Management Policy Manual MPM-2022

Management Policy
Manual
Shams-uz-Zoha Jafri/Qurat-ul-ain Siddiqui

Management Policy Manual
PREAMBLE
It gives me immense pleasure to present the Management Policy Manual (MPM) which has been prepared
for the first time at the IBA. The idea to prepare this manual came to my mind for the following reasons:
• Due to my long association with the IBA, and being the Secretary Board of Governors, Academic
Board, & BASR, I receive numerous queries on daily basis from both faculty and staff about the
Board’s policy decisions on several issues. To respond to their queries, I rely on my weak memory
as well as on manual and electronic search of the decisions in the minutes of the meetings of Audit
& Finance Committee, Academic Board, Board of Advanced Studies & Research, and Selection
Board and that exercise consumes much of my time.
• Another reason which motivated me the most, is my impending retirement (November 16, 2023)
and I yearned to give something to my alma mater before I retire.
Fortunately, the need for a policy manual and my desire to give a gift to my alma mater were materialized
with the availability of the resource - our Executive Corporate Affairs Ms. Qurat ul ain Siddiqui who has
also updated our Academic Policy Manual (APM) which was last updated back in 2016.
At this juncture I also wholeheartedly thank our Executive Director Dr. S Akbar Zaidi for providing not
only the resource but also for the continuous encouragement and appreciation to our work.
The Management Policy Manual encompasses all the approved policy decisions taken by the Statutory
Bodies of IBA during 2008-2022. These policy decisions have been screened and filtered from the minutes
of 88 meetings of the Audit & Finance Committee of IBA Board of Governors, 45 minutes of Selection
Board meetings, and 60 minutes of meetings of the Board of Governors itself besides a number of minutes
of the meetings of the Academic Board and the BASR.
The reason for taking this period (2008-2022) in the first phase, is that most of the policies, and procedures
were framed and approved during this period, and they are still valid with slight amendments made from
time to time with the approval of the Board. In the next phase we plan to include in the manual, policy
decisions taken during 1996-2007.
We have tried to present the policy decisions on each subject in a chronological order so that the link to the
current decision is also established. Complete text of certain policies, which span over a number of pages,
has not been reproduced in the manual but the references of those policies have been quoted in the manual
and almost all these policies are also posted on the IBA portal.
Although I take this work as one of my achievements and services to the IBA on voluntary basis, I must
record my appreciation and thanks for Ms Qurat ul ain Siddiqui for her efforts, interest, and commitment
in preparing and completing this manual on the targeted time frame under my supervision. I am also
thankful to Mr. Muhammad Asif, Assistant Manager Corporate Affairs, and Mr. Ismail for their cooperation
and needed support.
Since it is the first manual of this kind, and despite our repeated review, check and recheck, chances of
errors and omissions cannot be ruled out. My humble request to the readers would be to please let us know
if they notice any oversight. We would also be grateful for the valuable suggestions in making the Manual
more meaningful.
Shams-uz-Zoha Jafri
General Manager Corporate Affairs &
Secretary, Board of Governors
Table of Contents
ALUMNI REPRESENTATIVE ON THE IBA BOG ................................................................................................ 1
AMENDMENT IN IBA ACT .............................................................................................................................. 3
APPELLATE COMMITTEE ............................................................................................................................... 4
APPOINTMENT OF PROFESSOR EMERITUS ................................................................................................... 4
ATTENDANCE AND FLEXIBLE TIMINGS .......................................................................................................... 5
AUTHORIZATION / DELEGATION OF POWERS TO THE EXECUTIVE DIRECTOR ............................................. 5
AUTHORIZATION TO A&FC ............................................................................................................................ 8
AUTHORIZATION TO SECRETARY BOG .......................................................................................................... 9
BACKGROUND CHECK OF THE RECOMMENDED CANDIDATES ..................................................................... 9
BANK ACCOUNTS .......................................................................................................................................... 9
BANK SIGNATORIES ..................................................................................................................................... 10
BANK-WISE EXPOSURE LIMIT ...................................................................................................................... 13
BPS SCALE TO IBA EMPLOYEES ................................................................................................................... 13
BUDGET CALENDAR .................................................................................................................................... 14
CAPITALIZATION OF FIXED ASSETS POLICY ................................................................................................. 14
CAR /VEHICLE MONETIZATION POLICY ....................................................................................................... 15
CENTRE FOR EXCELLENCE IN ISLAMIC FINANCE (CEIF) ............................................................................... 15
CENTRES – ESTABLISHMENT OF .................................................................................................................. 16
CODE OF CONDUCT..................................................................................................................................... 17
COMMUNICATION STRATEGY ..................................................................................................................... 17
COMPENSATION & BENEFIT SYSTEMS ........................................................................................................ 17
COMPENSATORY LEAVE POLICY ................................................................................................................. 21
COMPOSITION OF A&FC ............................................................................................................................. 21
CORPORATE CREDIT CARD .......................................................................................................................... 22
CROWD FUNDING PORTAL ......................................................................................................................... 22
DEANS ALLOWANCE .................................................................................................................................... 22
DEFERRED BENEFITS TO IBA EMPLOYEES ................................................................................................... 23
DIGITAL IBA ................................................................................................................................................. 26
ENGAGEMENT IN ASSIGNMENTS ................................................................................................................ 27
ENGAGEMENT OF FACULTY OUTSIDE IBA .................................................................................................. 27
FEE COLLECTION & WRITE OFF POLICY ....................................................................................................... 27
FEE CONCESSION POLICY FOR EMPLOYEES ................................................................................................ 28
FEE DEFAULT CASES .................................................................................................................................... 29
FEE ON CREDIT HOURS ............................................................................................................................... 30

FEE REFUND POLICY .................................................................................................................................... 30
FIBAT ........................................................................................................................................................... 30
FINANCIAL POLICIES .................................................................................................................................... 31
FOLLOW- UP ON SELECTION BOARD MEETINGS ........................................................................................ 32
FORMAT OF THE EMPLOYMENT LETTER..................................................................................................... 32
GROUP LIFE INSURANCE ............................................................................................................................. 32
HEADHUNTERS – ENGAGEMENT OF ........................................................................................................... 32
HEALTH INSURANCE SCHEME ..................................................................................................................... 32
HIRING OF PHD SCHOLARS AS LECTURERS ................................................................................................. 33
HOD AND MOBILE PHONE ALLOWANCES ................................................................................................... 33
HONORARIUM TO BOARD MEMBERS ......................................................................................................... 34
HOUSE RENTAL CEILING ALLOWANCE ........................................................................................................ 34
HR COMMITTEE........................................................................................................................................... 34
IBA CODE BOOK .......................................................................................................................................... 34
IBA CORPORATE LEADERS ADVISORY BOARD (ICLAB) ................................................................................ 34
ICT POLICIES ................................................................................................................................................ 35
IMPLEMENTATION OF ERP.......................................................................................................................... 36
INTERNAL AUDIT ......................................................................................................................................... 36
INTERPRETATION OF SECTIONS 13(1) & 14(2) OF IBA ACT, 1994 ............................................................... 38
INVESTMENT POLICY ................................................................................................................................... 38
LEAVE RULES ............................................................................................................................................... 39
LIABILITY INSURANCE COVERAGE ............................................................................................................... 42
LIBRARY MATTERS....................................................................................................................................... 42
MANUAL FOR PROJECTS DEPARTMENT...................................................................................................... 42
MATERIAL ON IBA WEBSITE/PORTAL.......................................................................................................... 42
MEDICAL POLICY ......................................................................................................................................... 43
MERIT SCHOLARSHIP POLICY ...................................................................................................................... 43
MISCELLANEOUS ......................................................................................................................................... 43
MISSION, VISION, AND CORE VALUES OF IBA - MODIFIED ......................................................................... 44
MUTATION OF LAND ................................................................................................................................... 45
NATIONAL TALENT HUNT PROGRAM.......................................................................................................... 45
NO QUOTA AT IBA ....................................................................................................................................... 45
NOMINATION TO THE ACADEMIC BOARD .................................................................................................. 46
OPENING OF FOREIGN CURRENCY BANK ACCOUNT .................................................................................. 46
OVERTIME RATE .......................................................................................................................................... 46

