Asif was born in Etawah, Uttar Pradesh, India to parents Dr. Fazal Karim and Bibi Ghulam Fatima.

In 1944, Asif planned to make a film called Mughal-e-Azam based on the life and times of Mughal Emperor Akbar the Great's court dancer, based on an Urdu novel 'Anarkali' written by Syed Imtiaz Ali Taj, with Chandramohan in the male lead and the then upcoming actress Nargis in the female lead.

In 1960, after twelve years in production, Mughal-e-Azam was released and became a huge hit at packed cinema houses across India.

[1] After the release and success of Mughal-e-Azam, Asif planned yet another motion picture called Love and God, his first directorial venture to be made completely in color, and began production.

Asif and Nigar Sultana became the parents of a daughter, the small-time actress Heena Kausar,[2] who appeared in bit roles in a number of forgettable films.

She became the second wife of the underworld gangster Iqbal Mirchi, a close associate of India's most wanted criminal, Dawood Ibrahim.

Among other crimes, Iqbal Mirchi is said to have been a drug-dealer and to have laundered Dawood Ibrahim's ill-gotten wealth through his "successful business ventures.

"[3] Asif's fourth and last wife was Akhtar, the younger sister of actor Dilip Kumar.