The Asma Jahangir Scholarship will be awarded to a top female candidate who is selected for the British government-funded Chevening Awards programme every year.
Jahangir passed away on February 11 after suffering a cardiac arrest.
The Chevening scholarships are awarded to outstanding emerging leaders from around the world to pursue a one-year Masters programme at any UK university.
The announcement regarding the scholarship was made on the occasion of International Women Day which was celebrated worldwide on March 9.
"I'm delighted to announce the creation of a new annual "Asma Jahangir Scholarship" for the top female Chevening Scholarship candidate", he tweeted.
Asma Jahangir was the co-founder of the Human Rights Commission of Pakistan and the Women's Action Forum. She also participated in the Movement for the Restoration of Democracy and protested against former Pakistan President Zia-ul-Haq's oppressive military rule. (ANI)