Chapra was born in
Bombay, British India on 1 February 1933 to Abdul Karim Chapra, and grew up in
Karachi, Pakistan. He completed undergraduate studies from the
University of Sindh in 1950, followed by undergraduate and postgraduate degrees in commerce at the
University of Karachi 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 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 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 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, for his contributions in economics. He is married to Khairunnisa Jamal Mundia and they have four children. ==Awards==