KARACHI: The Institute of Business Administration (IBA), Karachi, and ASA Microfinance Bank (Pakistan) Ltd signed a Memorandum of Understanding (MoU) for the creation of an endowment fund of Rs10 million to support the education of students from underprivileged areas.

CEO of ASA Microfinance Bank Saeed Uddin Khan and Executive Director of IBA Dr S Akbar Zaidi signed the MoU on behalf of their respective institutions. Representatives from ASA MFB included Deputy CEO, Tasawar Hussain, and Social Performance Manager, Irfan Hyder. The IBA was represented by Director Corporate Relations and Resource Mobilisation, Malahat Awan, Director Finance, Moeid Sultan and Director NTHP, Junaid Alam Khan.

On the occasion, Khan said, “We are working with women on the grass-root level, often neglected by the big commercial banks, to enable and equip them with the resources to set up small businesses and drive themselves out of poverty. We find IBA working on similar lines by reaching the young talented students in far-flung areas and dispensing quality education to uplift their socio-economic condition. We are delighted to be part of this endeavour."

Dr Zaidi thanked ASA Microfinance Bank for creating an endowment fund and helping IBA in its mission of inclusivity and promotion of education. Later, Khan presented a cheque to Dr Zaidi.

Copyright Business Recorder, 2022