PART-TIME TEACHING RATES...................................................................................................................... 46
PAYMENT FOR INVIGILATION ..................................................................................................................... 46
PAYMENT TO PH.D AND MS EXAMINERS ................................................................................................... 46
PENALTY ON FAILURE TO COMPLY WITH ACADEMIC TASKS ...................................................................... 47
PERFORMANCE EVALUATION OF ED .......................................................................................................... 47
PETTY CASH POLICY ..................................................................................................................................... 47
PLAGIARISM ................................................................................................................................................ 48
POLICY FOR EMPLOYEES WHO DIE DURING SERVICE ................................................................................. 48
POLICY ON ACTIVITY BASED REWARDS....................................................................................................... 48
POLICY ON ADDITIONAL RESPONSIBILITY ................................................................................................... 49
POLICY ON HOUSE RENT AND ALLOTMENT OF HOUSES ............................................................................ 50
POLICY ON REWARDING / RECOGNIZING EMPLOYEES AT IBA ................................................................... 52
PROCEDURE FOR APPOINTMENT OF ADJUNCT FACULTY ........................................................................... 52
PROCUREMENT POLICY & PROCEDURE ...................................................................................................... 53
PROMOTION POLICY ................................................................................................................................... 53
PSYCHOLOGICAL TESTS OF POTENTIAL CANDIDATES ................................................................................. 54
REGULARIZATION IN EQUIVALENT BPS GRADES 1 – 15 .............................................................................. 54
RELOCATION ALLOWANCE .......................................................................................................................... 54
RESOURCE MOBILIZATION STRATEGY ........................................................................................................ 55
RETIREMENT RULES .................................................................................................................................... 55
SALARY INCREMENT .................................................................................................................................... 55
SCHOLARSHIPS ............................................................................................................................................ 56
SELECTION AND HIRING PROCESS .............................................................................................................. 58
SELECTION AND SHORTLISTING CRITERIA .................................................................................................. 58
SEPARATION POLICY ................................................................................................................................... 58
SOCIAL POLICY DEVELOPMENT CENTRE (SPDC) ......................................................................................... 58
SPLIT PHD FUNDING POLICY ....................................................................................................................... 59
STAFF WELFARE FUND ................................................................................................................................ 60
STRATEGIC DIRECTION OF IBA (2008-9 / 2013-14) ..................................................................................... 63
STREAMLINING OF TITLES ........................................................................................................................... 64
STUDENT BODIES ........................................................................................................................................ 64
SUNDRY POLICIES ........................................................................................................................................ 66
TA’S REMUNERATION ................................................................................................................................. 66
TERMS & CONDITIONS OF APPOINTMENT OF DEAN & DIRECTOR/(ED) .................................................... 66
TESTING SERVICES ....................................................................................................................................... 66

TIME FRAME FOR APPROVAL OF MINUTES OF THE MEETINGS ................................................................. 67
TRANSACTION AUTHORITY POLICY AND PROCEDURES .............................................................................. 67
TRANSPORT POLICY .................................................................................................................................... 73
TRAVELLING AND ACCOMMODATION POLICY ........................................................................................... 73
UMRAH /HAJJ SCHEME ............................................................................................................................... 74
UNIFORM IBA SCALE ................................................................................................................................... 75
VISITING FACULTY RESIDENCE ROOM RENTS ............................................................................................. 77
VISITING FACULTY - PER SESSION RATES .................................................................................................... 78
WARNING TO NON-PERFORMERS .............................................................................................................. 78
WORKLOAD POLICY..................................................................................................................................... 79
ALUMNI REPRESENTATIVE ON THE IBA BOG
Modifications in the Registered Graduates Statutes. (Ref AFC of April 7, 2012 and 71st BoG
held on June 23, 2012)
The functions related to Registered Graduates were transferred from the Registrar to the Director
Alumni as the Alumni department has more authentic, complete and up-dated data. Following
amendments in the rules and regulations for Registered Graduates were approved. According to
this amendment, in place of the current procedure of Registration of Registered Graduates, the
Alumni Office would not require graduates to apply for registration as all IBA graduates are
automatically registered with the Alumni Office. Following were the existing and proposed
procedures which were approved by the Board.
Existing:
The Register of Registered Graduates to be maintained by the Manager Corporate Affairs, or

person approved by the Director shall be in the approved form.
Proposed & approved:

The Register of Registered Graduates to be maintained in soft form by the designated officer of
Alumni Affairs Office, shall include the following information about the person registered:
Name of the Graduate, Father’s Name, Full Address (both official as well as residential), contact
numbers, emails, Name of degree taken, year of graduation, recent photographs (may be dispensed
with the submission of photograph in case of purdah observing ladies and conscientious objectors),
Registration No. allotted, date of removal of name from Register, reasons for such removal, and
Remarks.
Existing:
All graduates of the IBA Karachi of three years’ standing and upward shall be entitled to have
their names enrolled in the Register of Registered Graduates.
No person shall be eligible to apply for registration as a registered graduate who:
i) has been declared bankrupt, or

ii) has been convicted of any offence involving moral turpitude.
Application for enrolment in the Register of Registered Graduates shall be made in the applicant’s
own handwriting to the Registrar in the approved format.
Proposed and approved:

All graduates of the IBA Karachi of three years’ standing and upward shall automatically be
registered in the Register of Registered Graduates to be maintained by the Alumni Affairs Office.
The registration of a graduate shall be cancelled if (a) he/she is declared bankrupt, or (b) he /she is
convicted of any offence involving moral turpitude.
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Existing:
The Register of Registered Graduates shall be closed for purposes of the election at least 40 days
before the date of election and no person whose name is not already enrolled before the date of
closure, shall be entitled to vote at the election of the year.
Proposed and approved:

