Umer Chapra, Pioneer of Modern Islamic Economics, Dies at 93

The world of Islamic economics is mourning the loss of Muhammad Umer Chapra, a towering figure in the field, who passed away at the age of 93 on June 13, 2026. His death is a significant loss not only for scholars and practitioners in the Middle East but for the global Muslim community actively engaged in developing Islamic economic and financial systems.

Born in India in 1933 and building his career in Saudi Arabia, Chapra, a Pakistani-born economist, is being considered a candidate for the title of "Father of Modern Islamic Economics." His academic journey began with extensive research into Islamic economics during the 1950s, a time when relevant reference materials were scarce, often confined to classical and contemporary Fiqh texts. This made it challenging for academics and students to deeply understand and implement Islamic economic principles.

Chapra's dedication led him to join the Saudi Arabian Monetary Agency (SAMA), the central bank of Saudi Arabia, which was a key initiator of Islamic economics implementation in the region. SAMA played a crucial role in the establishment of the Islamic Development Bank (IDB) by the Organisation of Islamic Cooperation (OIC) member states in 1975. Following the IDB's founding and its research arm, the Islamic Research & Training Institute (IRTI), Chapra's contributions expanded significantly.

His magnum opus, 'Toward A Just Monetary System,' published in 1985, is widely regarded as a seminal work. The book meticulously outlines the core principles and fundamental philosophical differences between Islamic and conventional financial systems, particularly concerning the role of money. This influential book became an essential reference for learning modern Islamic economics in universities and financial institutions worldwide, including in the United Kingdom, and has been reprinted numerous times.

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If Ibnu Taimiyah was dubbed the Father of Islamic Economics, and even worthy of being called the Father of Economics, then Umer Chapra is worthy of being a candidate for the Father of Modern Islamic Economics.