AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, November 14, 2014 (PPI-OT): The Karachi Chamber of Commerce and Industry (KCCI) and Ihsan Trust have signed a Memorandum of Understanding (MoU) which will enable deserving students recommended by KCCI to avail the Qarz-e-Hasna facility of Ihsan Trust on merit-cum-need basis.
According to a statement issued on Friday, the MoU was signed by President KCCI, Iftikhar Ahmed Vohra and Treasurer Ihsan Trust, Ahmed Ali Siddiqui during a seminar on “Financial Education and Literacy in SMEs” organized jointly by KCCI, ACCA Pakistan and Ihsan Trust at KCCI’s auditorium.
KCCI’s collaboration with Ihsan Trust and ACCA is aimed at supporting small businesses in Karachi to upscale their finance capability and bring greater access to finance for SME sector.
KCCI’s mission of advancing human progress through social system based on incentive, initiative and opportunity is harmonized with ACCA and Ihsan Trust’s agenda of supporting SME businesses and poor communities to progress in the field of education. ACCA is offering scholarships to interested students, while Ihsan Trust shall be offering Qarz-e-Hasna (interest-free loans) to these students from KCCI’s complete member base.
Speaking on the occasion, President KCCI Iftikhar Ahmed Vohra said that the MoU between KCCI and Ihsan Trust will focus on capacity building and enhancing the competencies of SMEs by providing scholarships/Qarz-e-Hasna for studies to acquire professional qualifications offered by ACCA to the dependents and nominees of the members of KCCI operating within the SME sector.
Commenting on Financial Education and Literacy for SMEs, Iftikhar Vohra pointed out that the importance of SME sector cannot be underestimated as it constitutes nearly 90 percent of all the enterprises in Pakistan, employs 80 percent of the non-agricultural labor force and the share of SME sector in the annual GDP was approximately 40 percent.
Sajjeed Aslam, Head of ACCA Pakistan said, “The initiative is in line with ACCA’s global agenda for delivery of public value through support for enhancement of financial literacy in small and medium enterprises (SMEs). Acquisition of ACCA professional qualification shall contribute to the growth of SME sector and provide an opportunity to ACCA professionals create value to the society at large.”
Senior Vice President KCCI, Mohammad Ibrahim Kasumbi said that KCCI holds a strong membership of 20,000 members, of which around 15,000 members represent the SME sector. He advised KCCI members to benefit from Qarz-e-Hasna facility being offered by Ihsan Trust for ACCA education which would enable them to better understand the complex taxation procedures and manage their businesses in a professional manner.
Treasurer Ihsan Trust and Executive Vice President Meezan Bank, Ahmed Ali Siddiqui, while highlighting the journey of Ihsan Trust, said that Ihsan Trust was established by Meezan Bank Limited with four major objectives including Education, Health, Disaster Recovery and Micro-Finance. He said that around 500 to 600 students have acquired Qarz-e-Hasna facility from Ihsan Trust and are getting their higher education in 40 to 45 universities across Pakistan.
From KCCI, the event was attended by Iftikhar Vohra, President, Ibrahim Kasumbi, Senior Vice President and members of the managing committee of KCCI; from Ihsan Trust Ahmed Ali Siddiqui, Treasurer Ihsan Trust and Executive Vice President Meezan Bank graced us with his presence. From ACCA, Sajjeed Aslam, Head of ACCA Pakistan was present at the event.
For more information, contact:
Aamir Hassan
Director Press/Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Karachi-74000
Phone: +92-21-99218001-09
Fax: +92-21-99218040
Email: info@kcci.com.pk, secretary@kcci.com.pk
Website: www.kcci.com.pk