HBFCL Schol­ar­ship Fund for IBA

Enterprise - - 24 - Azhar A. Jaf­fri, Man­ag­ing Di­rec­tor-hbfcl and Dr. Ishrat Hus­sain, Dean and Di­rec­tor, IBA, ex­chang­ing doc­u­ments. Also seen in the picture: Capt. Retd. Ahmed Za­heer, Regis­trar IBA and Tahir Sid­diqui, Group Head Busi­ness De­vel­op­ment and Trea­sury, HBFCL.

The House Build­ing Fi­nance Com­pany Limited, HBFCL, as a part of its CSR man­date, has gifted a per­pet­ual en­dow­ment to the In­sti­tute of Busi­ness Ad­min­is­tra­tion (IBA) with the aim of con­tribut­ing to 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. The Fund will con­tinue in per­pe­tu­ity and only the in­come gen­er­ated through its in­vest­ments will be uti­lized for award­ing schol­ar­ships.

For grant­ing the schol­ar­ships, IBA will first short­list ap­pli­cants based on its se­lec­tion pol­icy, purely on merit-cum-need ba­sis. A list of six short­listed can­di­dates will be for­warded to HBFCL for final se­lec­tion of two can­di­dates for award of the schol­ar­ships.

Speak­ing at the sign­ing cer­e­mony, Azhar A. Jaf­fri, Man­ag­ing Di­rec­tor, HBFCL, said, “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 Jaf­fri also con­firmed that HBFCL in­tends to cre­ate sim­i­lar Funds in other no­table in­sti­tu­tions in the coun­try, as it 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 the 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 and 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.

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