The House Building Finance Company Limited, HBFCL, 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 short-listed candidates will be forwarded to HBFCL for the final selection of two candidates for the award of the scholarships.
“The Board of Directors of HBFCL has 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 is therefore happy that it is able to contribute to this effort on an ongoing basis,” HBFCL Managing Director Azhar A. Jaffri said at the signing ceremony.
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 the 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.