Prominent business tycoon Rafiq M. Habib has passed away aged 88, Habib University (HU) said on Wednesday.

?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.

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

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 HU?s website, Rafiq was a ?trustee of several welfare projects that cover a wide range of activities, including education, healthcare, relief and rehabilitation?.

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

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.