Bank Alfalah, Virtual University sign deal to bridge gaps between industry and academia

Furthering its commitment to bridge gaps between the industry and academia, Pakistan’s leading banking institution, Bank Alfalah, has signed a strategic agreement with Pakistan’s premier ICT-based distance learning institution, Virtual University of Pakistan, Lahoreto establish a framework of learning between the two institutions.

The agreement was signed by Mr. Ahmed NaumanAnees, Head Learning and Development Division (L&DD), Bank Alfalah Limited and Registrar Virtual University, Prof. Dr. Syed Abdul Majid. The two institutions will actively strive to create a conducive environment for mutual learning though exchange of faculty, knowledge, and expertise to help facilitatea shared growth and progress of the industry and academia.

Under this agreement, VU shall extend professional expertise towards designing, developing, and improvinga Learning Management System (LMS) for BAFL employees, besides facilitating BAFL in conducting recruitment tests through their nation-wide campuses.VU may also provide technical proficiency to develop question bank, assessment mechanism, and online portal.

The agreement also provides for faculty exchange where professionals with relevant domain knowledge will be invited for guest lectures in the degree and executive programs of VU as market experts. Similarly, VU faculty members will conduct relevant training sessions managed by BAFL Learning & Development Division to its management and staff.

Bank Alfalah will also be able to capitalize on VU’s Satellite Airtime for extending learning activities to its employees throughout the geographical regions where BAFL operates. In reciprocation, BAFL may invite VU in designing and offering customized and in-house executive development programs for BAFL’s employees. VU, with L&DD’s assistance, may develop computer based simulations and interactive training contents.

In an effort to encourage and motivate students to perform better, Bank Alfalah may recognize top students by awarding them medals upon graduation besides allowing them to be part of BAFL’s Project Internship Program. BAFL will also provide opportunities to students to conduct experiential learning projects.

Sharing his thoughts on this, Mr. Ahmed NaumanAnees, Head Learning and Development Division (L&DD), Bank Alfalah, said: “We are glad to expand our liaison with academia through the agreement with Pakistan’s leading distance learning higher education institution, Virtual University. I am positive that our partnership will go a long way in establishing a framework for sharing knowledge, experience and insights to strengthening and creating value for both sectors. We look forward to materializing the agreement and embark on a journey of mutual cooperation to set a right precedent in the country.”

Commenting on the development, Rector Virtual University of Pakistan, Prof. Dr. Naveed A. Malik, said: “We are glad to be part of Bank Alfalah’s drive for promoting cooperation between the industry and academia. It is a fact that both the sectors are highly dependent on each other for their growth and progress. Therefore there is a pressing need for creation of new forms of knowledge, training and technical expertise to progress at par with the world. I am hopeful that the agreement in question will prove to be a step in the right direction.”

About Bank Alfalah:

Since its inception, Bank Alfalah has grown rapidly to become Pakistan’s fifth largest private bank, the largest issuer and acquirer of credit cards and one of the largest Islamic Banking businesses in the country. The Bank has a network of over 650 branches spanning more than 200 cities with presence in Afghanistan, Bangladesh and Bahrain in addition to a representative office in the UAE. The Bank serves more than 1 million corporate, retail, small business, agricultural, Islamic and asset financing customers.