Business magnate Rafiq Habib passes away in Dubai

Rafiq Habib, one of Pakistan’s leading business tycoons, passed away on Wednesday in Dubai.

Born in 1937, Habib was the former chairman of the House of Habib - a financial and business conglomerate in Pakistan that employs over 15,000 people across various sectors - and founding chancellor of the Habib University Foundation, where he was actively involved in helping devise innovative approaches to education.

The university posted the news on Instagram: “With profound sorry, Habib University mourns the passing of its founding chancellor”.

“A man whose calm resolve and deep integrity shaped every step of this journey, Rafiq Sahab was the moral and visionary force behind the creation of Habib University,” read the post.

“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 empower,” it added.

Meanwhile Habib Insurance Company Limited also released a statement:

“We regret to inform you of the sad demise of Mr. Rafiq M. Habib, Chairman of the Company (Non-Executive Director) on September 3, 2025.”

His “services and contribution for the Company will always be remembered,” it added.

Habib was also on the board of directors for Stile - a manufacturer of porcelain, vitrified, and ceramic tiles

Stile’s website states that he “promoted many Public Limited Companies including Toyota – Indus Motor Company Limited” and that he was chairman of Habib Insurance Company Limited, Thal Limited, and Stile.

It added that he served for several years on the Board of Directors of Philips Electrical Company of Pakistan Ltd and was the first Chairman on the Advisory Board of ‘Standard Chartered Bank’ in Pakistan.

He also remained as a consultant for Habib Bank AG Zurich.

According to information available on Habib University’s website, Rafiq Habib possessed decades of rich experience in building and managing successful businesses, especially in the insurance and banking industries.

He had received multiple awards for his leadership and innovative approach to solving industry problems.

Rafiq Habib was also a trustee of several welfare projects that cover a wide range of activities, including education, healthcare, relief and rehabilitation.

“He reminded us that this university was not merely to be an academic institution, but a living embodiment of the Habib family’s century-long commitment to the public good, to education, and to the higher values of service,” wrote Wasif Rizvi Founding President, Habib University, in a statement.

“Rafiq Sahib was a man of immense dignity, gentleness, and resolve. He never sought the spotlight, yet his quiet strength anchored us all,” he added.

The House of Habib is a long-standing Pakistani business group that traces its origins to 19th-century Bombay. Over time, it has grown into a diversified conglomerate with interests in banking, insurance, automotive manufacturing, packaging, building materials, and energy.