IslamicFinance.de

Noor Bank has launched a 3.2 million dirhams ($871,000) waqf fund with Ajman University to benefit Islamic banking and finance studies. The current pledge of 3.2 million dirhams will benefit one professorship and four scholarships. Noor Bank’s head of Shariah Dr Adnan Aziz said that four scholarships will remain on offer every year, as long as the fund remains intact and continues to generate returns. The waqf amount will be held in perpetuity but the returns on investment will be used to benefit the scholarships. The basic criteria of the scholarships is a combination of academic excellence and financial needs of students registered on a course at the College of Business Administration at Ajman University. The scholarships are available for both undergraduate and postgraduate students.