Innā li-Llāhi wa-innā ilayhi rājiʿūn.
The passing of Prof. Khurshīd Aḥmad marks the end of an era in the intellectual development of contemporary Islamic thought, particularly in the fields of al-Iqtiṣād al-Islāmī (Islamic economics) and al-Mālīyyah al-Islāmiyyah (Islamic finance).
A polymath, visionary, and tireless reformer, Prof. Khurshīd Aḥmad was one of the most distinguished Muslim thinkers of the 20th and 21st centuries. His scholarship, activism, and public service bridged the worlds of theory and practice, faith and governance, tradition and modernity.
Born in Delhi in 1932 and later migrating to Pakistan following the partition, he pursued higher education in economics and law. He eventually earned a Master’s in Islamic Studies and a PhD in Economics from the University of Leicester, United Kingdom. He was not merely an academic in the conventional sense; he was an intellectual activist whose writings and public engagements profoundly shaped the global discourse on Islam and economic justice.
His Legacy in Islamic Finance
Among his many contributions, Prof. Khurshī Aḥmad’s most outstanding intellectual work in the field of Islamic finance is arguably his foundational role in articulating and systematising the theoretical framework of an Islamic economic order, particularly through his seminal work: Islam: Its Meaning and Message (edited by Khurshīd Aḥmad, first published 1976).
This edited volume contains his essay “The Islamic Way of Life”, which not only presents the ethical foundations of Islam but also outlines the spiritual, social, and economic dimensions of Islamic governance.
More specifically related to economics is his earlier and pioneering treatise: Islamic Economic System: A Socio-Economic and Political Analysis (1970). This work laid down the theoretical underpinnings of al-Niẓām al-Iqtiṣādī al-Islāmī and served as a cornerstone for the subsequent emergence of Islamic banking and financial institutions.
In Islamic Economic System, Prof. Khurshīd Aḥmad delineates a clear moral and functional distinction between the capitalist, socialist, and Islamic paradigms, advocating a system well entrenched in tawḥīd, ʿadl, and mashwarah.
He was also instrumental in the formation of the International Institute of Islamic Economics (IIIE) at the International Islamic University, Islamabad. He advised several governments and Islamic financial institutions in conceptualising and implementing Sharīʿah-compliant economic policies. His influence continues to shape policies in countries like Pakistan, Malaysia, and Sudan, and in global institutions such as the Islamic Development Bank (IsDB).
Prof. Khurshī Aḥmad’s intellectual legacy transcends geographical and disciplinary boundaries. He championed a vision of Islamic economics and finance not merely as an alternative system but as a holistic worldview embedded in divine guidance and aimed at achieving justice, equity, and human dignity.
May Allāh (Subḥānahu wa Taʿālā) forgive his shortcomings, reward him with Jannah al-Firdaws, and accept his works as ṣadaqah jāriyah. His writings will continue enlightening scholars, guiding policymakers, and inspiring future generations.
Dr. Oyekolade Sodiq OYESANYA wrote from the Department of Religious Studies, Tai Solarin University of Education, Ijagun, Ogun State, Nigeria.
