MEMORANDUM OF UNDERSTANDING

IN ORDER TO REINFORCE AND DEVELOP COOPERATION

BE T W E E N
T H E RIPHAH INTERNATIONAL UNIVERSITY FAISALABAD AND BANK
ISLAMI

- By this MOU, The RIUF wishes to develop the cooperation with BIP in various areas
including

 Internships
 Teaching
 Research
 Training
 Sponsorships
 Other collaboration on professional experience
 Joint institutional initiatives
 ARTICLE 1
Objective

This Memorandum of Understanding covers the areas and the modalities of cooperation
between the RIUF and the BIP in the fields of academic research, teaching, training,
documentary resources, and sponsorship.

RIUF and the BIP, subject to their respective mandates, policies and resources, within the
context of various initiatives, to reinforce their cooperation, grouped into those initiatives that
would be implemented (or reinforced) in the short term, and those that would be pursued in
the medium or long term.

ARTICLE 2
Steering Committee

A steering committee (“Steering Committee”) headed by representatives from the RIUF and
the BIP will be established to monitor the cooperation and manage the relationships between
the RIUF and the BIP. Members of the Steering Committee for the RIUF will be appointed by
the chairman RIUF and President of the BIP. The Steering Committee meets twice a year and
holds periodic reviews.

ARTICLE 3
Scientific Cooperation

3.1. Initiatives based on the existing cooperation and/or to be pursued in the short term

(a) Collaboration on research

 Joint research activities

Joint research activities will be promoted and facilitated to communicate the

research activities and interests of staff at both institutions.

(b) Joint organization of seminars: RIUF-BIP. (Both institutions will jointly organize the
seminars on different issues.

(c) Collaboration on EIB staff training needs

The BIP will provide the training to the RIUF faculty members in the field of Islamic
finance to let them know about the industry practices.

(d) Joint institutional initiatives.

EIB and UL will explore the possibility of facilitating the development and
implementation of institutional initiatives of common interest, for example, trust funds
(e.g. on SME financing).

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(e) The BIP will facilitate the RIUF graduates who want to learn industry practices through
internship program.

ARTICLE 5
Scope

No clause of this Memorandum of Understanding shall be interpreted as interfering in any

way with the respective decision-making processes of RIUF and BIP concerning their own
affairs and operations.

ARTICLE 6
Amendments

This Memorandum of Understanding may be amended by mutual written consent between the
Parties. Unless otherwise agreed, amendments shall apply only to activities that have not yet
been put in place.

Chairman RIUF Representative DIP

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