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Tag: LUMS

  • FBR discusses Customs internship program at NUST, LUMS

    FBR discusses Customs internship program at NUST, LUMS

    ISLAMABAD: Federal Board of Revenue (FBR) is in discussion with top universities to launch ‘Customs internship program’ for the youth of the country.

    In this regard, Syed Shabbar Zaidi, Chairman FBR held a meeting with Heads of Departments of National University of Science and Technology (NUST) and Lahore University of Management Sciences (LUMS) to discuss the launch of “Customs Internship Program” for the youth of Pakistan in June 2020.

    Earlier the program had been got approved and Chairman had directed its expeditious implementation.

    As informed by Dr. Jawwad Uwais Agha, Member Customs Operations, through this program two hundred BS/MS level students of top universities of Pakistan like LUMS, NUST, IBA and GIK in areas of Law, Public Financial Management, Economics, Finance, Public Policy and Information Technology would get an opportunity to work in the field units of Pakistan Customs for a 10-12 weeks’ internship program.

    A stipend of Rs 12,000 / month will be offered in this regard.A special internship program for 200 High School students will also be launched simultaneously with a stipend of Rs 4000-8000 for a 2-6 weeks internship program.

    FBR chairman lauded the efforts of Pakistan Customs in launching this innovative initiative which will create awareness about International and Domestic Economy and Public sector functioning and elaborated that the program will increase opportunities of employability and enhance confidence and ability of youth.

    The representatives from NUST and LUMS appreciated the initiative taken by Pakistan Customs and ensured their complete cooperation in this regard.

  • Bank Alfalah signs MoU to promote Musharakah products

    Bank Alfalah signs MoU to promote Musharakah products

    KARACHI: Bank Alfalah Islamic Banking has recently signed Memorandum of Understanding (MoU) for Strategic Partnership with Centre for Islamic Finance (CIF) at Lahore University of Management Sciences (LUMS) to jointly setup a research initiative to promote Pakistan’s first ever asset side Musharakah based financing product.

    According to a statement on Tuesday, the agreement between one of the leading Islamic Banking Institution and Pakistan’s top business school will encourage innovation through developing new products and would help the industry to align itself with the regulator’s preference towards participatory modes of Islamic financing.

    Dr. Muhammad Imran, Group Head Bank Alfalah Islamic, at the occasion of the signing ceremony said that this partnership will go a long way in realizing the Bank’s vision to launch products and initiatives based on the Islamic principles of Musharakah and Mudarabah.

    He said, “Innovation is the cornerstone of banking at Bank Alfalah Islamic and this initiative with LUMS would further strengthen Bank Alfalah Islamic’s position as a leader in innovative Islamic banking”.

    Dr. Saad Azmat, Chair Centre for Islamic at LUMS said: “I am delighted that we have signed this MoU and look forward to working with Bank Alfalah Islamic in promoting the use of Musharakah and Mudarabah based financing by Islamic Banks.

    “This collaboration would help us undertake research on risk sharing, which is one of the core principles of Islamic Finance. This MoU signed will help us to deepen our understanding of Islamic finance, along with developing institutions and instruments to support sustainable and inclusive growth of the Islamic Finance industry in Pakistan.”

    Syed Ali Sultan, Group Head, Bank Alfalah Treasury and Capital Markets provided an insight on the overall economic situation and the importance of Islamic Financial transaction in the global economic landscape.

    Dr. Alnoor Bhimani, Honorary Dean, LUMS welcomed the enthusiasm of Bank Alfalah Islamic to help drive a better understanding of Islamic banking.