Seghir: First of its kind waqfpromotes Islamic banking, finance
Ajman University (AU) and Noor Bank, as part of their social responsibility towards indigent students, and in a bid to promote Islamic banking and finance industry, have launched the first of its kind waqf (endowment) initiative in the UAE with a capital base of Dh3.2 million.
The move followed a landmark agreement signed between both parties to establish the Noor Fund for Educational Solidarity (Noor Fund) that provides, in perpetuity, an endowed professorship and four scholarships in Islamic Banking and Finance (IBF) at the College of Business Administration of AU.
AU Chancellor Dr Karim Seghir said that the Noor Fund at Ajman University joins a handful of regional pioneering efforts to bring focus to the history, value, and impact of Islamic banking and finance. "Backed by a generous philanthropic donation from Noor Bank, the fund will be sustained in perpetuity with revenues directly benefiting the professorship and scholarships."
He added: "By matching the investment returns earmarked for scholarships, Ajman University will double the yearly amount of funding available to qualifying students from the College of Business Administration."
The Noor Fund supports the vision of His Highness Sheikh Humaid bin Rashid Al Nuaimi, Member of the Supreme Council, Ruler of Ajman, and Chairman of Ajman University's Board of Trustees, as well as the mission and strategic goals of the institution, Dr Seghir underlined. "AU will continue to fulfill its mission to meet the needs of students, alumni, employers, and society through quality education, scholarship and community engagement."
John Iossifidis, Chief executive officer of Noor Bank, said: "Education is the foundation on which our future is built. To this end, it is absolutely essential that students have access to world-class education and these scholarships and the professorship are our way of reinforcing that very foundation. With this Fund, our hope is that we can attract top talents, who are passionate about Islamic banking and finance, and provide them with the right opportunities to create new frontiers in this thriving industry."
Dr Adnan Aziz, head of Shariah, Noor Bank, said they are presumably the first bank offering Islamic financial services in the UAE to have setup an endowment to promote and build talent/research in the field of IBF, "using the funds it manages in its fiduciary capacity on behalf of its customers and shareholders."