Ilyas Rasheedi was brother of two journalists Mohammad Usman Azad and Mohammad Umar Farooqi from Urdu newspaper Daily Anjam, which was moved from Delhi to Karachi after partition in 1947. He worked with them and got the idea of a film newspaper from Indian film magazine FilmFair. He introduced Pakistan's first film newspaper Nigar from Karachi in 1949, which successfully continues by his son Aslam Ilyas Rasheedi.
Ilyas Rasheedi also started Nigar Awards in 1958, which continued until 2002. Some people regarded Nigar Awards as The Academy Awards or FilmFair Awards in Pakistan, but other blame them as very controversial and "Un-Fair or Nadeem Awards".
Ilyas Rasheedi was producer of a musical but average business film Ehsas in 1972.
Ilyas Rasheed was born in 1925 in Delhi and died on August 7, 1997 in Karachi.