From biscuits to politics: Miftah Ismail’s journey through business and power

Former finance minister Miftah Ismail has shared insights into his family business, his arrest and solitary confinement, and the economic challenges he faced in office, including fuel price hikes and pressures from political and military leadership.

Speaking in a podcast with Kamran Khan, Ismail reflected on his family’s business empire, which began with a biscuit factory in the 1950s before expanding into larger ventures like Bisconni and Candyland.

“My grandfather leased a biscuit factory in Sukkur in 1952,” Ismail said, explaining how his family transitioned from textiles to the food industry. “By the 1960s, we moved it to Karachi and named it Union Biscuits.” The company later split, with one branch retaining the Union name and another becoming Bisconni.

Beyond biscuits, the family expanded into packaging materials, including polypropylene films and polyester resin, crucial for the food and beverage industry. “These industries are not as well-known but are significant,” he said.

Arrest, solitary confinement and NAB’s pressure

Ismail also recounted his arrest by the National Accountability Bureau (NAB), describing the ordeal as “traumatic.”

“A day after Shahid Khaqan Abbasi was arrested, my house was raided,” he said. “I wasn’t home, but they kept coming back. They even searched my kids’ drawers and the water tank.”

He eventually secured bail but was later arrested. “There were 20 police vehicles outside my house and even more media vans. My children were terrified,” he said.

Ismail spent 50 days in solitary confinement before being transferred to Rawalpindi’s Adiala Jail for three months. “There was no TV, no phone—just a charpoy and a chair,” he recalled. “We were only allowed 50 minutes of walking time daily.”

He denied being directly asked to testify against former prime minister Nawaz Sharif or Abbasi. However, he said a friend was told by a senior NAB official that Ismail would be released if he cooperated.

The politics of fuel prices

Discussing Pakistan’s economic struggles, Ismail said Imran Khan’s decision to keep fuel prices artificially low cost the government billions.

“Khan sahib announced petrol would be sold at PKR 150 per liter, even when international prices soared,” he said. “When we took over, I warned Shehbaz Sharif that we’d have to raise prices.”

However, internal resistance delayed the decision. “Ahsan Iqbal got it postponed for two weeks,” he said. “Meanwhile, the Russia-Ukraine war pushed oil to $124 a barrel, and we were losing PKR 70 per liter on diesel and PKR 40 on petrol.”

Even the military was concerned about Pakistan’s financial situation. “One day, Gen. Nadeem Anjum met Shehbaz Sharif and advised him to increase fuel prices,” Ismail revealed.

The price hikes, however, sparked internal conflicts within the PML-N. “Every 15 days when prices had to be revised, it felt like a night of mourning,” he said.

Nawaz Sharif’s displeasure and Ishaq Dar’s appointment

Ismail said his removal as finance minister was decided during a London meeting with Nawaz Sharif and senior PML-N leaders.

“When I arrived, there were 14 people in the room, including Ishaq Dar and Salman Shehbaz,” he said. “Complaints were raised about the fuel price hikes, and Nawaz Sharif made it clear he wanted Dar to take over.”

He criticized Dar’s economic policies, particularly his handling of foreign exchange reserves from 2013-2017. “During that period, no major privatization happened, and Chinese power plants were set up without considering external viability,” he said.

The downfall of PML-N

Ismail also expressed concerns about the PML-N’s political future, saying it has become a family-controlled party.

“The party has abandoned its ideological roots,” he said. “Now, everything revolves around one family—the prime minister, the chief minister, all from the same household.”

He believes this shift has led to public dissatisfaction. “People were already unhappy, but when the PML-N accepted the results of the Feb. 8 election despite knowing they lost, their support eroded further,” he said.

Ismail concluded by saying that while he remains committed to economic reforms, he sees PML-N moving in the wrong direction.