Dr. Ziauddin Ahmad, who as Director General, International Institute of Islamic Economics, Islamabad, pioneered the work on Islamic Banking & Finance in 80s and 90s, passed away on Monday. He was 84.
His son, Furqan Ahmad, confirmed the death. He had been suffering from serious health issues for the past several years.
Dr. Ziauddin Ahmad, who was born in 1930, received his advanced education in economics at Harvard University, USA, from where he did his Ph.D in 1963. During his distinguished service career, he held the position of Deputy Governor, State Bank of Pakistan from 1978 to 1983 and Director General, International Institute of Islamic Economics, Islamabad from 1983 to 1988. He was a member of the Council of Islamic Ideology in Pakistan for several years. He had been a consultant to United Nations agencies and The International Monetary Fund. He had written many papers and books on different aspects of Islamic economics and was co-editor of Money and Banking in Islam and Fiscal Policy and Resource Allocation in Islam.
Dr. Ziauddin Ahmad, who helped establish the first Islamic Banks in Pakistan and Malaysia and wrote about the initial modes of Islamic Finance in the 1970’s as part of the report of the islamic ideology council on Islamization of Pakistan’s economy.
Students of Dr. Ziauddin Ahmad remembered him not only for his knowledge he so generously shared with them but they also respected him for his extreme humbleness. He gave so much to the field of Islamic Economics to nurture it in its infancy in eighties and nineties. As the first Director General of the International Institute Of Islamic Economics (IIIE), he helped create the institution which is considered among the first if not the first of its kind in the world in the field of Islamic Economics.