Sir Mirza’s grandfather was a trader in Arab breed horses and carpets. He migrated from Iran to India in 1824. Sir Mirza’s father, Aga Jan Ali Askar Shirazi, settled down in Bangalore. Mirza Ismail was born in 1883. He received his early education in St. Patricks and then joined Central College, Bangalore. He graduated in 1901 and joined the Government of Mysore as the Private Secretary to the Maharaja of Mysore. Later he became the Dewan of Maharaja of Mysore at the age of 42. Sir Mirza served as the Prime Minister of Jaipur during 1942-43.

Sir Mirza was asked by Nizam VII to serve as the Prime Minister of Hyderahad during a very difficult period of Hyderabad’s history. He was the Prime Minister of Hyderabad for a short period from 3 August. 1946 but in May, 1947 he went to Bangalore and sent his resignation letter to the Nizam. Mehdi Yar Jung went to Bangalore and persuaded him to re-consider his decision but Sir Mirza refused. He was an able statesman, an experienced administrator and a man with a long record of constructive activities.

Sir Mirza had a nationalist outlook and he wanted to set up a responsible government in Hyderabad by giving due representation to the State Congress and other communities of Hyderabad on population basis. But the local leaders opposed the idea. After his resignation as the Prime Minister of Hyderahad he was offered the prime ministership by the Maharaja of Kashmir and also of Baroda but he declined. While in Hyderabad Sir Mirza took several steps to improve the roads of Hyderahad and beautification of the city. The Nizam gave him the title of Arnin—ul—M ulk.