Pakistani Economist Dr. Muhammad Umer Chapra Passes Away at 93
Renowned Pakistani economist and Islamic finance scholar Dr. Muhammad Umer Chapra, who played a significant role in the development of Saudi Arabia’s banking and financial system, has passed away at the age of 93.
Born in 1933, Dr. Chapra moved to Saudi Arabia in 1965 and became one of the first Pakistanis to contribute to the Kingdom’s economic and financial institutions. He is widely recognized for helping shape the early development of the Saudi Central Bank (SAMA) and for his decades-long contributions to Islamic economics and finance.
Also Read:
His son, Anas Chapra, confirmed that Dr. Chapra passed away on Saturday. According to the family, funeral prayers were scheduled to be held at Masjid Al-Haram in Makkah after Fajr prayers, followed by burial at the historic Al Ma’la Cemetery.
Throughout his distinguished career, Dr. Chapra served as an adviser at the Islamic Research and Training Institute of the Islamic Development Bank in Jeddah. In recognition of his contributions to Islamic studies, he was awarded the prestigious King Faisal International Prize for Islamic Studies in 1990. Saudi Arabia also granted him citizenship in appreciation of his services to the Kingdom.
Dr. Chapra earned his bachelor’s and master’s degrees from the University of Karachi in 1956 before completing a Ph.D. in economics at the University of Minnesota in 1961. He later worked as a research assistant at Minnesota and served as an associate professor of economics at the Universities of Wisconsin and Kentucky.
In a 2019 interview, Dr. Chapra recalled working closely with Saudi Arabia’s former Finance Minister Sheikh Mohammed Abalkhail and praised both him and King Faisal for being open to expert advice during the Kingdom’s formative economic years.
According to the King Faisal Prize organization, Dr. Chapra made groundbreaking contributions to Islamic economics through his research, publications and policy work. He authored around 15 books and monographs, along with more than 90 academic articles and reviews. His influential book, Towards a Just Monetary System, has been described by scholars as one of the clearest and most comprehensive presentations of Islamic monetary theory.
His works have been translated into multiple languages and continue to be taught at universities around the world, leaving behind a lasting legacy in the field of Islamic finance and economic thought.
Read all the Breaking News Live on pakistantimes.com and Get Latest English News & Updates from Pakistan Times. Follow us on Whatsapp channel for more.
