F.P. Report
SWABI: Ghulam Ishaq Khan Institute of Engineering Sciences and Technology and Ihsan Trust (IT) Karachi on Monday have signed a Memorandum of Understanding (MoU) to play their role in providing education to those students who get admission in GIK Institute on merit but cannot afford the fees and other charges.
The MoU was inked by Mr. Ahsan Basir Sheikh, Pro-Rector (Admin & Finance) and Mr. Fayyaz-ur-Rehman Khan Vice-President of Ihsan Trust. The MoU will remain effective for a period of four years initially and it may be renewed by mutual consent of two parties for an additional duration.
Briefing they media the officials of two organizations said that the role of IT is to provide Qarz-e-Hasna (interest free loan) to the students of GIK Institute, special and specific agreement will be made with each selected student by IT. The agreement shall be between the student and IT and GIK Institute will facilitator. They said that the initial selection will be carried out by the GIK institute and IT will conduct the final interview and appraisal before entering into agreement with the student.
IT will provide Qarz-e-Hasna facility to any number of students of the GIK Institute who could be accommodated within the total limit per year of Qarz-e- Hasna to the Institute, on purely “need-cum-merit” basis. IT will provide Rs. 12 million per year and the maximum number of students which can benefit would depend upon the fee structure for different programs of GIK Institute. The number of students may increase or decrease but the total amount being offered as Qarz-e- Hasna will remain the same, they said.
They said that payment to GIK Institute will be made after prior approval of the Shariah Advisor and Founder Trustee of IT. If any selected student fails to clear any course, he/she will not be provided loan for the same course for the second time. Officials said that the merit criteria for the whole Qarz-e-Hasna is score in GIK entrance test/Merit No; minimum 2.6 CGPA in degree program; minimum second division for graduates; minimum 60 percent marks for Intermediate students and minimum 70 percent for O/A level students.
The role of GIK Institute is to conduct pre-selection processes and provide to trust the list of students who qualify the GIK Institute entry test, eligible for admission and IT’s Qarz- e-Hasna scheme, they said. They said that the GIK will provide IT the details of the results and progress of the students (copy of transcript/result card after each semester/quarter completed) availing Qarz-e-Hasna facility. GIK Institute will also facilitate IT in conducting a seminar to all the students and faculty of GIK Institute on Islamic banking and IT. The seminar will take place every year for the new batch (entrants) of students of GIK Institute, they concluded.
