IBA, Bank Alfalah Islamic sign deal to provide scholarship for students

KARACHI: The Institute of Business Administration (IBA) Karachi and Bank Alfalah Islamic has signed a memorandum of understanding (MoU) to provide financial assistance for five fresh undergraduate students for their entire first year.

In this regard, The MoU for this initiative was signed by Atif Bajwa, CEO and President of Bank Alfalah and Dr S Akbar Zaidi, Executive Director IBA, at a ceremony held at Bank Alfalah Head Office. 

Under this agreement, Bank Alfalah Islamic will be contributing Rs 850,000 each for a total of Rs 4.2million to seed the fund to support students on the basis of academic excellence, personal circumstances or economic hardship.

The scholarships will be awarded on a case-by-case basis, and funding can cover complete educational expenses such as admission, tuition, hostel and books to support deserving students in furthering their education.

Commenting on the partnership, CEO & President Bank Alfalah, Atif Bajwa said, “The launch of the Alfalah Islamic Scholarship Program not only reaffirms Bank Alfalah’s commitment of giving back to the society but is also in line with our vision of building a future for Pakistan where our youth has access to quality education”.

He said “At this time when many families are struggling financially, we have launched this initiative to allow bright, young talent to pursue their education without any obstacles. Students’ success is the country’s success, and we want to do all that we can to help them. We couldn’t have had a better partner than IBA for this”, he added.

IBA Executive Director, Dr S Akbar Zaidi said, the university is grateful to Bank Alfalah Islamic for extending their support for students from its upcoming classes.

“Their generosity will help students and their families in this time of unprecedented crisis by enabling the gift of higher education and their better future, which represents an investment in a better future for all of Pakistan,” he added.