The IBA Karachi signed a Memorandum of Understanding (MoU) with the Professional Education Foundation (PEF) for providing an interest-free loan facility to 15 undergraduate students on merit-cum-need basis at the PEF office, Karachi. Acting Executive Director IBA, Dr. Sayeed Ghani and Member, Board of Governors, PEF Mr. Ashraf Adamjee signed the MoU on behalf of their respective institutions.
Representatives from the PEF included CEO Mr. Shahab Rizvi and Assistant Manager Student Affairs Mr. Maarab Bashir, while the IBA was represented by Senior Manager Corporate Relations and Communications Mr. Haris Tohid Siddiqui and Manager CDC Mr. Danish Imtiaz.
For the next 5 years, as per the MOU, PEF will provide interest-free loans to 15 undergraduate students in the field of Business Studies and IT worth Rs. 70,000/- each and amounting to a total of Rs. 1.05 million every year.
Every year, around 4000 students are enrolled in undergraduate, graduate and post-graduate programs, out of which 1500 students apply for financial assistance. Although, all are deserving, due to lack of resources, the IBA is able to provide financial assistance to around 900 students worth Rs. 300 million. In order, to facilitate the rest, the IBA is partnering with various donors and philanthropic organizations to help its students concentrate on their studies rather than focusing on arranging finances.
ACCA seeks legal framework for businesses to flourish, economy must meet modern standards
The professional body for accountants ACCA (the Association of Chartered Certified Accountants) is asking whether businesses and policymakers in Pakistan are compromising the performance of small business in a new report called 'Building the legal framework to help business succeed'.
Whether through over-familiarity or lack of awareness, there's a risk a key ingredient in the formula for success is being overlooked - the legal form through which businesses operate.
The report calls on government to put legal structures in place, so that all businesses can thrive and benefit from the support mechanisms available. It explores the following four key elements entrepreneurs and policymakers must consider:
Realising the returns: Success can mean different things to different businesses. The founder's goals can range from financial security to 'giving something back', and increasingly entrepreneurs are looking to be measured on social and environmental goals alongside the monetary returns.