Hanfi leaves behind a widow, a son and three daughters to mourn his death. Dua for Hanfi will be held on Sunday (April 26) between Zuhar to Maghrib at his residence D-60, Block F, North Nazimabad near Saifee Hospital. Born in Allahabad, India in 1929, Hanfi did his Masters in 1952 in economics securing First Class First position from Karachi University. He was a prominent banker and spent more than 40 years at the central bank. He served twice (August 17th 1988 to September 7th 1989 and September 1st 1990 to June 30th 1993) as the State Bank governor. He was the first central bank governor in the country who came from within the State Bank of Pakistan.
His association with the central bank started in 1952, when he joined as an Officer Class-I, through an open competitive examination in which he stood first in order of merit. He went on to become the director in 1970, and by 1976 was promoted to executive director.
He was also sent on deputation to the Pakistan Industrial Credit & Investment Corporation (PICIC) as its Managing Director in October 1981 for a period of 3 years. He served for four years as the Deputy Governor of SBP, before his appointment as governor. Meanwhile, State Bank of Pakistan Governor Ashraf Mehmood Wathra has offered condolences over the demise of Hanfi.