Karachi: The House Building Finance Company Limited, as a part of its CSR mandate, gifted a perpetual endowment to the country’s leading business school, the Institute of Business Administration (IBA) with the intention to contribute towards the development of high quality executives for the growth and progress of the country.
The Rs 2.5 million contributed by HBFCL towards the Fund will be invested by IBA in accordance with its investment plan, only in Government Securities/Sovereign Funds and the income earned on the investment will be utilized for awarding the scholarships. Hence, the Fund itself will continue in perpetuity and only the income generated through its investment will be utilized for awarding 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 shortlisted candidates will be forwarded to HBFCL for the final selection of two candidates for the award of the scholarships.
Speaking at the signing ceremony, the HBFCL Managing Director, Mr Azhar A. Jaffri stated, “The Board of Directors of HBFCL has created the “HBFCL-IBA Scholarship Fund” aligned with the transformation strategy of HBFCL, channelized 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 is therefore happy that it is able to contribute to this effort on an ongoing basis.”
Azhar A. Jaffri also confirmed that HBFCL intends to create similar Funds in other notable institutions in the country, as HBFCL believes that talent, wherever it is, must be encouraged, and developed.
The agreement signing ceremony was held at the IBA city campus and Dr. Ishrat Hussain, the Dean and Director of IBA signed the agreement on behalf of the IBA. He lauded HBFCL’s initiative and stated that the support of institutions like HBFCL was vital for capacity building of young, talented individuals who will be the future managers of our country.
The House Building Finance Company Limited (‘HBFCL”) is an unlisted Public Limited Company. Its Vision is “to be the prime housing finance institution of the country, providing affordable housing solutions to low and middle income groups of population by encouraging new constructions in small & medium housing (SMH) sector.” Since its inception it has provided a range of housing finance products and services for nearly half a million housing units.