The days for closure of Registered Graduates shall be reduced from at least 40 to 30 days before
the date of election.
The Board approved the (above) changes suggested by the A&FC in the Registered Graduates
Statutes. (Ref 71st BoG held on June 23, 2012)
The Board decided that an up-dated list of Registered Graduates (with name and year of graduation
only) would be placed on the website by the Alumni Department. The Board also decided that in
view of automatic registration there was no need of closing the Register of Registered Graduates
30 days before the election. (Ref 71st BoG held on June 23, 2012)
The Board decided that the modified Registered Graduates Statutes would be applicable for the
next election due in 2015. The notification regarding approved modifications in the Statutes would
be issued by the Director Alumni Affairs after the election or sometime in November 2012. (Ref.
71st BoG held on June 23, 2012)
Online Election
The Board in its 86th meeting held on August 30, 2015, approved the Implementation of Alumni
Online Election System with the following additions / modifications:
• As the election would be held on-line and purpose of it is to involve all, the Board allowed
everyone to contest the election irrespective of his / her location (within or outside
Pakistan). However, if the candidate is elected from outside Karachi, he / she would not be
entitled to any payment related to travelling, boarding etc. for attending the meetings and
as per Section 12(3) of the IBA Act, would cease to hold office if he / she does not attend
three consecutive meetings of the Board without any valid reason.
• Before placing the final list of candidates, one day would be given to file an objection, if
there is any, against any candidate on the following two grounds with evidence if the
candidate has mis-represented himself / herself:
o the candidate has been declared bankrupt or

o has been convicted of any offense.
• The Scrutiny Committee will verify and make a decision within 24 hours of filing the
objection and a day before placing the final list of candidates.
The voters list would be frozen from the day the schedule of election is announced. In the
meantime, a message / ad would be given by Alumni Department advising the alumni to send their

contact details and get themselves registered by a specified date. (Ref 86th BoG held on August
30, 2015)
Ending the 3-Year waiting rule
The Board decided to delete the requirement for IBA alumni and alumnae to wait for three years
before being able to vote for a candidate standing for election to the alumni representative position
in the Board of Governors. (Ref 96th BoG held on June 2, 2018)
Service of the IBA
The Board passed the following Resolution for an amendment in the IBA Act:
“One member of the Registered Graduates of the Institute may be elected from amongst
themselves provided the person is not concurrently a full time or part time employee of the
Institute.” (Ref 96th BoG held on June 2, 2018)
It was noted that Section 13(2)(xiv) of the IBA Act authorizes the Board to frame rules necessary
for carrying out the purposes of the Act.
The request made earlier (96th BoG) for an amendment in the IBA Act with regard to qualifications
for election as a representative of the Institute’s Registered Graduates would be withdrawn. (Ref
97th BoG held on December 29, 2018)
Criteria For Candidacy
The Board decided that work experience of 10 years after graduation is adequate to bring value to
the Board. (Ref 96th BoG held on June 2, 2018)
AMENDMENT IN IBA ACT
The following notable amendments / additions have been made in the IBA Act, 1994 through The
Sindh Universities and Institutes Laws (Amendment) Act, 2018: (Ref 96th BoG held on June 2,
2018)
• Throughout the Act, for the word “Director”, the words “Executive Director” shall be
substituted. (Hence the Dean & Director IBA, will now be designated as “Executive
Director).
• Admission Policy – The Government may issue guidelines and principles with respect to
admissions. The Academic Council (Academic Board of IBA) shall frame Admissions
Policy in consonance with such guidelines and principles.
1. For the words “Governor of Sindh/Patron/Government”, the words “Chief

Minister” shall be substituted.
2. In place of Secretary/Additional Secretary Education, Secretary Universities and
Boards Department, Government of Sindh or his nominee not below the rank of
Additional Secretary will be the member BoG.
3. One nominee of the Higher Education Commission not below the rank whole-time
member shall be the member BoG. (This is in addition to HEC Islamabad)

4. Secretary Universities and Boards Department has been added as member Selection
Board of IBA
APPELLATE COMMITTEE
The current system was that the Disciplinary Committee would give a hearing of the case and
make recommendations to the Dean & Director. The Dean & Director has the discretion either to
approve or disapprove the recommendation or modify it. The Chairman felt that as a matter of
fairness there should be a right of appeal and the appellate committee should be fully authorized
by the Board so that it should not come again to the Board.
The Board decided that there would be an appellate body.(Ref 73rd BoG held on February 23,
2013)
The Board in its 83rd BoG held on April 3, 2015, nominated the following members to the
Appellate Committee:
1. Mr. Justice Munib Akhtar Member/Chairman
2. Mr. Shuaib Ahmed Member
3. Mr. Sohail Wajahat Siddiqui Member
The Board nominated Mr. Justice (Retd) Hamid Ali Mirza to the Appellate Committee in place of
Mr. Sohail Wajahat. (Ref 84th BoG held on June 6, 2015)
Mr. Justice Faheem A Siddiqui was nominated to the Appellate Committee as its Chairman in
place of Mr. Justice Munib Akhtar. Other two members were Mr. Shuaib Ahmed, and Mr. Mazhar
Ali Nasir (Ref 96th BoG held on June 2, 2018)
Dr. Syed Jaffar Ahmed was nominated Chairman Appellate Committee and Mr. Mohammad
Sohail and Mr. Shahzad Mahmood as its members (Ref 110th BoG held on December 28, 2022)
APPOINTMENT OF PROFESSOR EMERITUS
The terms and conditions of the appointment of Professor Emeritus would be decided by the A&FC
and presented to the Board for approval. (Ref 86th BoG held on August 30, 2015)
Terms & Conditions of Professor Emeritus (Ref 88th BoG held on January 9, 2016)
• The conferment of Professor Emeritus status will be for lifetime.
• The Emeritus Professorship honor shall carry no formal administrative duties. However,
Professor Emeritus is expected to contribute to the academic life of the IBA to a great
extent in consonance with the status and caliber of the title.
• The Professor Emeritus, at least for the period during which he enjoys financial benefits
from the IBA, will have the following responsibilities:
• Provide guidance or continue research with faculty and/or students.

• Provide advisory inputs to Centre for Business & Economics Research.

• Postgraduate student’s supervision
• Seminars and/or writing or textbooks in the field of his/her specialization.
ATTENDANCE AND FLEXIBLE TIMINGS
The objective of inclusion of following flexible working arrangement in the existing IBA rules on
“Employee Attendance and Flexible Timings” is to facilitate employees to cope with special
circumstances such as pre & post maternity related condition; temporary disability, fit in a
dependents care arrangement and any other circumstances that on temporary basis do not allow
employee to regularly attend office on time or work for complete working hours. The scope of
this policy will be restricted to IBA non-teaching management staff working on critical positions
for which talent is scarce.
Staggered hours/half day working
Depending on the circumstances in which an employee is unable to attend office for complete
working hours, the staggered hours or half day working can be allowed to employee. However, in
such cases specifically defined deliverables which are both quantifiable, verifiable and are
measurable should be set and put on record.
Employment terms will be re-drawn based on certain specified number of working hours to be put
in by the employee on weekly/monthly basis, which will include adjustment of employee’s salary
and other related benefits for the period s/he goes on staggered hours / half day working.
Duration of such arrangement cannot exceed more than 3 months. Arrangement up to 2 weeks can
be authorized with the approval of the departmental head, while any period above 2 weeks will
require approval of the Dean & Director IBA.
The Board approved the Revision in Employee Attendance and Flexible Timings Rules as
proposed above. (Ref 69th BoG held on November 5, 2011)
AUTHORIZATION / DELEGATION OF POWERS TO THE EXECUTIVE DIRECTOR
Re-appropriations:
The Board authorized the Director (ED) to make re-appropriations within the approved budget to
ensure smooth functioning of the Institute and to resolve unanticipated problems as they may arise.
The Director will submit a report to the Board on the re-appropriations made. (Ref 53rd BoG held
on July 12, 2008)
Appointments for one year
The Board authorized the Director IBA to make appointments in BPS-16 and above or equivalent
grade for one year instead of six months due to the following reasons: (Ref AFC of November 18,
2008, and 55th BoG held on January 31, 2009)

