Shaheen Foundation

Shaheen Foundation was founded in 1977 by the Pakistan Air Force under the Charitable Endowments Act of 1889, with an initial investment of Rs 5 million, about half of which was provided by the Government of Pakistan.^[2]

In 1993, Shaheen Foundation founded Shaheen Air.^[3] The airline's early operations were fraught with difficulties, exacerbated by a 50 percent fare discount for retired and serving military officers and high operating costs due to a limited number of aircraft on wet lease.^[3]

In 1995, Shaheen Foundation founded Shaheen Insurance in a joint venture with a South African insurance company, Hollard Group, which held 30 percent stake.^[4] Later, Hollard's management was dissatisfied with the investment, citing corruption as a major impediment to their investment's success.^[4] The negotiation of this partnership was notably managed on a one-to-one basis by an acting Pakistan Air Force officer, who was employed by the company after his retirement.^[4]

Later, Shaheen Foundation established the radio channel FM-100 and the satellite television network SB Pay-TV, with the help of Asif Ali Zardari, and his close aide.^[5] These businesses were marred by controversial agreements that led to financial losses for the foundation.^[5] In 2000, the foundation filed a legal complaint with the Securities and Exchange Commission of Pakistan under section 263 of the Companies Act, alleging violations of the agreement terms by a major shareholder.^[5][6]

• Al-Hamra
• Fauji Foundation