IBA sign MOU with Orange Tree Foundation


Karachi(Cliff News)The Institute of Business Administration (IBA), Karachi signed a memorandum of understanding (MoU) with the Orange Tree Foundation (OTF) agreeing to provide scholarships worth Rs. 2 million each year for a period of 2 years to undergraduate and graduate students.  The objective of the scholarship is to provide the Institute’s promising young students a stepping stone to self-efficiency. The eligibility for the scholarship will be based on the candidates’ academic record and their requirements of financial assistance.In the ceremony, the Institute was represented by Acting Executive Director IBA Karachi, Dr. Sayeed Ghani; Head of Corporate Relations and Communications Department, Malahat Awan; Director National Talent Hunt Program, Dr. Junaid Alam; and Director HR Department, Mashooque Bhatti while OTF was represented by CEO and Board Member, Omer Mateen Allahwala; Chairman Board, Faisal Khalid Abdullah; Board Member and Head of Academic Program, Arfa Hasnain, Senior Coordinator, Tazeen. A. Qadir, and Senior Member Fundraising Committee, Riaz Ahmed.The IBA Resource Mobilization department is striving to create new avenues for helping the financially constrained students at the Institute. Every year 4000 students get enrolled in the six undergraduate as well as eight graduate programs of the IBA Karachi. Out of these 4000, 1500 students apply for financial assistance. Along with the limited resources of the IBA Karachi, many individuals, businesses, and governments make regular funds available to provide scholarships to the underprivileged students of the Institute.The OTF is a tax-exempted, not-for-profit Educational Society based in Karachi working towards the cause of education in Pakistan. Established in 2011, Orange Tree Foundation aims to provide equal opportunities to financially challenged individuals of our society through quality education, healthcare and family support.Scholarships worth Rs. 2 million each year for a period of 2 years.

World Islamic Finance Forum starts on 19th March 2018

Wiff Eng CapKarachi(Cliff News)H.E Shaikh Ebrahim Bin Khalifa Al Khalifa, Chairman – AAOIFI Board of Trustees, would be the Chief Guest at World Islamic Finance Forum (WIFF) 2018, a unique conference being organized by CEIF-IBA in collaboration with LUMS and INCEIF, to bring together researchers, academicians and practitioners for generating innovative ideas to stimulate Islamic Finance growth while overcoming present day industry challenges. The two-day conference would be held at the Movenpick Hotel, Karachi on 19th and 20th March, 2018.Governor State Bank of Pakistan Tariq Bajwa, Chairman, Securities Exchange Commission of Pakistan (SECP)  Zafar Abdullah, Dr. Ishrat Husain, Chairman, CEIF- IBA, Shaikh Muhammad Taqi Usmani, Shari’ah Board Chairman, Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI); Chairman Shari’ah Board, Meezan Bank and Deputy President, Dar ul Uloom, Karachi, Pakistan, Presidents of Islamic banks and many other important figures from national and international financial institutions are participating in this International Conference. These views were expressed by Mr. Ahmed Ali Siddiqui, Director, Centre for Excellence in Islamic Finance at Institute of Business Administration (CEIF-IBA) while addressing a Press Conference today. Dr. Farrukh Iqbal, Dean and Director, IBA and President, Meezan Bank Limited Mr. Irfan Siddiqui were also present on the occasion.Ahmed Ali informed that prominent Shari’ah scholars, renowned academicians, State Bank of Pakistan (SBP), Securities Exchange Commission of Pakistan (SECP), Islamic Research and Training Institute (IRTI), Islamic Finance News (IFN), World Bank, Islamic Corporation for the Development of the Private Sector (ICD), International Centre for Education in Islamic Finance (INCEIF) , Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Deloitte & Touché in addition to key local and global Islamic financial institutions are participating in this mega event.Overall, 17 global and 15 local institutions would be represented by industry experts on the Speaker Panels throughout the two-day conference at Movenpick Hotel. Global Islamic Finance Hubs including KSA, Bahrain, Malaysia and other GCC countries are participating in the conference. Additionally, speakers from Bosnia-Herzegovina, USA, UK, Turkey and China are also participating in WIFF.Dr. Farrukh Iqbal, Dean and Director, IBA said that research papers and case studies presentation at WIFF 2018 would be focused on areas crucial for the expansion of Islamic Finance industry. Around 50 speakers representing regulatory bodies, Islamic finance infrastructure institutions, Islamic banks/windows, asset management companies, advisory firms and Takaful players will be part of the event.Dr. Farrukh informed that research papers / case studies will be appraised by a renowned committee of practitioners and Shari’ah scholars. The 1st position has a hefty reward of $5000, whereas the 2nd & 3rd positions would be awarded $3000 & $2000 respectively. Furthermore, 3 consolation prizes of US$ 500 each will be given in the Conference.President, Meezan Bank Limited Irfan Siddiqui said that World Islamic Finance Forum (WIFF) 2018 is a unique conference being organized by CEIF-IBA to bring together researchers, academicians and practitioners for generating innovative ideas to expand Islamic Finance growth through innovation, Fintech and Regulations. Against this backdrop, the role envisaged for various stakeholders, especially the regulator, to expand the outreach will be discussed by Islamic finance visionaries at the conference.Managing Director & Chief Executive Officer, Takaful Pakistan, Mr. Rizwan Hussain appreciated the role of IBA CEIF in bridging the gap between industry and academia.Other distinguished guests include Dato’ Dr. Azmi Omar, President & CEO, INCEIF, Mr. Najmul Hassan, Director FIDD, ICD (Saudi Arabia), Dr. Zamir Iqbal World Bank Islamic Finance Development Centre (Turkey), Dr. Muhammad Imran Ashraf Usmani, Group Head Product Development & Shari’ah Compliance and Resident Shari’ah Board Member, Meezan Bank, Mr. Amer Bukvic, CEO, Bosna Bank International (Bosnia-Herzegovina), Mr. Ashar Nazim, Managing Director, Finocracy (Bahrain), Mr. Saeed Ahmed, President & CEO, National Bank of Pakistan, Dr. Necdet Sensoy, Member of Board, Central Bank of the Republic of Turkey, Dr. Mukhtar Ahmed, Chairman Higher Education Commission (HEC), Mr. Farrukh Raza, Founder & Managing Director, IFAAS (UK), Dr. Salman Syed Ali, Senior Researcher, IRTI (KSA), Dr. Aishath Muneeza, Associate professor, INCEIF (Malaysia), Mr. Muhammad Nasir Ali Syed, CEO, Pak-Qatar Family Takaful amongst others.