Delay in Selection Board meeting

Uncertainty for further extension after six months
Need for immediate appointment.
Enter into or vary contracts
The Board under Clause (x) of Section 13(2) of the IBA Act authorized the Director IBA to enter
into or vary contracts on behalf of the IBA. (Ref 69th BoG held on November 5, 2011)
Expenses approved in the budget
The Board authorized the Director (ED) for making all the expenses that have already been
approved in the budget. (Ref 69th BoG held on November 5, 2011)
Direct Contracting
The Dean & Director can approve direct contracting with suppliers or contractors in accordance
with the procedures laid down in IBA procurement manual for normal and emergency situations.
However, the reason and justification for opting Direct Contracting for amount exceeding
Rs.100,000 is to be presented to the Procurement Committee of IBA. It was clarified that Direct
Contracting can be done but negotiation is not allowed. (Ref 80th BoG held on June 28, 2014)
Payment to faculty over and above the limit
The Board authorized the Dean & Director to make payment over and above the limit to a faculty
he deems justifiable and report to the A&FC. (Ref AFC of June 12, 2014, and 80th BoG held on
June 28, 2014)
Engagement Of Faculty Outside IBA
The Dean & Director should take strict disciplinary action against those faculty members who are
engaged in outside remunerative activities without the knowledge / approval of IBA authorities.
The action could extend to termination of contract. (Ref 79th BoG held on May 3, 2014)
Nominations for Rewards and Recognition
The Board authorized the Dean & Director to approve nominations for Rewards and Recognition
as well as for Activity Based Rewards. (Ref 91st BoG held on October 29, 2016)
Representation of IBA at legal forums/court of Law
The Board authorized Executive Director IBA to further authorize or delegate his powers to Mr
Khalid Javed Rishi, to represent IBA at all legal forums / courts of law, to appoint lawyers, to sign
Vakalatnamas, to execute, sign verifications, attest, swear and affirm any pleading, including
plaints, written statements, affidavits, rejoinders, compromises, applications, documents etc. and
to further give evidence including by way of affidavits, to produce documents in evidence if any

or otherwise to file appeals, revisions, constitutional petitions before the competent court of law,
including CPLA, appeals and reviews, to file objections, in Honorable Supreme Court of Pakistan,
in all cases related to any matters pertaining to IBA persons, staff, students, property and all
miscellaneous matters. And IBA, hereby agrees to rectify and confirm all such acts and deeds done
/ carried on by such authorized person, in the interest of the IBA. (Ref 101st BoG held on
December 21, 2019)
The Board appointed "Munawar & Tariq Law Associates" to appear and represent IBA on cases
assigned to them by the Executive Director or the person authorized by the Executive Director to
handle such matters. The ED would apprise the BoG of all suits against the IBA and by the IBA.
(Ref 101st BoG held on December 21, 2019)
Hajj / Pilgrimage
For non-Muslims the Executive Director was authorized to decide the number of days, places of
visits and how to accommodate them within the same amount approved for Muslim individuals.
(Ref AFC of September 19, 2020, and 103rd BoG held on October 31, 2020)
Termination or removal from service
The Board authorized the Executive Director to take a decision about termination or removal from
service for cases below BPS-16 or equivalent. However, for removal cases of BPS-16 and above
or equivalent the ED would give his recommendation to the Board for approval. (Ref 104th BoG
held on March 27, 2021)
VFR Room Rents
The Board endorsed the recommendation of AFC for a revision in VFR room rents and authorized
the ED to decide whatever he prefers i.e. a separate (subsidized) rate for IBA’s own faculty and a
separate one for external guests. (Ref AFC of November 28, 2020, and 104th BoG held on March
27, 2021)
Miscellaneous Powers
The Board authorized the Executive Director to decide as to which payments may be considered
under honorarium policy. (Ref AFC of March 16, 2020, and 102nd BoG held on July 25, 2020)
The Board authorized Dr. Akbar Zaidi and Dr. Sayeed Ghani to form a new Procurement
Committee or Committees, not just for the solar panel, and give a timeline for the entire project.
(Ref AFC of March 16, 2020, and 102nd BoG held on July 25, 2020)
All the Centres must work under the Executive Director IBA. (Ref AFC of March 16, 2020, and
102nd BoG held on July 25, 2020)

If an employee’s salary exceeds the upper limit, it should be capped at the maximum limit, and if
the ED feels that the upper limit should be further enhanced, then it would be done through A&FC
/ BoG. (Ref. AFC of September 19, 2020 and 103rd BoG held on October 31, 2020)
The Board approved the changes in Staff Welfare Fund Policy and authorized the Executive
Director to allow additional Rs.25,000/- on funeral expenses if the body of the deceased is to be
moved out of town for burial. (Ref A&FC of May 27 & June 14, 2021, and 105th BoG of June
26, 2021)
The Board authorized the ED to revisit the proposed adjustment and allow a one-time adjustment
to those who he thinks are justified. However, as a policy decision, those who have joined IBA
within 12 months will not be considered for any adjustment. (Ref. AFC of December 8, 2021 and
108th BoG held on January 14, 2022)
AUTHORIZATION TO A&FC
The Board authorized the A&FC to review salary package of IBA faculty and staff after every two
years and benchmark it with what is prevailing in the market. It should be a standing methodology
and be part of SOP. This would be in addition to the annual increments. (Ref. 61st BoG held on
March 27, 2010)
The A&FC was authorized for opening and closing bank accounts with the Bank. (Ref AFC of
April 21, 2010, and 62nd BoG held on May 8, 2010)
The Board approved the following Resolution for delegating the powers of the Board to A&FC
for opening and closing all accounts according to TAP:
It has been resolved that IBA open and maintain one or more operating accounts with any bank
with the minimum rating of A1+.
FURTHER RESOLVED that the Audit and Finance Committee of IBA is authorized to exercise
powers specified herein, in a manner given hereunder and may on behalf of the IBA, open and
close bank accounts with the bank in local and foreign currencies, and for this purpose may sign,
execute, and verify all documents or instruments as may be deemed appropriate or as may be
required.
FURTHER RESOLVED that Audit and Finance Committee is also authorized to obtain credit
facilities including Short Term Loans, Guarantees, Credit Card facility etc. from the Banks.
Manage and supervise the Staff Welfare Fund.

