Institute of Business Administration (IBA) and the House Building Finance Company Limited (HBFCL) on Tuesday joined hands to award scholarships. The agreement in this regard was signed between IBA Dean Dr Ishrat Hussain and HBFCL MD Azhaz A Jafferi at IBA city campus on Tuesday.
Speaking at the signing ceremony, IBA Dean Dr Ishrat Hussain lauded HBFCL's initiative, saying that support of institutions like HBFCL was vital for capacity building of young, talented individuals who would be the future managers of the country.
According to details, the fund of Rs 2.5 million was contributed by HBFCL, which would be invested by IBA in accordance with its investment plan, only in government securities/sovereign funds and the income earned on the investment would be utilised for awarding the scholarships. For granting the scholarships, IBA will first shortlist the applicants based on its selection policy, purely on merit-cum-need basis.
A list of six short-listed candidates will be forwarded to HBFCL for the final selection of two candidates for the award of scholarships. Azhar A Jaffri said the board of directors of HBFCL had created the 'HBFCL-IBA scholarship fund' aligned with the transformation strategy of HBFCL, channelised by a highly professional management team.
There is a great need for capable and committed management professionals in all spheres of business activity and IBA is certainly one institution that is successfully grooming future professionals. HBFCL was, therefore, happy on its ability to contribute to this effort on an ongoing basis, he maintained, adding the HBFCL intended to create similar funds in other notable institutions in the country.