Karachi- 04 October 2016: Bridging gaps between industry and the academia for shared benefit, Pakistan’s leading financial institution, Bank Alfalah Limited (BAFL) has entered into a strategic partnership with Pakistan’s prestigious educational institution, (LUMS). The partnership will connect industry and academia to devise viable strategies for promoting mutual learning and training in lieu of evolving industrial requirements.
Under the partnership, REDC and BAFL will jointly develop customized in-house learning programs and BAFL will enjoy access to the Gad & Birgit Rausing Library at LUMS. The mutually benefitting agreement also entails recognition of top LUMS students by awarding BAFL medals upon graduation as well as the provision for nominations for enrollment of BAFL officials in Islamic Banking programs by Islamic Finance Centre LUMS.
BAFL will explore the possibility of establishing BAFL Endowment Fund for Islamic Finance Centre as well as contribute to LUMS’ widely acknowledged National Outreach Programme, MBA and PHD fellowships under this agreement. BAFL currently sponsors EMBA program of LUMS to its internal employees.
The agreement also entails promoting mutual learning through various collaborations including imparting firsthand knowledge from industry through facilitating guest lectures and experimental learning projects by BAFL professionals to LUMS. The arrangement will also include co-authorship of research papers, thesis, and cases studies which will be printed to have fresh insights issues pertinent to business and industry.
Besides rich learning and training prospects, the agreement will also furnish job opportunities for promising LUMS students.
Sharing his thoughts on this Mr. Atif Bajwa, President and CEO, BAFL remarked: “The gaps in industry and the academia have been adversely impacting the progress of the two. The evolving and ever-shifting needs of industry have left fresh graduates distressed from inability to meet daunting demands on their new jobs. I am glad that BAFL and LUMS have finally agreed to facilitate effective learning and training to give the industry better equipped professionals. BAFL is committed to diligently pursuing the set terms in order to explore the full potential of this historic agreement in order to harness maximum shared benefits.”
Commenting about the development, Dr. Sohail Naqvi, Vice Chancellor at LUMS stated: “It’s is imperative that we align our academic learning and training as per the needs of the industry and society at large. Forming new solidarities with industry to instill new forms of knowledge and learning will add purpose to education and save academia from stagnation and intellectual torpor. We are glad that BAFL is our new partner in pursuance of excellence in education and training. The premier banking institution with years of collective and valuable experience will serve as a treasure for the knowledge seekers. We thank Bank Alfalah for its commitment and keenness towards promoting knowledge sharing and learning.”