IBA gets $1.5 million donation for construction of new building

KARACHI: A Memorandum of Understanding (MoU) was signed between the Institute of Business Administration (IBA) and the Jaffer Family Foundation and United Global Initiative for the construction of a new building at the university.

The agreement was reached during ceremony at a local hotel to build a state-of-the-art purpose-built academic building for the School of Mathematics & Computer Science at IBA Main Campus.

Caretaker Chief Minister Sindh Justice (retd) Maqbool Baqar was the chief guest on the occasion. Caretaker Sindh Home Minister Brig (retd) Harris Nawaz, Minister for College Education Department Mrs Rana Hussain, and other dignitaries from the civil, corporate, and educational landscape were also present.

Speaking on the occasion, IBA Executive Director, Dr S Akbar Zaidi, thanked the generous contribution and unwavering contribution towards the construction of the new building, which is the largest donation the university has received in last ten years.

He said the contribution will pave the way for a space that will nurture minds, inspire creativity, and foster excellence. He added the new building will serve as a hub of knowledge and a centre for academic excellence. He said IBA is testament of excellence as a public sector organization which requires space from the government. “IBA is a role model for public sector organizations and has developed excellent alumni,” he said.

Dr Zaidi said the continued involvement and support will remain instrumental in shaping the future of the institution. The hoped that the new building will stand as a testament to the power of collective determination and excellence in public sector education.

Chief Minister Maqbool Baqar felicitated the IBA towards the construction of a new building which will remain instrumental in strengthening the institution. He said this is the testament of the impact of education.

He expressed gratitude to the Jaffer family for transforming the education sector of Pakistan. He said a significant contribution of $1.5 million has been given to set up a building at IBA Karachi.

He said the importance of education cannot be undermined but thousands of students are unable to gains access to quality education due to economic barriers. He also appreciated the efforts of Dr Zaidi for upholding academic excellence at IBA.

Mr Mohamed Taki Jaffer, Chairman Jaffer Family Foundation, said the contribution reflects a deep-rooted commitment to education, empowerment, and serving humanity.

He said the investment in this endeavour will yield dividends beyond measure, a legacy in their belief in education as a force for positive change. He said the act of charity will based on value of charity and compassion by the Jaffer family.

Dr Hasnain Walji, Executive Director, United Global Initiative, stressed the importance of supporting the tertiary sector, saying that we are on the cusp of history in data science and artificial intelligence. He said the new centre will not only be a beacon of knowledge but human excellence. He dismissed fears about the spread of AI as it remains a human creation and cannot outshine the creator.