IUG Launches University Student Endowment Fund

31 - Jan - 2018

The Islamic University has recently launched the University Student Endowment Fund to support needy students financially through the endowment fund's profits. The purpose of the fund is to enable IUG students fulfilling their education at IUG in a way that invests the donors' funds in accordance with the Islamic laws and regulations. The fund provides an opportunity for participation to the civil society, institutions, and companies to be a source for supporting students financially. Moreover, the fund contributes to restoring the role of the Islamic University Endowment by underscoring the humanitarian and solidarity aspects among the members of society and local international institutions.  

Launching the campaign was in the presence of IUG president Prof. Nasser Farahat, IUG vice president for academic affairs Prof. Salem Hellis, vice president for administrative affairs Prof. Majid Al-Farra, and the Director of Public Relations Dr. Saeed Al Namrouti additionally to a number of Deans and Academicians.

Prof. Farahat noted out that the Endowment idea is an original Islamic system that has been recently established at IUG by the administrative system due to its importance in helping students and the educational institution.

Prof. Al-Farra talked deliberately about the importance of the educational endowment for needy students at all of their classifications, referring that the fund aims at polarizing and investing donors' funds from outside and inside Palestine, then operating them in accordance with specific criteria and conditions. He explained that the Fund has its financial and administrative independence; it has two boards, as well. The first is the Fund's Advisory Board that exercises the role of oversight, policy-making, strategic planning and the development of administrative, financial and investment systems. The second is the Fund's Board of Directors, which manages the day-to-day activities of the endowment, works on its development, prioritizes assistance and allocates resources to needy students.

The Dean of Foreign Affairs Prof. Ahmed Mohaisen pointed out that the objectives of the Fund summarized in opening new horizons for students to fulfill their education and alleviate the burdens, especially in Gaza difficult conditions. Prof. Mohaisen clarified that the donation process is facilitated to allow donors directly contribute to the campaign through IUG Web page; Delivering donations to students will be credited by periodical reports to ensure transparency and integrity.

Prof. Mohaisen also explained that donations can be whether in cash or in kind and will be operated in accordance with the Islamic law. The grantors are eligible to choose the category they want to donate to according to university classifications of needy students.

The Educational Endowment Project is an initial contribution of IUG Personnel with a constitutional financial value $300,000 to assist (7.000) IUG students in need.