Ihsan Trust, sister organisation of Meezan Bank, signed memorandum of understanding (MoU) with the Institute of Management Sciences, Peshawar (IMSciences) regarding provision of Qarz-e-Hasana of one million rupees per annum to needy, deserving and brilliant students of the institute. This co-operation will continue initially for the next four years.
IMSciences Joint Director Dr Muhammad Mohsin Khan welcomed the honoured guests and said this was the foundation of a long lasting relation with Ihsan Trust, and by its virtue, with Meezan Bank. He stated that such collaboration would result in supporting bright students who lacked financial support and might not have the opportunity to complete their studies.
Similarly, the bank would benefit from the availability of knowledgeable students who could become excellent Islamic bankers, he added. He hoped that more banks, especially the Bank of Khyber, being the provincial bank would also follow Meezan Bank in the noble cause who had extended their helping hand all the way from Karachi.
He added that IMScience had disbursed Rs 84 millions to its deserving students in 2009-10 under 36 different scholarships and loan programmes with the help of donors. The MoU was signed by Dr Nasser Ali Khan, Director IMSciences and Ahmad Ali Siddiqui, Executive Vice President (Product Development and Shariah Compliance, Meezan Bank Limited) on behalf of Ihsan Trust.
Ahmad Ali Siddiqui said Ihsan Trust was working for the welfare of citizens of Pakistan and specially deserving and brilliant students. He assured IMSciences for continuous support and further co-operation in other areas as well and extended support of Meezan Bank to IMSciences for specialised courses in Islamic banking and finance. The ceremony was followed by a seminar on Islamic banking. Ahmad Ali Siddiqui elaborated the need and importance of Islamic banking, causes of prohibition of Riba, and how Islamic banking strengthened the economy.
He also answered the questions of IMSciences students regarding different aspect of Islamic banking. Grants Manager Shaheryar Khan thanked all the honoured guests. The ceremony was attended by Saleem Khan, Regional Manager North and Arif Asklam Khan Area Manager, Meezan Bank; Imran Samad, Group Head (Credits), Arbab Riaz Khan, Group Head (Islamic Banking), Rehman Ullah (VP), Sadiq Afridi (VP) of Khyber Bank Muhammad Riaz Danish, Programme Manager, Own A Student; faculty members and students of IMSciences.-PR