ISLAMIC FINANCE 11

capital in innovation ecosystems. multimillion-dollar fund to accelerate as ”science and technology is not install- Part of what the fund and the Islamic innovative ideas to help meet the UN ing of machines and devises.” Development Bank more broadly will Sustainable Development Goals. The The development model of the Muslim be working on is engaging govern- Engage hub invites innovators to meet, world, which currently heavily relies on ments and key decision-makers to share ideas and challenge each other, state institutions, must be changed. The create appropriate strategies and poli- with the Transform Fund providing bank is trying to bring together the pri- cies to foster innovation and entre- money for the best ideas. vate and public sectors and other stake- preneurship. Singapore, South Korea and Malaysia holders to accelerate development in Islamic Development Bank launches who lacked natural and financial re- member states. digital hub and fund to support devel- sources but had a vision to recognize The IDB has established a fund to carry opment. The Bank based in Jeddah, the role of innovation wants for change. out feasibility studies for member coun- Saudi Arabia, launched on February 20 IDB wants the member countries to ”cre- tries in order to help them finance these in central London, a digital hub and a ate a culture of science and technology” needs.

DEAN AND DIRECTOR IBA HONORED BY SAPPHIRE GROUP

ecently, a lunch was hosted by the Ltd. (UBL) Chairman and Founder of the Sapphire Group, Mian Muhammad Abdullah, in honor of * Mr. Muhammad Aurangzeb - the President & CEO of R Habib Bank Ltd. (HBL) the Dean & Director IBA, Dr. Farrukh Iqbal, at a leading private club in Karachi. * Mr. Mohsin Nathani - President & CEO, Habib Metro Bank The lunch was attended by Karachi’s elite business * Mr. Nadeem Abdullah - Director, Sapphire Group community, bank presidents and prominent philanthro- pists. Welcoming the Dean, Mian Abdullah, praised him * Mr. Mushtaq Chhapra - Chairman, The Citizens Founda- for successfully leading the IBA, and observed that the tion (TCF) leadership of the IBA successfully continues to prepare * Mian S.M. Saleem of the MIMA Group leaders for tomorrow’s world. Speaking at the occasion, Dr. Iqbal said that the IBA * Mian Javed Ihsan, the CEO of Ihsan Sons Ltd. was grateful for the generous contribution by the cor- porate sector as well as the philanthropists. This con- * Mian Anwar Tata, Chairman of the Tata Group tribution enabled the IBA to improve its infrastructure * Mr. Shahid Tata - CEO, Tata Textile Mills Ltd. and services as well as help the talented but needy students. The Dean mentioned that last year the IBA * Mr. Maqsood Ismail - CEO, Ismail Industries Limited gave Rs. 231 million as financial assistance to its stu- dents, and nearly 30% of the student body received * Mr. Jawaid Akhtar, Director of Indigo Textiles financial assistance. He requested the distinguished * Mr. Iqbal Alimohamed - CEO, Gul Ahmed Energy Ltd. gathering to continue supporting the cause of higher education and help strengthen IBA’s financial assis- * Mr. Dilawar Agha, CEO of Abbas Dyeing tance program, especially the financially-disadvantaged * students. Mr. Nadeem Maqbool - CEO, Suraj Cotton Mills Limited Sapphire Group is one of the main benefactors of the * Capt. (R) Nisar Ahmed Chughtai - PIA IBA with Rs. 100 Million provided as donation towards the refurbishment of the state-of-the-art Library at the * Mian Naseem Shafi, Shafi Tanneries IBA Main Campus. * Mr. Nadeem Karamat, former CEO of Pak-Iran Investment THE LUNCH WAS ATTENDED BY THE FOLLOWING * Mr. Anwar Haji Karim of Al-Karam Textile ESTEEMED GUESTS: * Mr. Shahid Shafiq - Member of the Board of Governors, * Sh. Masood Ahmed IBA, Karachi * Mr. Imran Ahmed, Director of Indus Dyeing Ltd. * Mr. Zahid Bashir - Member of the Board of Governors, IBA, Karachi * Mr. Javed Iqbal * Mr. S. M. Muneer, Chairman of the Din Group * Mr. Nadeem Yahya * Mr. Muneer Kamal, former Chairman of the Pakistan * Dr. Huma Baqai - Associate Dean, IBA Karachi Stock Exchange * Ms. Malahat Awan - Head Alumni Affairs & Corporate * Ms. Sima Kamil, the President and CEO of United Bank Relations, IBA Karachi

“The way of the consumerist culture is to spend so much energy chasing happiness that it has none left to be happy.” ~ Criss Jami

Pakistan & Gulf Economist, May 28 — June 3, 2018 Pakistan & Gulf Economist, May 28 — June 3, 2018 1