Hi Muhummad,
Did you got solve the problem? If yes, could you share the solution please.
I have exactly the same one, my BO versión is 4.1 SP5 P5 and Design studio (add on and client) is 1.6 SP1 P1.
I've tried with 2 kind of universes, with HANA universe works fine, but with universe on oracle DB I have same error "Failed to initialize Query Panel".
Regards,