Bank of Punjab signs MoU with TCF Sadqah Jariyah Initiative
The Bank of Punjab (BOP), one of the leading financial institutions with a network of 641 branches across Pakistan, has signed an MoU with The Citizens Foundation (TCF), leading nonprofits, educating 275,000 less-privileged students through 1,687 school units across Pakistan. The MoU was signed by Mr. Zafar Masud (President and CEO - BOP) &Syed Asaad Ayub Ahmad (President and CEO - TCF).
Through this partnership, BOP aims to contribute to TCF's mission to provide quality education to less privileged children of Pakistan. Under the "Sadqah Jariyah" initiative, BOP will provide donation collection services to TCF, thus garnering more support for TCF's programs. Several physical and digital channels will be set-up to facilitate donations, including support from Non-resident Pakistani donors using the Roshan Digital Account (RDA) platform. Funds collected will be utilized in programs themed around education for the girl child, persons with disabilities (PWDs) and adult female literacy (Aagahi). Speaking on the occasion, Mr. Zafar Masud (President and CEO - BOP) said, "Social responsibility is the cornerstone of BOP's vision of giving back to the society by educating the less privileged. By signing this MoU, we are laying the foundation for a long-term partnership between BOP & TCF.We hope to raise funds from overseas Pakistanis as well through the RDA channel. In addition to facilitating fund collection, BOP will also contribute financially by matching customer & staff donations by up to Rs.1 million per month. BOP has always been on the forefront of social betterment and this partnership perfectly aligns with our motto 'Har Fard Ka Khayal'".
Addressing the ceremony, Mr. Zahid Mustafa (Group Chief Consumer & Digital Banking - BOP) said, "It gives me immense pleasure to be involved in this initiative and to be part of a socially conscious organization like BOP. As part of BOP's intent to provide innovative products & digital solutions, "Sadqah Jariyah" initiative will enable its customers to donate funds to TCF with ease. We also plan to introduce market first Savings and Term Deposit products, where part of the profit earned by customers will be re-invested into "Sadqah Jariyah" projects".
Syed Asaad Ayub Ahmad, President & CEO TCF expressing his views on the occasion said, "For 26 years, TCF has been committed to providing quality education for the less privileged children of Pakistan. To fulfill this mission, we look towards collaborating with organisations that share our vision of an aware and enlightened Pakistan. We look forward to working with BOP and reaching out to their customers within and beyond Pakistan to sustain and expand TCF's impact." Also speaking on the occasion,Mr. Syed Irfan Ali (Managing Director - Deposit Protection Corporation, a subsidiary of SBP) informed the forum about the accomplishments of Roshan Digital Account (RDA), "RDA has received very encouraging response from overseas Pakistanis from around the globe.
Over 250,000 RDA accounts have been opened so far, with over USD 2.4 billion received in remittances through this channel including diverse investments in Naya Pakistan Certificate (NPC)/ Islamic Naya Pakistan Certificate (INPC), stocks, real estate and auto sector among others. Pakistanis are one of the most charitable nations of the world. "Sadqah Jariyah" initiative sits in well with the giving spirit of both Resident and Nonresident Pakistanis."