The Board passed the following resolution for handling the Welfare Fund and authorizing the
A&FC to prepare byelaws, procedure and modalities on the constitution and working of the
Committee: (Ref 62nd BoG held on May 8, 2010)

WHEREAS the Board of Governors of IBA by the power conferred upon them by virtue of Section
13(viii) of the Institute of Business Administration Act, 1994 (Sindh Act No. XX of 1994) hereby
resolve and approve as under
RESOLVED THAT the Audit and Finance Committee is hereby authorized to manage and
supervise the Staff Welfare Fund and to prepare the following.
1. Byelaws of the Staff Welfare Fund

2. Modus Operandi of the Staff Welfare Fund
FURTHER RESOLVED THAT the Audit and Finance Committee is to elect an internal committee
from amongst themselves for the purpose of managing the Staff Welfare Fund.
FURTHER RESOLVED THAT the Audit and Finance Committee of IBA is authorized to open
and close bank account with the bank for Staff Welfare Fund and for this purpose may sign, execute
and verify all documents or instruments as may be deemed appropriate or as may be required.
For a tender exceeding Rs.10 million, prior conceptual approval from the AFC has to be
taken. (Ref AFC of May 4, 2019 and 99th BoG held on June 22, 2019)
All proposals would be presented to the A&FC with an action plan including its cost, completion
date and identification of person or persons responsible to implement the proposal. (Ref AFC of
March 16, 2020, and 102nd BoG held on July 25, 2020)
AUTHORIZATION TO SECRETARY BOG
The Board authorized the Secretary IBA Board of Governors to sign and send the letter for
approval for annual increment of Executive Director to the Secretary, Universities & Boards
Department requesting him to seek approval of the Honourable Chief Minister. (Ref. 108th BoG
held on January 14, 2022)
BACKGROUND CHECK OF THE RECOMMENDED CANDIDATES
The Director H.R. would arrange to check the background of the recommended candidates and
would design a proforma / questionnaire which may help the members Selection Board in
assessing the integrity and background of the candidate. (Ref 73rd BoG held on February 23,
2013)
BANK ACCOUNTS
IBA will follow the directive of the Sindh Government and open a separate bank account with
Sindh Bank for Sindh Government grants only. (Ref: AFC of December 14, 2019, and 101st BoG
held on December 21, 2019)
The Board allowed a separate bank account for IBA Hostel Mess Society, subject to compliance
with IBA rules. (Ref AFC of December 14, 2019, and 101st BoG held on December 21, 2019)
Foreign Currency Bank Account
The Board approved the opening of Foreign Currency Bank Account to make payments in foreign
currency for registration in conferences and seminars abroad, fees for faculty members who have
gone abroad for higher studies against service bonds, fees for University Alliance Programs,
subscription to foreign journals etc. (Ref 56th BoG Held on May 9, 2009)
BANK SIGNATORIES
The Board approved the inclusion of the name of Mr. Inayat N. Din, Registrar, in the list of
authorized signatories. The Board further approved that any two of the following four would
operate the IBA bank Accounts. (Ref 50th BoG held on October 4, 2007)
1. Mr. Danishmand Dean& Director

2. Dr. Muhammad Nishat Professor
3. Dr. Sayeed Ghani Professor & Chairman CCS
4. Mr. Inayat N. Din Registrar
The Director Finance would be one of the signatories to IBA bank accounts. (Ref AFC of January
20, 2009, and 55th BoG held on January 31, 2009)
Authorization for opening and closing bank accounts with the Bank. (Ref AFC of April 21,
2010, and 62nd BoG held on May 8, 2010)
The Board approved the following Resolution for delegating the powers of the Board to A&FC
for opening and closing all accounts according to TAP:
“It has been resolved that IBA open and maintain one or more operating accounts with any bank
with the minimum rating of A1+.
FURTHER RESOLVED that the Audit and Finance Committee of IBA is authorized to exercise
powers specified herein, in a manner given hereunder and may on behalf of the IBA, open and
close bank accounts with the bank in local and foreign currencies, and for this purpose may sign,
execute, and verify all documents or instruments as may be deemed appropriate or as may be
required.
FURTHER RESOLVED that Audit and Finance Committee is also authorized to obtain credit
facilities including Short Term Loans, Guarantees, Credit Card facility etc. from the Banks.
Account Operating Instructions:
1. Any two of the authorized signatories of group A and group B will jointly operate the
bank account as per the limit given hereunder.
2. List of Authorized Signatories.
Group A Group B
10 | P a g e Shams-uz-zoha Jafri|Qurat-ul-ain Siddiqui

Over Rs.1.5Million Not Exceeding Rs.1.5Million

Dean and Director Registrar
Associate Deans Director HR
Director Finance Director Resource Mobilization
Group-A signatories may also sign Cheques/ documents for amount less than Rs. 1.5 million.
FURTHER RESOLVED that the Bank be hereby authorized to honor, execute documents for any
payment instruction made in respect of the accounts.
FURTHER RESOLVED that this resolution be communicated to the bank and remain in force
until an amending resolution shall be passed by the Board of Governors of the IBA, Karachi, and
a copy thereof certified by the Secretary of the A&FC shall be communicated to the bank.
Change in IBA’s authorized bank signatories.
The Registrar and the Director Finance only will be the authorized signatories in Group ‘B’ (as
decided in 62nd BoG). There would be no change in Group ‘A’. (Ref AFC of November 13, 2013,
and 78th BoG held on February 15, 2014)
The Head Librarian, Head of HR, General Manager Admin (or Registrar) and General Manager
Corporate Affairs included as second signatories up to the limit of Rs.1,500,000/-. The principal
signatory would remain the Director Finance. (Ref AFC of October 19, 2017, and 94th BoG held
on November 11, 2017)
First signatory as already approved will be the Director Finance. Any one of the below mentioned
second signatories will have the authority to sign a cheque up to the limit of Rs.1,500,000/- (Ref
AFC of October 19, 2017, and 94th BoG held on November 11, 2017)
Second signatory of cheques:
1. Mr. Aamer Shabbir, General Manager Administration

2. Mr. Muhammad Anwar, Head Librarian
3 Mr. Shamsuzzoha Jafri, General Manager Corporate Affairs
The Associate Deans would be the first (principal) signatories in case the Director Finance is on
leave. (Ref AFC of February 28, 2018, and 95th BoG held on April 14, 2018)
The name of Dr. Muhammad Nishat was withdrawn as an authorized bank signatory. The name of
Dr. Huma Naveed Baqai was added as an authorized bank signatory in all bank accounts of IBA
Karachi. (Ref AFC of May 26, 2018 and 96th BoG of June 2, 2018)
All other terms and conditions, including other signatories to all bank accounts of IBA Karachi
will remain unchanged. (Ref AFC of May 26, 2018 and 96th BoG of June 2, 2018)

