Business tycoon and founding chancellor of Habib University Rafiq M. Habib dies at 88

Prominent business tycoon Rafiq M. Habib died at the age of 88, Habib University said in a statement on Wednesday.

The university wrote on Instagram, "With profound sorrow, Habib University mourns the passing of its Founding Chancellor, Rafiq M. Habib (1937-2025), and honors his enduring legacy."

Rafiq M. Habib was a central figure in Pakistan’s business landscape. He previously led the House of Habib, a major conglomerate, and served as chancellor of Habib University. He was also chairman of the Habib University Foundation and sat on the board of directors at Stile.

In a heartfelt statement, the university remembered him as a man of “calm resolve and deep integrity,” crediting him as the guiding force behind the institution’s founding. "His belief that education must serve the greater good continues to guide our mission. His legacy lives on in the institution he helped build and the generations it will continue to empowe." 

According to Habib University’s official site, Rafiq M. Habib was deeply involved in charitable work, acting as a trustee for several philanthropic efforts spanning education, healthcare, and disaster relief.

With extensive experience in Pakistan’s banking and insurance sectors, he played a key role in launching several companies, including Indus Motor Company Limited. He also held consulting roles at Habib Bank AG Zurich, which operates Habib Metropolitan Bank in Pakistan.

In addition to his work with the Habib Group, he served on the board of Philips Electrical Company of Pakistan Ltd and became the first chairman of the advisory board for Standard Chartered Bank in Pakistan.