HBFCL Scholarship Fund for IBA
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.