The Institute of Business Management (IoBM) signed a memorandum of understanding with Salaam Takaful Limited (STL) on Tuesday, February 7, 2023, at IoBM. The signatories were Mr. Talib Karim, President IoBM and Mr. Rizwan Hussain, Managing Director and CEO, Salaam Takaful Limited. Present on the occasion were STL’s Mr. Noman Zaidi, Head of Human Resources; Mr. Farhan Sheikh, Head of Marketing; and Mr. Mohammed Shaharyar Mallick, Deputy Manager - Special Projects. IoBM’s Rector, HoDs, Faculty, and Management were also present.
The primary objective of this MoU is to create awareness and promote Islamic insurance to the students of IoBM. Whereas STL is desirous of providing interest-free loans to the students studying at IoBM on account of dues accrued in lieu of tuition fees for a prescribed period. The MoU will mutually strengthen each other in playing their role in providing education to those communities and individuals who are admitted to IoBM on merit and cannot afford the applicable IoBM tuition fees. In addition, IoBM shall facilitate in creating awareness and image building for its students through awareness programs, invite STL to participate in on-campus job and career fairs, and assist STL students in the selection of students on a need basis, among others.
The recent memorandum of understanding (MoU) between the Institute of Business Management (IoBM) and Salaam Takaful Limited (STL) represents a significant commitment to education and financial support for students in need. This initiative closely targets the following United Nations Sustainable Development Goals (SDGs):
• SDG 1: No Poverty-By promoting Islamic insurance and offering interest-free loans to assist students with tuition fees, this partnership directly addresses barriers to education for low-income individuals, fostering economic stability and equality.
• SDG 4: Quality Education- Furthermore, the MoU highlights the importance of educational institutions in bridging the gap for marginalized communities, enhancing their opportunities for personal and professional development. This collaboration not only aims to support individual students but also contributes to building a more equitable society, reinforcing the vital role of education in achieving sustainable development.
• SDG 17: Partnerships for the Goals - which emphasizes the importance of partnerships in achieving sustainable development, fostering collaboration between academia and industry to build capacity and drive impactful initiatives. Together, these efforts contribute to a more inclusive educational landscape, enabling students to thrive in their academic and professional pursuits.
While addressing the audience, Mr. Talib Karim urged the need to pursue follow-up of the MoUs so that the prescribed actions are completed in time. He was hopeful that such MoUs will strengthen academia-industry linkages. He added that IoBM’s CIBF can assist STL in completing academic and research projects. Mr. Rizwan Hussain was hopeful that STL and IoBM can collaborate on these fronts with IoBM providing the graduates having sound industry knowledge. The MoU was initiated by IoBM through its Center for Islamic Business and Finance (CIBF). Dr. Imamuddin, Associate Professor and Acting Head, Department of Accounting and
Finance, CBM, IoBM played an instrumental role in this regard.