Prominent business tycoon and renowned philanthropist Rafiq M. Habib passed away aged 88 in Dubai on Wednesday.

Rafiq was the former head of the House of Habib conglomerate, Habib University’s chancellor, and a member of Stile company’s board of directors. He was also the chairman of the Habib University Foundation.

“With profound sorrow, Habib University mourns the passing of its founding chancellor, Rafiq M. Habib (1937-2025), and honours his enduring legacy,” Habib University said in a post on Instagram.

Remembering him, the varsity said: “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.

“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.”

According to Habib University’s website, Rafiq was a trustee of “several welfare projects”, including education, healthcare, relief and rehabilitation.

Rafiq actively participated in social welfare programmes and had been part of “several welfare institutions covering a wide range of social activities, education being the prime focus, where the family runs its own schools and supports other schools presently imparting high quality primary education to over 8,000 children”, Stiles noted.

Rafiq had a “wide business experience” in the insurance and banking industry, and promoted many companies, including Indus Motor Company Limited.

“He is a Rotarian, an effective major donor, supports Polio Plus programme and actively promotes street schools, home schools, etc,” Stiles added.

The businessman remained as a consultant for Habib Bank AG Zurich, which has Habib Metropolitan Bank as its subsidiary in Pakistan.

He also served for several years on the Board of Directors of Philips Electrical Company of Pakistan Ltd and was the first chairman on Standard Chartered Bank’s advisory board in the country.

Wasif Rizvi, the president of Habib University, termed Rafiq a “towering figure of vision, humility, and steadfast service, whose leadership and generosity laid the very foundations” of the varsity.

“Rafiq sahib was the visionary in the legendary Habib family to imagine a world-class institution of higher learning being founded in Karachi,” Rizvi wrote in a statement.

“His generosity was never about recognition, it was an act of devotion to knowledge, to service, and to the belief that education is the noblest inheritance one can give to society.”