Born on 9 August, 1949 in Sialkot, Khawaja Muhammad Asif hails from a respected political family. He is the son of a I renowned Muslim Leaguer and a seasoned parliamentarian Khawaja Muhammad Safdar. After having a Bachelor's degree from Government College Lahore, Khawaja Muhammad Asif got an L.L.B. degree from the University Law College, Lahore. He took to Banking and has been to a large number of countries, including the U.S., the U.K., France, Italy, Spain, Switzerland, Turkey, Germany, Japan, Singapore and Gulf States. He has also visited Saudi Arabia for more than twelve times to perform Umra.
Khawaja Muhammad Asif was elected to the Senate in March, 1991 for a six year term.