Contributions of Mohamed Talaat Pasha Harb to Egypt’s National Development and Banking System
Brief Biography
Born on 25th November, 1867 in Cairo’s El- Gammalia, Mohamed Talaat Pasha Harb is considered one among the greatest personalities who contributed to Egypt’s overall national growth and development. He studied art, science, economics, literature, and French. After acquiring a law degree, he commenced his career in the role of translator in the Royal Circuits’ Lawsuits Section, responsible for state- owned farmland. Though favoring free enterprise, he was quick to climb the rungs of the career ladder, landing the position of lawsuits section manager (53-75)3.
His subsequent posts as manager were at various organizations including Kom Ombo Company (a firm that actively reclaimed and sold land) and the Egyptian Real- Estate Company (where he ensured citizens of Egypt held most of the shares). He penned numerous books, including “The Economic Remedy of Egypt and Creating the bank for Egyptians or the Nation’s Bank” (November 1911), wherein he states that: “We need a genuine Egyptian bank…” to function alongside extant banks, aimed at aiding Egyptians by motivating them to take up commercial and industrial activities, advising them to consider saving, and employing progressively popular financial activities (189-196)2. This concept was published a number of times in numerous national newspapers, prior to disappearing.
Mohamed Talaat Pasha Harb seized at his chance to articulate his idea of setting up an Egyptian national bank at the foremost Egyptian Conference which had several influential national personalities in attendance, as well as the Conference Committee (84-96)4. A unanimous decision was reached to implement this plan, and Mohamed Talaat Pasha Harb was chosen to go to Europe and undertake an in- depth research of European national banks (including how they operated). After the publication of his book on banking, all citizens of Egypt became confident that the idea would work, and pushed for its adoption. But the onset of the First World War (on 4th August, 1914), meant the idea remained an idea.
Impact on Egypt's National Independence
With the culmination of the war in the year 1918 and Egypt’s revolution the following year came the first incentive to create BANQUE MISR, in order for the nation to attain economic independence, which would reinforce its newly- acquired political freedom. Mohamed Talaat Pasha Harb began re- advocating for the aforementioned venture in front of influential entities. Occupation authorities had resorted to every means possible to cast doubts on the project’s value, even hinting that the people of Egypt lacked the necessary qualifications and competency to carry out such an initiative successfully (53-75)3.
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Mohamed Talaat Pasha Harb successfully convinced a total of 126 countrymen to chip and help institute BANQUE MISR. A total of 80,000 pounds were collected (20,000 shares, with 4 pounds for each share). Abdel Azeem El- Masry Bek, a Maghagha notary, bought the largest number of shares (1,000 in number). On Tuesday, 13th April, 1920, the nation’s official newspaper ‘Al-Waqaae Al-Masriya’ issued the decree to establish “BANQUE…
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…abovementioned organizations weren’t mere financial organizations that solely aimed for material profits; rather, they were industrial establishments which attempted at meeting basic local market needs and were also, simultaneously, technical training institutes for students in diverse arenas including finance, industry and economics (33-67)10. BANQUE MISR continually performed its noble national mission, spreading across the nation and offering the citizens of Egypt what foreign banks failed to offer (84-96)4.
BANQUE MISR faced a crisis, orchestrated by the National Bank of Egypt (NBE) and British occupation, denying the bank credit against its securities portfolio; to make matters worse was the government’s negative stance, allowing withdrawal of all Postal Savings Fund (PSF) deposits from the bank (53-75)3. The brains behind the bank, the great Mohamed Talaat Pasha Harb, requested a meeting with Finance Minister, Hussain Serry Pasha, seeking approval of any of the following alternatives: 1) Issuance of a statement by the government guaranteeing customers’ deposits with the bank; 2) Order- freezing PSF deposits withdrawal; or 3) Instructing the NBE to offer BANQUE MISR credit against its portfolio (189-196)2. The Finance Minister agreed, though upon one condition – that its creator, Mohamed Talaat Pasha Harb, forever quit BANQUE MISR.
The extraordinary Mohamed Talaat Pasha Harb did not hesitate to the above condition, and made the following heartwarming statement: “As long as my resignation will mean that BANQUE MISR will survive, then I shall go, so that the bank can continue”. This is evidence of Mohamed Talaat Pasha Harb’s wisdom – he understood that men, though….....
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