University and Noor Bank have launched an AED3.2 million waqf (endowment)
initiative to promote the Islamic banking and finance industry in the UAE.
followed a landmark agreement signed between the two parties to establish the
Noor Fund for Educational Solidarity that provides, in perpetuity, an endowed
professorship and four scholarships in Islamic Banking and Finance, IBF, at the
College of Business Administration at the university.
University Chancellor, Dr Karim Seghir said, "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 H.H. Sheikh Humaid
bin Rashid Al Nuaimi, Supreme Council Member and 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 underscored.
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," he added, "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."
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