Dr. Yaqub Mirza, Pioneer of Faith-Based Finance and Philanthropy

The global Muslim community and the world of ethical finance mourn the passing of Dr. M. Yaqub Mirza, a figure whose remarkable journey spanned physics, entrepreneurship, and visionary philanthropy.

Dr. Mirza, who held a PhD in Physics, possessed a rare intellect that he applied not only to complex financial engineering but to the foundational task of building institutions that would elevate Islamic thought and financial empowerment in the West.

The scale of Dr. Mirza’s impact is evidenced by the profound tributes from global political and institutional leaders. Anwar Ibrahim, Prime Minister of Malaysia, offered a moving reflection on his character and service:

“I am deeply saddened by the passing of Dr Yaqub Mirza. He was a long-time figure in the world of Islamic scholarship, finance and institution-building, and a true and dear friend of the family who dreamed mighty things for the Muslim world. He was a man of few words, someone who preferred to build quietly rather than talk about what he was building.”

“I first knew him through his long association with the International Institute of Islamic Thought (IIIT) in the United States. Over the years, what stood out was his calm discipline and his instinct to focus on what mattered: strengthening institutions, supporting scholars, and helping communities think about their future. He never sought recognition, yet many relied on him for guidance for his magnanimity knew no bounds.”

“His work reached far beyond any single organisation. He played a formative role in Islamic finance through the Amana Funds, and he founded the Center for Islam in the Contemporary World at Shenandoah University, creating a space for serious engagement with the challenges facing Muslims today. He gave his time freely and selflessly to younger leaders and community workers, always with the same quiet encouragement.”

“His passing is a huge personal loss to me and my family, and an even greater loss to those across continents who benefited from his integrity, his counsel, and his example. The institutions he shaped and the people he supported will remain an integral part of his legacy. Al-Fatihah.”

A Lifetime of Community Service

The Islamic Society of North America (ISNA) provided a comprehensive tribute, underscoring the magnitude of his service and recognizing him with its highest honor:

ISNA Statement: “We are deeply saddened by the passing of Dr. Yaqub Mirza. On behalf of ISNA, we extend our heartfelt condolences to his family and friends. Dr. Yaqub Mirza was a devoted and compassionate leader whose contributions greatly enriched the Muslim community in America. He founded and served as President of the Center for Islam in the Contemporary World at Shenandoah University and was also the founder, President, and Chief Executive Officer of Sterling Management Group, Inc. In addition, Dr. Mirza previously served as General Manager of NAIT.”

“As an author and thought leader, Dr. Mirza contributed extensively through service on numerous boards. His roles included Chairman of the Board of Trustees of Amana Mutual Funds, member of the International Advisory Council of the International Institute of Islamic Thought and Civilization (ISTAC), and member of the Council of Advisors for the Muslim Philanthropy Initiative at the Lilly Family School of Philanthropy at Indiana University, along with many other community initiatives. For his community service, ISNA awarded Dr. Yaqub Mirza with the Lifetime Achievement Award at its Annual Convention. We pray that Allah (SWT) grant him the highest place in Jannah and bless his family with patience and peace during this difficult time.”

Pioneering Ethical Finance

Dr. Mirza’s most groundbreaking contribution was his pioneering role in the rise of Islamic finance in North America.

Recognizing the need for American Muslims to invest ethically, he co-founded the Amana Mutual Funds in 1984.

This initiative was not just a business venture; it was a profound act of community building. His philosophy of ethical wealth was articulated in his influential book, Five Pillars of Prosperity: Essentials of Faith-Based Wealth Building.

Commenting on the book's universal appeal, Imam Mohamed Magid, former President of the Islamic Society of North America (ISNA), stated:

“Five Pillars of Prosperity is an excellent resource for people of all faiths. I strongly believe this book will be life changing for all readers, as it will help them to understand the basics of finance, Islamic finance, and financial responsibility, leading to a more fulfilling and prosperous life spiritually and financially.”

Academic Legacy

Dr. Mirza dedicated himself to securing the future of Islamic scholarship, proving instrumental in establishing and strengthening academic centers.

Ann Ardis, Dean of the College of Humanities and Social Sciences at George Mason University, highlighted the enduring impact of his generosity, saying:

“This transformative gift represents the ideals of what a philanthropic partnership can accomplish for a research center—supporting students and programs as well as faculty research—all of which help to undergird our college’s commitment to excellence in teaching and research.”

Through his tireless efforts, Dr. Yaqub Mirza embodied the belief that faith and business ethics are not contradictory, but mutually reinforcing forces for societal good.

His legacy challenges us to pursue success not just in wealth accumulation, but in building systems and organizations that reflect our deepest ethical commitments. May his tremendous contributions continue to reap reward.

Dr. M. Yaqub Mirza passed away peacefully Wednesday, December 3, 2025 in the afternoon, a few days shy of his 79th birthday. He is survived by his wife, Dr. Tanveer Mirza, and children Fatima Mirza, Younus Mirza, Asma Mirza and Sana Mirza. He had a daughter-in-law, two sons-in-laws, and five granddaughters.