Watch: Shaheen Bagh resident and world renowned economist Nejatullah dies in US
Dr Nejatullah Siddiqui, who died in the US a day ago, had a house in Shaheen Bagh also. His death was mourned in Okhla with many writing about him. Dr Siddiqi was honooured with the King Faisal International Prize for Islamic Studies in 1982. After retirement he settled in Shaheen Bagh visiting his family in the US. A senior journalist told the OT that two years ago he met Dr Siddiqi, father of modern Islamic economy.
IOS chairman, who knew him for more than 40 years, said: “Indeed, we have been deprived of a great soul, genius and ideologue of our time! Once known as a “young Turk” of Jamaat-e-Islami Hind, he was one of the 6 personalities who participated in the historic formal meeting held in early 1986 at the then Zakir Nagar residence of Dr M Manzoor Alam, leading to the establishment of the IOS. His passing away at 91 years is an irreparable loss to the world Islamic movement and world of letters. May Allah grant him maghfirah and a choicest place in Firdaus,” said the IOS in a statement.
Dr Siddiqi, born in a town in UP in 1931, he completed his studies in Aligarh Muslim University where he also taught Islamic Studies and Economics. Later on he moved to Saudi Arabia as a Professor and then the US.
Expressing his grief over the demise of the world renowned economist, the JIH President said that Dr Siddiqui’s contribution to the field of Islamic economics was unparalleled and he pioneered the concept of Islamic banking and laid the foundations of what is currently a thriving multi-billion-dollar industry.
Husaini said he was a very versatile personality dedicated to learning and development and, despite living abroad, he contributed intellectually to many forums and institutions in India.
Calling his demise, a great loss to the Muslim world and the Islamic Movement, Husaini said: “His passing away leaves a great vacuum in the field of Islamic economics and finance.”
Offering his heartfelt condolences to the bereaved family members, the JIH leader said, “may Allah forgive him, grant him the highest position in Paradise and bestow patience upon his family members”.
He was educated at Aligarh Muslim University as well as Rampur and Azamgarh. He served as Associate Professor of economics and Professor of Islamic studies at the Aligarh Muslim University and as Professor of economics at the King Abdul Aziz University, Jeddah, Saudi Arabia, in its Center for Research in Islamic Economics. He later became a Fellow at the Center for Near Eastern Studies at the University of California, Los Angeles (USA), and after that a visiting scholar at the Islamic Research and Training Institute, Islamic Development Bank, Jeddah. He was a prolific writer in Urdu and English with 63 works in 177 publications and 1301 library holdings to his credit. Several of his works have been translated into Arabic, Persian, Turkish, Indonesian, Malaysian, and Thai languages. He was also the recipient of the Shah Waliullah Award in New Delhi for contributions to Islamic Economics.
Some of his notable books are Recent Theories of Profit: A Critical Examination, Economic Enterprise in Islam, Muslim Economic Thinking, Banking Without Interest, Partnership and profit-sharing in Islamic law, Insurance in an Islamic Economy, Teaching Economics from in Islamic Perspective, Role of the State in Islamic Economy, Dialogue in Islamic Economics, and Islam’s View on Property.
Dr Siddiqi has left behind 5 children, including 3 sons, 2 daughters all married and wife, all settled in the US.