Islamabad—International Islamic University, (IIU) and Allied Bank Limited (ABL) on Tuesday signed Memorandum of Understanding (MoU) for establishment of Endowment Fund with the name Allied Bank-International Islamic University at university.
Dr. Ahmed Yousif Al-Draiweesh President IIU and Shafique Ahmed Uqaili Chief Human Resource Group ABL signed MoU on behalf of their respective institutions.
According to the MoU, both the institutions will work together for the establishment of ABIIUEF as a source of providing scholarships and financial aid to needy students and for capacity building projects for the direct benefit of students.
The ABL will provide initial donation of Rs. 4 million in the ABIIUEF account and both the institutions would encourage other donors as well to donate for this cause.
A committee comprising Vice President (HS&R), Director (Finance), Director (UAFA), Authorized Representative from ABL Member and Additional Director (Finance Female Campus shall look after all the matters of endowment fund and for further widening of its scope. On the occasion, Shafique said ABL is engaged in promotion of higher education in Pakistan, and the bank would be contributing further donations in this fund from time to time.
He also assured all sorts of cooperation and support to enhance this program and to seek more donors for widening its range. Dr. Al-Draiweesh said that IIU is committed to promote education, training and research in different areas of learning such as social, natural, applied and communication sciences with special emphasis on Islamic learning.
President IIU added that university provides a sound intellectual and scholastic foundation for the ideological, moral, intellectual, social, economic and technological development of the Muslim Ummah within the framework of the values, ideals, principles and norms of Islam.
The signing ceremony was also attended by Muhammad Idrees ABL Chief Islamic Banking, VPs, DGs, Directors and other high officials of the university.