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BZU and Arab Islamic Bank Establish "Charity Fund"

Wednesday
September 19, 2012
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On 3 September 2012, Birzeit University and the Arab Islamic Bank (AIB) signed an agreement to establish a "Charity Fund" for education. The Fund’s resources are largely drawn from Islamic zakat*, endowments and donations, all of which are directed at supporting BZU students in financial need and also at covering specific academic development grants.

 

The agreement was signed by BZU President, Dr. Khalil Hindi, and the Deputy General Manager of AIB, Sami Saidi. The signing event was attended by the Vice President for Advancement and Communication, Dr. Ghassan Khatib; Director of the Advancement Office, Manal Issa; Public Relations & Marketing Manager, Ahmad Sartawi; and Organization & Procedures Manager, Bilal Abu Radi.

Dr. Hindi commended the AIB’s social responsibility and its long-term strategy. He added: "The Fund will be supervised by a committee consisting of the Fatwa and Sharias Control Board members, who will monitor the grants and scholarships according to identified standards.”

Moreover, BZU will form a fund management committee to supervise scholarships and academic development grants. The Financial Aid Committee at BZU will also develop procedures for announcements and applications as well as disbursement of grants, along with guidelines for the approval of students eligible for grants.

Saidi expressed his great pleasure at cooperating with BZU through the "Charity Fund," as the AIB will seek to encourage philanthropists to pay zakat and give donations for educational advancement.

*Zakat is the giving of a fixed portion of one's wealth to charity, generally to the poor and needy. It is one of the five pillars of Islam.

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