Yes, according to pious ancestors and as referenced, Khidr is acknowledged to remain alive.
This belief stems from Islamic tradition which posits that God can prolong the life of saintly individuals like Khidr as a miracle or for reasons beyond human understanding. This perspective is often upheld within certain Islamic schools of thought. The continued existence of Khidr is not universally accepted across all Islamic traditions, and there are differing interpretations regarding his nature and role. However, the source material indicates an acceptance among "pious ancestors" of his continued existence.
