Karachi, August 2009: The Institute of Business Administration, Karachi and the Ihsan foundation, under the Aegis of Meezan Bank, signed an MOU under which students of the institute would be extended interest free loans for their period of study. The signing ceremony was held at the IBA City Campus and attended by representatives of both organizations.

During the course of the ceremony Registrar IBA, Ahmed Zaheer gave a presentation to the attendees, apprising them of the system developed for candidate selection. Under this new “Qarz – e – Hasana” scheme, the applicant pool will be interviewed by the Ihsan foundation and once selected, IBA students will be able to study at the institute completely free of cost during their duration of study and then repay the institute after graduation.

Speaking at the occasion, Director IBA, Dr. Ishrat Husain said: “The institute of Business Administration, for the past 54 years has always adhered to the highest standards of excellence in education, and at the same time, has had a policy for never refusing admission to any deserving candidates on the basis of financial constraints. Our partnership with Ihsan foundation and their grant under their Qarz e Hasana scheme is yet another step in the same direction.”

Mr Irfan Siddiqui, President & CEO Meezan Bank, and Founder Trustee of Ihsan Foundation said: “The Institute of Business Administration, Karachi, over its existence, has always produced high calibre graduates who after graduating have proved their mettle in the corporate world both in Pakistan and abroad. As a socially responsible citizen, Meezan Bank and Ihsan Foundation, under this partnership would like to ensure that it plays an active role in the development in the business minds of tomorrow. “He further acknowledged the achievements of IBA graduates the world over and also expressed confidence in the system that IBA has established under which the loan facility would be extended to its students.

The IBA offers financial assistance to deserving students in the form of scholarships and loans. No applicant who qualifies the admissions test and fulfils other requirements is refused admission because of the inability to afford the costs of the programs at the Institute. A financial aid committee scrutinizes the applications of students seeking financial aid and sanctions assistance for those who demonstrate need. In the academic session 2008-09, as many as 280 students amounting to Rs. 31.0 million received scholarships.