The name of Dr. Syed Akbar Zaidi was included as bank signatory. (Ref AFC of June 12, 2020,
and 102nd BoG held on July 25, 2020)
The name of Dr. Muhammad Asad Ilyas was added as one of the bank signatories and the name
of Mr. Aamer Shabbir was removed. (Ref AFC of November 28, 2020, and 104th BoG held on
March 27, 2021)
The names of Associate Deans were removed from the list of bank signatories w.e.f. from January
1, 2021. (Ref AFC of November 28, 2020, and 104th BoG held on March 27, 2021)
The Board endorsed the following recommendations:
New Signatories: Add the following Interim Deans to the list of bank signatories. Deans
have formally replaced Associate Deans at IBA; hence their names will be replaced with
the Interim Deans:
1) Dr. Asma Hyder as Dean of “School of Economics and Social Sciences”.
2) Dr. Shakeel Ahmed Khoja as Dean of “School of Mathematics and Computer
Sciences”.
3) Dr. Wajid H. Rizvi as Dean of “School of Business Studies”
Slabs: To ensure smooth treasury operations, the following slabs were proposed for the
authorized signatories, limited to vendor payments only. For other payments such as for
Investments, the Deans or Registrar can act as the Second Signatory with no upper cap
limit. Following can be the second signatory on IBA banking instruments:
1. Upto Rs.1.5 million
a. General Manager Corporate Affairs or
b. Chief Librarian
2. Upto Rs.10 million
a. Any one Dean of Schools or
b. Registrar
3. Any amount: Executive Director
Primary and Secondary Signatory In addition to the above following will be the order of Primary
and Secondary Signatory:
1. Primary
a. Director Finance for all banking instruments, or
b. Any one Dean – In case Director Finance is on leave(s).
2. Second signatory as per above-mentioned slabs:
a. Executive Director
b. Any one Dean of Schools
c. Registrar
d. General Manager Corporate Affairs
e. Chief Librarian

All other terms and conditions, including other signatories to all bank accounts of the IBA Karachi,
remain unchanged. (Ref. AFC of May 27 & June 14, 2021 and 105th BoG held on June 26,
2021.)
Dr. Abdullah Zafar Sheikh replaced Dr. Wajid. H. Rizvi from the list of the signatories of Bank
accounts. (Ref AFC of June 14 & 20, 2022, and 109th BoG held on June 30, 2022)
BANK-WISE EXPOSURE LIMIT
The Board approved the exposure limit from 33.33% to 25% at any one bank as proposed to be
applicable from the next placement maturity of funds. (Ref AFC of September 29, 2016 and 91st
BoG held on October 29, 2016)
BPS SCALE TO IBA EMPLOYEES
The Board in its 69th meeting decided that the condition of annual contract renewal will be removed
for contract employees working in equivalent BPS grades 1 – 15, and they will be called “IBA
Regular Employees” under the Uniform IBA Scale. These employees will also be offered
additional benefits approved from time to time by the BoG, making the Uniform IBA Scale more
lucrative than the BPS scales. With regard to Option ‘A” employees, BoG decided to give them
an option to switch to Uniform IBA Scale.
The Board endorsed the recommendation of A&FC for giving option of converting IBA contract
employees working in equivalent BPS 1 – 15 into Government BPS Scale by giving them fresh
appointment in BPS grades and that no future appointments will be made in BPS grades especially
in BPS 12 and above. Those serving in equivalent 12 – 15 grades and have decided to opt for BPS
scale should be allowed to do so as exceptional cases for one time smoothing the transition process.
The Board further endorsed the recommendation of the A&FC that employees who have
completed at least 1 year service with IBA be regularized on the bases of the following reasons:
• One year service requirement will make our criteria consistent with the general practice
of government departments, where employees are regularized after one year of
probation period.
• As per the current rules, employees are entitled for deferred benefits upon completion
of probation period.
The implementation of BPS grades for non-management employees in equivalent BPS grades 1 –
11 will be subject to the following conditions:
• Switching of employees to BPS grades will be done only for employees working in
equivalent BPS grades 1-11.
• Eligibility criteria will include minimum 1 year service with IBA and at least 10 years’
service remaining before retirement; with a clean employment track record at IBA.
• Employees who opt for switching to BPS will be required to submit resignation from
their current service. They will be given fresh appointments, and their previous service

with IBA will not be considered. All concerned employees will be paid their final
settlement as IBA contract employee before their appointment on BPS grades, this will
include encashment of their earned leave and disbursement of their accumulated
provident fund balances.
• Employees’ salaries will be calculated on the initial basic pay of employee’s relevant
BPS grade.
• Employees who have less than 10 years remaining service before retirement will not
be reappointed on BPS grade and their terms of appointment will remain unchanged.
• Employees who have less than 1 year service will be appointed in BPS grades upon
completion of 1 year service.
• All future appointments in these grades will be in BPS grades, with 1 year probation.
Upon successful completion of probationary period, employees will be regularized in
BPS grades.
• No professional supplement will be paid.
• Employees switching to BPS grades will be entitled for government announced
increments and other benefits including provident fund and pension. These employees
will not be eligible for IBA announced annual increments and benefits offered to IBA
contract employees.
• As per government rules an employee becomes eligible for gratuity after 5 years of
service and for pension after 10 years of service. However, upon qualifying for pension
the entitlement of gratuity lapses.
• All rules and regulations of the government that have been adopted by IBA will be
applicable on these employees.
BUDGET CALENDAR
Policy on Annual Budget – Budget Calendar.
The budget preparation process would commence on April 1 each year and the first draft would
be presented to the A&FC in June and then to the Board before the start of the financial year. (Ref.
62nd BoG held on May 8, 2010)
The preliminary figures of the budget should be ready in end of April. (Ref 102st BoG held on
July 25, 2020)
CAPITALIZATION OF FIXED ASSETS POLICY
The Board approved Capitalization of Fixed Assets Policy. (Ref AFC of October 8, 2011, and 69th
BoG held on November 5, 2011)

CAR /VEHICLE MONETIZATION POLICY
The Board approved the Car Policy. (Ref AFC of April 21, 2010, and 62nd BoG held on May 8,
2010)
Acquiring vehicles on lease

The Board considered the financial implications on lease purchase which is based on fixed monthly
lease rental and noted that there is a clear benefit on cash purchase and thus decided that IBA
should make outright purchase of vehicles rather than going for lease. (Ref AFC of April 21, 2010,
and 62nd BoG held on May 8, 2010)
The Board agreed to withdraw the option to buy back IBA vehicle. Such vehicles would be placed
at the pool or would be auctioned after the useful service life if their maintenance costs become
very high. (Ref AFC of August 6, 2011, and 68th BoG held on August 25, 2011)
Vehicle Monetization Policy

The Board decided to fix the car allowance at Rs. 65,000/- with effect from July 1, 2019, and to
include the following in the policy: (Ref AFC of June 16, 2019, and 100th BoG held on October
5, 2019)
• Once a new vehicle is purchased by the Institute and provided to an eligible officer as per
entitlement, he or she cannot revert to vehicle allowance option for a minimum period of
five years.
• The car allowance amount may be reviewed by the AFC after every three years.
The Board decided that, except for the ED whose employment contract is approved by the CM, no
future employment contract should allow driver or driver’s allowance. However, those who had
already been allowed driver’s allowance will continue to avail this facility and it will not be taken
back. (Ref A&FC of September 19, 2022 and 103rd BoG held on October 31, 2020).
The Board approved the revision in Vehicle Monetization Allowance as proposed i.e.,
Rs.102,500/- per month. (Ref AFC of June 14 & 20, 2022, and 109th BoG held on June 30,
2022).
CENTRE FOR EXCELLENCE IN ISLAMIC FINANCE (CEIF)
CEIF – Establishment of: (Ref 84th BoG held on June 6, 2015)
The Board approved the establishment of Centre for Excellence in Islamic Finance (CEIF) at IBA
under an independent Board of Management (BoM), whose members were to be nominated by the
Board of Governors. The Board of CEIF would report to the Board of Governors as well as to the
State Bank of Pakistan. Approval was also accorded to the following.
The curriculum course structure, course contents, testing and assessments, and all other academic
standards for degrees and diplomas awarded by the CEIF would be determined by the Academic
Board of IBA on the same lines as its existing academic programs and will be monitored and

