PESHAWAR: The University of Peshawar and a private bank have inked an agreement to extend financial support to the poor and needy students of the varsity.

The accord to this effect was signed by UoP Vice Chancellor Professor Mohammad Rasul Jan and Senior Vice President of Meezan Bank Fayaz ur Rehman, at a ceremony here on Wednesday, according to a press release.

Under the MoU, which will be effective for four years, a Qarz-i-Hasna facility would be extended to the students on need and merit bases.

Under the agreement the University of Peshawar will conduct the interviews of the needy students, and the final approval will be made by the Sharia advisory council of the bank. Besides, meritorious students will also be offered scholarships by the bank.

Addressing the ceremony, Professor Rasul Jan said the UoP was host to a number of students belonging to underprivileged areas and some of them were in dire need of financial help to continue their education. He added the banks and other corporate sector entities should join the varsity’s cause to educate the youth of Khyber Pakhtunkhwa and Fata by extending them financial assistance.

Mr Jan thanked the Meezan Bank management for their initiative of students financial support programme.