The Lahore University of Management Sciences (LUMS) and Ihsan Trust signed an agreement on November 13, 2017 to provide interest free loans to deserving scholars who have been inducted at LUMS. The loans will be offered under the Ihsan Trust’s scheme, Qarz-e-Hasna, which complements the Trust’s broader aim to facilitate the socio-economic uplift of low-income communities.
Present at the ceremony were Prof. Dr. S. Sohail H. Naqvi, Vice Chancellor LUMS and Mr. Ali Safdar Raja, Head of Development LUMS. The Ihsan Trust delegation was represented by Mr. Ahmed Ali Siddiqui, Treasurer, Ihsan Trust, SEVP and Head of Product Development and Shariah Compliance Meezan Bank; Mr. Muhammad Raza, SEVP and Group Head Consumer Support Meezan Bank; Mr. Sohail Khan, EVP and Company Secretary Meezan Bank, Fayyaz ur Rehman Khan, General Manager Ihsan Trust, Vice President, Product Development and Shariah Compliance, Meezan Bank Limited and Mr. Mohammed Adil Sami.
Under the agreement, Ihsan Trust will provide interest free loans to financially disadvantaged but brilliant individuals enrolled in various undergraduate programmes at LUMS. Up to a maximum of PKR 2 Million per year per batch will be disbursed under this scheme.
Those involved declared this MOU a landmark achievement with the hope that it will facilitate financially challenged youth to pursue higher education in one of the best universities of the world.