audited by the same Board. Attendance, Disciplinary rules, Students and faculty conduct, holding
of examinations, award of degrees would strictly follow IBA rules, guidance and procedures.
Authorized the expenditures upto 30 percent of the initial set up cost and the first year deficit to
be provided out of the 2015-16 budget.
Authorized the Dean and Director to make academic and administrative appointments at CEIF
through the same procedure as is followed for recruitment at IBA except final selection which will
be made by the Board of Management of CEIF.
IBA to provide common services and facilities such as classrooms, seminar rooms, residential
accommodation, break out rooms etc. for the CEIF programs and activities.
Authorized the Director Finance to open separate bank accounts for receipts and expenditures of
CEIF and operate these accounts on behalf of CEIF.
Authorized the Dean and Director to enter into Memorandum of Understanding and other
agreements with the appropriate national, regional and international institutions for partnerships,
alliance etc. including with the INCEIF.
Expansion and extension of CEIF’s Board of Management. (97th BoG held on December 29,
2018)
The Board endorsed the recommendations of the Executive Director for re-appointment of the
existing Board of Management of CEIF for another term of three years.
The Board increased the strength of the Board of Management of CEIF from 9 to a maximum of
12 members and authorized Dr. Ishrat Husain and the Executive Director (Dr. Farrukh Iqbal) to
induct the additional members with mutual consent.
The Executive Director IBA who is also one of the ex-officio members of the Board of
Management of CEIF was appointed Vice Chairman of the CEIF Board of Management.
CEIF Chairman
The Board agreed that the ED should be the Chairman of CEIF and advised Dr. Zaidi to convey
the observation of the Board to Dr. Ishrat Husain who is currently the Chairman of the CEIF Board
of Management. (Ref 104th BoG held on March 27, 2021)
Dr. Zaidi reported that although he had spoken to Dr. Ishrat and conveyed to him the observation
of the Board, he requested the Board to reconsider their decision and allow Dr. Ishrat to continue
as Chairman, CEIF for a couple of years. The Board decided to allow Dr. Ishrat Hussain to continue
as Chairman, CEIF for another two years. (Ref 105th BoG held on June 26, 2021)
CENTRES – ESTABLISHMENT OF
Establishment of IBA Press As Autonomous Entity And Profit Centre

The Board approved the establishment of IBA Press as an autonomous entity and profit center.
(Ref 87th BoG held on November 7, 2015)
ICT Service Centre
The Board approved establishment of ICT Services Centre. (Ref AFC of December 18, 2015, and
NCFAS
Establishment of National Centre for Food and Agrotrade Support (NCFAS) (Ref 104th BoG held
on March 27, 2021)
Agha Hasan Abedi Centre

The Board approved the proposal for creation of Agha Hasan Abedi Centre for Innovation in
Finance at IBA Karachi provided the Centre is self-sustaining. (Ref 109th BoG held on June 30,
2022)
CODE OF CONDUCT
The Board approved the Code of Conduct in its 57th BoG held on July 25, 2009.
COMMUNICATION STRATEGY
The Board approved the Communication Strategy. (Ref AFC of April 21, 2010, and 62nd BoG
held on May 8, 2010)
COMPENSATION & BENEFIT SYSTEMS
Introduction of Gratuity
Under this system employees will become eligible for gratuity benefit after completing a minimum
of three years’ service. The gratuity will be payable to the employees on cessation of their service
period with the IBA. Gratuity payment at the rate of one month’s equivalent composite salary for
each completed year of service may be considered for this purpose. (Ref 60th BoG held on
February 6, 2010)
Linkage of Remuneration with Job Bands

Through a Job Evaluation exercise, six Job Bands have been created to cover the range of teaching
and non-teaching jobs currently existing at the Institute. Placement of these benchmark jobs in
respective grades on the basis of their job size is given below:
Grade-wise Placement of Jobs

Job Benchmark Positions

Band
1 Warden Girls Hostel / Protocol Officer / Assistant Manager MIS / Web
Administrator / Assistant Admin Officer / Finance Executive
2 Electrical Engineer / Head Librarian / Management Associate / Purchase
Officer / Asst. Mgr Finance / Manager Communication / Sr. HR Executive
/ Transport Incharge / Manager Procurement & Customer Service / Manager
Enrollment / Program Officer CSS / Network Manager / Coordinator (CEE)
/ Hostel Superintendent / Security Officer
3 Lecturer / Project Engineer / Maintenance Manager / In charge DPO
4 Assistant Professor / Internal Audit Officer / GM Finance / Head of Testing
5 Associate Professor / Head Internal Audit / Registrar / GM P&D / Controller
of Examination / Senior Manager Information Systems / Senior Manager
IT&IO
6 Professor / Director Projects / Director ICT / Director Finance / Director HR
/ Director Alumni, Resource Mobilization
Market Competitiveness
The remuneration of evaluated IBA jobs is assessed from their market competitiveness.
Pay Bands
All remuneration components of Contract employees including the Dean & Director, with the
exception of overtime and attendance reward, have been merged into a composite salary figure
where possible. Following this, salary bands would be developed for each scale. All future
recruitments and contract renewals of staff within each grade would be carried out in line with the
applicable salary band.
The following will be the pay bands for faculty (non-tenure track) and non-faculty staff:
Gross Pay Scales – Fulltime Faculty

Based on the recent Job evaluation exercise, all teaching positions have been placed in the
following manner in 6 job bands below. The monthly salary scales for faculty are:
Salary Range
Job Bands Titles/Levels
Non-Tenure Track
To be negotiated on case-
Endowed Chairs
6 to-case basis
Professor 220,000 – 500,000
5 Associate Professor 150,000 – 350,000
4 Assistant Professor 110,000 – 250,000
3 Lecturer 80,000 – 180,000
2 Teaching Fellow 35,000 – 85,000
1 Not Provided
Gross Pay Scales – Fulltime Non-Teaching Staff

Based on the Job evaluation, there would be 6 Job Bands for Management Staff exclusive of Dean
& Director IBA and 3 for Non-Management Staff. These same Job Bands correspond with the
Salary Ranges proposed.
Job Bands Proposed Titles / Levels Salary Range

Fulltime Management Staff
6 Director 125,000 – 375,000
5 General Manager 87,500 – 262,500
4 Sr. Manager 62,500 – 187,500
3 Manager 43,750 – 131,250
2 Assistant Manager 26,000 – 78,000
1 Executive 15,500 – 46,500
Fulltime Non-Management Staff
J3 Supervisor 14,000 – 38,000
J2 Assistant 9,000 – 25,000
J1 General Staff 6,000 – 18,000
The following table showing the current and proposed salary ranges were approved by the Board
(Ref 70th BoG held on February 4, 2012)
Teaching Staff Current Scales (Rs.) Proposed Scales (Rs.)
Band Standard Title Min. Salary Max. Salary Min. Salary Max. Salary
6 Professor 220,000 500,000 250,000 575,000

