Lahore (Muhammad Yasir) The IBA Karachi signed a Memorandum of Understanding (MOU) with the Professional Education Foundation (PEF) for providing an interest-free loan facility to 15 undergraduate students on merit-cum-need basis at the PEF office, Karachi. Acting Executive Director IBA, Dr. Sayeed Ghani and Member, Board of Governors, PEF Mr. Ashraf Adamjee signed the MOU on behalf of their respective institutions. Representatives from the PEF included CEO Mr. Shahab Rizvi and Assistant Manager Student Affairs Mr. Maarab Bashir, while the IBA was represented by Senior Manager Corporate Relations and Communications Mr. Haris Tohid Siddiqui and Manager CDC Mr. Danish Imtiaz.
For the next 5 years, as per the MOU, PEF will provide interest-free loans to 15 undergraduate students in the field of Business Studies and IT worth Rs. 70,000/- each and amounting to a total of Rs. 1.05 million every year.
Every year, around 4000 students are enrolled in undergraduate, graduate and post-graduate programs, out of which 1500 students apply for financial assistance. Although, all are deserving, due to lack of resources, the IBA is able to provide financial assistance to around 900 students worth Rs. 300 million. In order, to facilitate the rest, the IBA is partnering with various donors and philanthropic organizations to help its students concentrate on their studies rather than focusing on arranging finances.