Muhammad Umer Chapra (born 1 February 1933) is a Pakistani-Saudi economist. he serves as Advisor at the Islamic Research and Training Institute (IRTI) of the
Islamic Development Bank
The Islamic Development Bank ( ar, البنك الإسلامي للتنمية, abbreviated as IsDB) is a multilateral development finance institution that is focused on Islamic finance for infrastructure development and located in Jeddah, Saudi ...
(IDB) in
Jeddah
Jeddah ( ), also spelled Jedda, Jiddah or Jidda ( ; ar, , Jidda, ), is a city in the Hejaz region of the Kingdom of Saudi Arabia (KSA) and the country's commercial center. Established in the 6th century BC as a fishing village, Jeddah's pro ...
, Saudi Arabia. Prior to this position, he worked at the
Saudi Arabian Monetary Agency
The Saudi Central Bank ( ar, البنك المركزي السعودي), previously known as the Saudi Arabian Monetary Authority (SAMA; ar, link=no, مؤسسة النقد العربي السعودي), established in 1952, is the central bank of ...
(SAMA), Riyadh, for nearly 35 years, as Economic Advisor and then Senior Economic Advisor.
Personal life
Chapra was born in
Bombay
Mumbai (, ; also known as Bombay — List of renamed Indian cities and states#Maharashtra, the official name until 1995) is the capital city of the Indian States and union territories of India, state of Maharashtra and the ''de facto'' fin ...
, British India on 1 February 1933 to Abdul Karim Chapra, and grew up in
Karachi
Karachi (; ur, ; ; ) is the most populous city in Pakistan and 12th most populous city in the world, with a population of over 20 million. It is situated at the southern tip of the country along the Arabian Sea coast. It is the former c ...
, Pakistan. He completed undergraduate studies from the
University of Sindh
The University of Sindh ( ur, ; sd, سنڌ يونيورسٽي; informally known as Sindh University) is a public research university in Pakistan located in the city of Jamshoro. It is one of the oldest universities in Pakistan and was certifi ...
in 1950, followed by undergraduate and postgraduate degrees in commerce at the
University of Karachi
The University of Karachi ( sd, ; informally Karachi University, KU, or UoK) is a public research university located in Karachi, Sindh, Pakistan. Established in June 1951 by an act of Parliament and as a successor to the University of Sindh ...
in 1954 and 1956 respectively. He then moved to the United States, where he pursued a PhD in economics and sociology from the
University of Minnesota
The University of Minnesota, formally the University of Minnesota, Twin Cities, (UMN Twin Cities, the U of M, or Minnesota) is a public land-grant research university in the Twin Cities of Minneapolis and Saint Paul, Minnesota, United States. ...
in 1961, and worked as an academic for six years.
In 1965, at a time when there was high demand for skilled Pakistani migrants, he moved to Saudi Arabia after being offered an economic advisory position at the Saudi Arabian Monetary Agency. He worked under
Minister for Finance
A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation.
A finance minister's portfolio has a large variety of names around the world, such as "treasury", " ...
Sheikh Mohammed Abalkhai during the reign of King Faisal, and played an instrumental role in building Saudi Arabia's banking system, as well as formulating the government's economic and monetary policies over the next several decades. In 1990, he was awarded the
King Faisal International Prize
The King Faisal Prize ( ar, جائزة الملك فيصل, formerly King Faisal International Prize), is an annual award sponsored by King Faisal Foundation presented to "dedicated men and women whose contributions make a positive difference". T ...
in the field of Islamic studies and economics. He was also granted Saudi citizenship in recognition of his services to the country.
In 1995, he was awarded an Institute of Overseas Pakistanis medal by the
President of Pakistan
The president of Pakistan ( ur, , translit=s̤adr-i Pākiṣṭān), officially the President of the Islamic Republic of Pakistan, is the ceremonial head of state of Pakistan and the commander-in-chief of the Pakistan Armed Forces. He is married to Khairunnisa Jamal Mundia and they have four children.
Awards
Chapra has received a number of awards for his academic contributions, including:
#The
Islamic Development Bank
The Islamic Development Bank ( ar, البنك الإسلامي للتنمية, abbreviated as IsDB) is a multilateral development finance institution that is focused on Islamic finance for infrastructure development and located in Jeddah, Saudi ...
Award for Islamic Economics (1989).
#The prestigious King Faisal International Prize for Islamic Studies (1989).
#The IOP (Institute of
Overseas Pakistani
Overseas Pakistanis ( ur, ), or the Pakistani diaspora, refers to Pakistani people who live outside of Pakistan. These include citizens that have migrated to another country as well as people born abroad of Pakistani descent. According to th ...
s) gold medal by the President of Pakistan for services to Islam and Islamic Economics at the First IOP Convention in Islamabad (1995).
#The
COMCEC
The Standing Committee for Economic and Commercial Cooperation (COMCEC) is one of four standing committees of the Organisation of Islamic Cooperation (OIC). It was established in 1981 at the Third Islamic Summit Conference held in Mecca/Ta'if and ...
30th Anniversary Academic Award by the President of Turkey "for his outstanding academic studies in Islamic Economics and Finance" in Istanbul (2014).
#Ranked by the ISLAMICA 500 among the Top 50 Global Leaders who make the Islamic Economy in 2015.
Bibliography
Chapra has written extensively on the issues of
Islamic economics
Islamic economics ( ar, الاقتصاد الإسلامي) refers to the knowledge of economics or economic activities and processes in terms of Islamic principles and teachings. Islam has a set of special moral norms and values about individua ...
and finance. In addition to a number of articles published in accredited journals, he has written 11 books, of which the following have been the most notable:
* ''Towards a Just Monetary System''
* ''Islam and the Economic Challenge''
* ''The Future of Economics: An Islamic Perspective''
* ''The Islamic Vision of Development in the Light of Maqasid Al-Shari'ah''
* ''Muslim Civilization: The Causes of Decline and the Need for Reform''
* ''Morality and Justice in Islamic Economics and Finance''