 In November 2001, Governor, State Bank of Pakistan Ishrat Hussain along with Nasir Aslam Zahid announced plans to set up an annual award in memory of Nasir Aslam Zahid's father Zahid Hussain.This award would be given to deserving students and State Bank of Pakistan employees on merit basis.The family of Zahid Hussain and State Bank of Pakistan would provide funds for this annual award.