Meezan Bank and IBA sign agreement for Fee Collection

Eng Cap MBL, IBA

Karachi(Cliff News)Meezan Bank, Pakistan’s first and largest Islamic bank recently signed a fee collection agreement with the Institute of Business Administration, Karachi (IBA). Under this agreement, the Bank will provide Payments & Cash Management services to IBA through the Bank’s state-of-the-art web based electronic solution ‘eBiz+’. The agreement was signed by Mr. Ijaz Farooq, Group Head Retail Banking- Meezan Bank and Mr. Moeid Sultan, Director Finance- IBA.This agreement between IBA Karachi and Meezan Bank is a testimony of the Bank’s expertise in the field of payment and cash management services through which the Bank provides digitalized collections solutions to its clients for a hassle-free banking experience.Meezan Bank is the 8th largest bank in Pakistan and the leading Islamic bank of the country. The Bank provides a comprehensive range of Islamic banking products and services through a retail banking network of more than 600 branches supported by a countrywide network of over 580 ATMs, Visa & MasterCard Debit cards, a 24/7 Call Center, Internet Banking and Mobile Application facility.
Meezan Bank has consistently been recognized as the Best Islamic Bank in Pakistan by numerous local and international institutions, which is a testimony of the Bank’s commitment to excellence. These institutions include Islamic Finance News – Malaysia, Global Finance magazine – New York, Asset AAA – Hong Kong, Asiamoney – Hong Kong, The Banker – United Kingdom, South Asian Federation of Accountants, Islamic Finance Forum of South Asian Awards,Pakistan Banking Awards – Dawn & IBP Pakistan, Employers Federation of Pakistan and CFA Association – Pakistan.
The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan has reaffirmed the Bank’s long-term entity rating of AA (Double A) and short-term rating at A1+ (A One Plus) with stable outlook. The rating indicates sound performance indicators of the Bank. Meezan Bank is the only Islamic bank with AA credit rating in the Islamic banking industry in Pakistan.