By: Muhammad Omer Iftikhar
KARACHI: The Institute of Business Management (IoBM), Karachi, recently signed a memorandum of understanding (MoU) with NBFI and Modaraba Association of Pakistan (MAP). The primary objective of this agreement is to create a means of awareness and promote the Islamic mode of Financing, Modarabas and NBFIs (non-bank financial institutions) to the students of IoBM and the general public. The signatories were Mr. Talib S. Karim, President IoBM, and Mr. Raheel Qamar Ahmad, Chairman – NBFI and Modaraba Association of Pakistan. Among the various points agreed upon, IoBM shall facilitate in creating awareness and image building about Islamic mode of Financing, Modarabas and NBFIs to its students. Similarly, NBFI & MAP may work jointly with IoBM for the development of Islamic Financial Products, and may collaborate with IoBM for the Capstone project being offered by IoBM on mutually agreed terms among other points accepted as part of the MoU.