Bank of Khyber Approved Fully Funded Need Based Scholarship Program for

MBA (Islamic Banking and Takaful) at IM|Sciences Peshawar

Press Release (Wednesday, March 12, 2014)

The Bank of Khyber approved 4 Fully Funded Need Based Scholarships for the newly launched MBA (Islamic Banking and Takaful) program at the Institute of Management Sciences Peshawar.  This announcement was made by Mr. Abdul Samad, Sharia Advisor, Bank of Khyber at a gracious ceremony held at the Institute. Along with the students, Program Coordinator Dr. Shakir Ullah, faculty and Director IM|Sciences, Dr. Muhammad Mohsin Khan, this gathering was attended by high officials from Bank of Khyber, Meezan Bank Ltd, Takaful Pakistan Ltd, Pak Qatar Takaful Ltd, Pak Kuwait Takaful Ltd.

Dr. Shakir Ullah added that Institute of Management Sciences, Peshawar, is proud to be the pioneer in offering MBA in Islamic Banking and Takful, which is a full time 1.5-year intensive degree program designed to produce future business leaders for the growing Islamic finance industry. It is aimed at providing sound foundations for effective, ethical and Sharia-compliant decision-making in a complex and dynamic world. There is a concentrated emphasis on theory, processes, techniques and practice of various disciplines of finance, accounting and management with a particular focus on Sharia principles. He shared that the application response to this exemplary initiative is overwhelming, which further highlight the market demand of this degree programme.

Dr. Muhammad Mohsin Khan asserted that highly qualified human capital in Islamic Banking and Takaful is not only required on regional and national level, but the fact is that this specific sector contributes $ 1.8 Trillion to the global banking transactions and in future this is expected to rise to $ 4 Trillion on annual basis.  He stressed upon the need of applied researches which solve the business problems in Islamic Banking. He thanked Mr. Abdul Samad and all the officials of Bank of Khyber (BoK) for their generous support to financially needy but talented applicants of MBA (Islamic Banking / Takaful).

The Chief Guest Mr. Abdul Samad, elaborated that so far the Islamic Banking and Takaful has covered 17 % of the banking customers while there are 30 % more growth opportunities exist. He further added that in addition to conventional banking knowledge and skills, the learning practices of Islamic Banking and Takaful should also be encouraged by Higher Education Institutions. For this purpose, keeping in view the future needs of the industry, the Chief Guest handed over a scholarship cheque to the Director IMSciences, with a promise that for next academic session the number of scholarships will be doubled.

Dr. Muhammad Mohsin Khan, Director IMSciences, Chief Guest Mr. Abdul Samad, Sharia Advisor (Bank of Khyber), Mr. Sadique ur Rehman, Area Manager, Mr. Mian Fawad, Branch Manager (Meezan Bank Ltd), Mr. Muhammad Ayaz, Incharge Business Development Department, Mr. Tahir Shah, Incharge Operations, Mr. Naveed Qureshi, Head Business Development Department (Bank of Khyber), Mr. Anwar Khan, Regional Director, Mr. Hameed Ullah Khan, Manager Services Department (Pak Qatar Takaful Ltd), Mr. Asif Ali, Chief Manager (Pak Kuwait Takaful Ltd), Dr. Shakirullah, Program Coordinator, Faculty Members and Students (IM|Sciences)