Office Environment and the “BCCI Family” Culture
Another distinctive feature of the organisational culture promoted by Abedi was the belief that institutions function best when communication is open, hierarchy is reduced, and employees feel part of a shared community.
Within BCCI this philosophy came to be expressed in what was often described internally as the “BCCI family” culture. One visible reflection of this culture was the adoption of an open office environment in many BCCI offices around the world.
Traditionally, senior executives and managers in financial institutions occupied private offices or enclosed cubicles that separated them physically from other staff. Abedi encouraged a different arrangement. In several BCCI offices, senior managers and executives worked in the same open office areas as other employees rather than in private offices.
This design was intended to promote more than efficiency; it reflected a deeper cultural philosophy. By removing physical barriers between different levels of the organisation, the bank sought to encourage accessibility, cooperation, and a shared sense of responsibility.
Employees could approach senior colleagues more easily, discussions could take place informally, and ideas could circulate more freely across departments. This helped strengthen teamwork and organisational cohesion. When managers worked alongside staff in the same environment, it reinforced the idea that every member of the organisation contributed to a common purpose.
The open office arrangement also supported Abedi’s belief that organisations should be built around relationships and trust, rather than rigid hierarchy. Visible and accessible leadership encouraged dialogue, cooperation, and a stronger sense of collective identity.
In this way, the physical design of the workplace became part of a wider organisational philosophy-one that emphasised openness, cooperation, and the idea that BCCI was not merely a bank, but a community of individuals working together toward shared goals.
Employee Ownership and the Staff Benefit Trust
Abedi also promoted the idea that employees should have a meaningful stake in the institutions they helped build. He believed that the strength of an organisation depended not only on leadership and capital but also on the commitment and sense of ownership among its people.
Within BCCI’s organisational philosophy, employees were encouraged to feel that the institution belonged to them collectively. To support this vision, arrangements were developed through a staff benefit trust intended to promote employee welfare and participation.
The idea behind this trust was that over time the institution could evolve toward a model in which employees collectively were the owners of the bank. The trust was intended to provide benefits to staff while also reinforcing a culture of shared responsibility and long-term commitment.
This approach reflected Abedi’s belief that organisations should cultivate a partnership between management and employees. By encouraging employees to see themselves not merely as workers but as stakeholders in the bank, he hoped to strengthen both motivation and organisational cohesion.
The idea of employee participation and collective ownership also aligned with his broader philosophy that institutions should operate according to values such as trust, responsibility, and cooperation.
Banking as a Tool for Economic Development
At the centre of Abedi’s thinking was the belief that financial institutions could play a constructive role in economic development. Rather than focusing exclusively on profitability, he viewed banking as an instrument capable of supporting broader economic and social progress.
This perspective was reflected in a statement often associated with his philosophy:
For Abedi, the purpose of banking included facilitating trade, enabling investment, and expanding access to financial services in regions where international banking infrastructure was still developing.
During the 1970s and 1980s, BCCI expanded its operations across Asia, Africa, the Middle East, and parts of Latin America. Many of these markets had previously been underserved by large international banks. By establishing a presence in these regions, the bank sought to connect emerging economies with global financial networks.
This expansion reflected Abedi’s belief that sustainable economic development required financial institutions capable of linking local markets with international commerce and investment.
Personal Banker and Client Relationships
Another important aspect of Abedi’s leadership philosophy was his emphasis on personal relationships between bankers and clients. Long before the concept of the “personal banker” became widely used in modern banking, he encouraged a culture in which banking was built on trust, personal contact, and long-term relationships.
Abedi himself practiced this approach in his professional life. He maintained relationships with a wide range of international leaders and public figures, including the Ruler of Abu Dhabi, the third Prime Minister of China Zhao Ziyang, former President of the United States Jimmy Carter, Prime Minister of Tanzania Julius Nyerere, and President of Zambia Kenneth Kaunda, among many other senior officials and international figures.
Within BCCI, Abedi encouraged the largest possible number of employees to participate in developing client relationships. This approach had a dual purpose: it helped expand the bank’s business while also giving employees a stronger sense of involvement in the institution’s mission.
He frequently stressed that nurturing client relationships was the most important activity in banking. In his view, the success of a bank did not begin with transactions or profits but with the quality of the relationships it developed with clients.
As he often emphasised, banking is fundamentally a business built on relationships. Profits and growth naturally follow from strong and trusted relationships. The quality of service and the long-term development of business all depend on the foundation established through personal contact and mutual confidence.
For Abedi, therefore, the first priority was always to build relationships. By expanding networks of trust and cooperation with clients, a bank could strengthen its business while also fulfilling its broader role as a partner in economic activity and development.
Global South Vision and International Development Dialogue
An important dimension of the broader vision associated with Agha Hasan Abedi was his belief that financial institutions could play a constructive role in strengthening cooperation among developing countries - the Third World - often now referred to collectively as the Global South. In his view, banks were not merely intermediaries for financial transactions but could serve as institutions that connected emerging economies, facilitated trade and investment, and supported long-term development.
During the 1970s and 1980s, many countries in Asia, Africa, and Latin America were seeking greater participation in international trade and financial markets. Abedi believed that the creation of strong financial institutions operating across these regions could help bridge the gap between developing economies and the global financial system. By providing access to trade finance, cross-border banking services, and international financial networks, banks could contribute to economic integration and cooperation among developing nations.
The expansion of the Bank of Credit and Commerce International (BCCI) into many developing markets during this period reflected part of this broader philosophy. By establishing banking operations across regions that were often underserved by international banks, BCCI sought to connect businesses and financial systems in developing economies with global trade and investment flows.
In the decades that followed, the idea of stronger financial cooperation among emerging economies continued to evolve. One modern expression of this concept can be seen in the establishment of the BRICS grouping, which brings together major emerging economies such as Brazil, Russia, India, China, and South Africa. These countries have sought to strengthen economic cooperation and expand their role in global financial governance.
A notable development within this framework was the creation of the New Development Bank (NDB) in 2014, originally known as the BRICS Development Bank, which aims to finance infrastructure and sustainable development projects in emerging economies. This framework also reflects the idea of a “Third World Bank” proposed by Abedi to serve the interests of the “Third World” or Global South, whose countries have often had to depend on the World Bank and the International Monetary Fund for bridging and trade finance.
