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KARACHI, Nov 03 (APP):The University of Karachi and Ihsan Trust sign the memorandum of understanding to provide interest-free loans to the students of the KU. The MoU signing ceremony was held at the VC Secretariat on Monday.
The MoU aims to further build the relationship of cooperation between IT and KU for the purpose of mutually strengthening each other’s capacity and in playing their role in providing education to those communities and individuals who have been admitted to KU on merit and are not in a position or cannot afford all the fees and other charges.
According to the MoU, Ihsan Trust will provide up to 70 percent of Qarz e Hasna (interest-free loan) facility, which may be increased up to 80 percent depending upon the need of the student, of the tuition and other fee of the KU to the selected students.
The General Manager of Ihsan Trust Fayyaz Rehman Khan shared that Ihsan Trust would like to hold a special seminar to explain in detail about the project so that many students could avail this opportunity.
He informed the audience that they had start working with the KU back in 2011-2012 and since then around 430 students have benefitted from this scheme which worth about Rs41 million and hopefully by the end of December 31, 2025, 30 plus more students have shown interest in this scheme so far and amount would exceed up to Rs47 million.
The Executive Vice President of Shariah Audit Head of Meezan Bank Limited Farhan ul Haq Usmani shared that students should also learn how to much their financial resources regardless how much or less they have in hand.
He shared that students in the country have very little information and knowledge about how to use assets and banking facilities.
KU VC Professor Dr Khalid Mahmood Iraqi acknowledged the role of Ihsan Trust in providing facilities to the students. He observed that such initiative would attract more students in future.
He said that other than scholarships such measures would be helpful to students to meet their educational expenses and added that it would make them responsible to return the money to its original owner(s).