5 Associate Professor 150,000 350,000 175,000 410,000
4 Assistant Professor 110,000 250,000 125,000 315,000
3 Lecturer 80,000 180,000 90,000 210,000
2 Teaching Fellow 35,000 85,000 40,000 100,000
Non-Teaching Staff Current Scales (Rs.) Proposed Scales (Rs.)
Band Standard Title Min. Salary Max. Salary Min. Salary Max. Salary
6 Director 125,000 375,000 145,000 435,000
5 General Manager 87,500 262,500 100,000 305,000
4 Senior Manager 62,500 187,500 70,000 220,000
3 Manager 43,750 131,250 50,000 155,000
2 Assistant Manager 26,000 78,000 30,000 90,000
1 Senior Executive 15,500 46,500 18,000 55,000
J3 Executive 14,000 38,000 16,000 50,000
J2 Assistant 9,000 25,000 11,000 35,000
J1 General Staff 6,000 18,000 7,000 25,000

The Board approved the revision in Salary Bands as noted below. (Ref AFC June 12, 2014, and
80th BoG of June 28, 2014)
Table 1: Compensation Structure for Full Time Faculty
Job Title Current Salary Proposed Range
Band Ranges (Rs.) Rs.
Min Max Min Max
6 Professor 250,000 575,000 300,000 650,000
5 Associate Professor 175,000 410,000 200,000 500,000
4 Assistant Professor 125,000 315,000 150,000 385,000
3 Lecturer 90,000 210,000 100,000 250,000
2 Teaching Fellow 40,000 100,000 50,000 100,000
Table 2: Compensation Structure for Full Time Non-Teaching Staff

Job Title Current Proposed Range
Band Salary Ranges (Rs.) Rs.
Min Max Min Max
6 Director 145,000 435,000 155,000 500,000
5 General Manager 100,000 305,000 120,000 330,000
4 Senior Manager 70,000 220,000 80,000 240,000
3 Manager 50,000 155,000 60,000 180,000
2 Assistant Manager 30,000 90,000 35,000 105,000
1 Senior Executive 18,000 55,000 25,000 75,000
J3 Executive 16,000 50,000 20,000 60,000
J2 Assistant 11,000 35,000 15,000 45,000
J1 General Support Staff 7,000 25,000 10,000 30,000
The Board approved the salary range as mentioned below (Ref. AFC of June 14 & 20, 2022, and
109th BoG held on June 30, 2022)
Proposed Salary
Job Existing Salary Range
Title Range
Band
Approved in 2020 2022
Faculty Positions: Min Max Min Max
JB 6 Professor 400,000 1,070,000 480,000 1,200,000
JB 5 Associate Professor 272,000 825,000 350,000 900,000
JB 4 Assistant Professor 206,000 636,000 250,000 790,000
Lecturer / Faculty
JB 3 133,000 412,000
Member 140,000 600,000
JB 2 Teaching Fellow 73,000 190,000 90,000 200,000
Total Impact 216,800 626,600 21% 18%
Proposed Salary
Job Existing Salary Range
Title Range
Band
Approved in 2020 2022

Non-Faculty Positions: Min Max Min Max

JB 6 Director 212,000 825,000 400,000 1,000,000
JB 5 General Manager 169,000 546,000 300,000 650,000
JB 4 Senior Manager 115,000 400,000 200,000 500,000
JB 3 Manager 85,000 292,000 120,000 350,000
JB 2 Assistant Manager 48,000 178,000 70,000 200,000
JB 1 Senior Executive 40,000 140,000 60,000 170,000
J3 Executive 30,000 114,000 45,000 120,000
J2 Assistant 24,000 70,000 35,000 90,000
J1 General Support Staff 18,000 57,000 30,000 80,000
COMPENSATORY LEAVE POLICY
The Board agreed to the suggestion that for the closure of the Institute due to health emergency
the compensatory leave is allowed to be availed during a year, i.e., one can avail the leave during
the next 12 months due to national health emergency. However, under the normal circumstances
the compensatory leave, if not availed within six months, would lapse. (Ref A&FC of March 16,
2020, and 102nd BoG held on July 25, 2020)
The Board approved the changes in the existing overtime and compensatory leave policy for the
lockdown period only. Under normal circumstances, a maximum of 14 days’ compensatory leave
will be allowed to be accumulated and availed within 365 days. (Ref AFC of September 19, 2020,
and 103rd BoG held on October 31, 2020)
Compensatory Leaves Balances:
The Board extended the validity of Compensatory Leave Balances due to Covid-19 for one year
i.e., till September 15, 2022. (Ref. AFC of May 27 & June 14, 2021 and 105th BoG held on June
26, 2021.)
The balance of compensatory leaves would remain open and continue without any time limit for
availing the leaves. However, at the end of last day of service it would lapse, and it would not be
uncashed. (Ref AFC of April 11 and 26, 2022 and 109th BoG held on June 30, 2022)
COMPOSITION OF A&FC
The Board extended the composition of the A&FC to five members and nominated Mr. Sohail
Wajahat H. Siddiqui on the A&FC. The quorum for A&FC was fixed at three. (Ref 57th BoG
held on July 25, 2009)
The Board decided that the composition of A&FC will consist of four members of the BoG and
the required quorum will be of three members including the chairman A&FC. (Ref. 93rd BoG held
on June 24, 2017)

The Board decided that AFC would consist of three members including its chairman and the
quorum will be of three members. (Ref 108th BoG held on January 14, 2022)
CORPORATE CREDIT CARD
The Board was informed that the IBA has been utilizing a facility of Corporate Credit Card from
Askari Bank Limited since 2009. The main purpose of credit card is to make payment for
local/foreign expenses which are paid through online credit card. Most of these expenses are
related to seminars / workshops registration, boarding and lodging etc. for faculty members
attending the seminar in foreign countries. The existing limit of Rs.1 million has been authorized
to Director Finance and after joining of Executive Director the authorization limit will be as
follows:
New Limits:
Dr. Syed Akbar Zaidi = Rs.900,000/-

ssMoeid Sultan = Rs.100,000/-
The Board approved the utilization limit as proposed above. (Ref AFC of June 12, 2020 and 102nd
BoG held on July 25, 2020)
The Board increased the corporate credit card limit as under: (Ref AFC of November 10, 2021
and 108th BoG held on January 14, 2022)
For Dr. Syed Akbar Zaidi Rs.2,500,000/-

For Mr. Moeid Sultan Rs. 500,000/-
The Board enhanced the corporate credit limit issued in the name of Mr. Moeid Sultan (Director
Finance) from Rs.500,000/- to Rs.2,500,000/-, for making official FCY payments smoothly. (Ref
110th BoG held on December 28, 2022)
CROWD FUNDING PORTAL
To secure new and additional funds the proposal for tech-enabled option of raising funds from a
diverse pool of donors commonly referred to as the ‘Crowdfunding portal’ was approved by the
Board. (Ref AFC of June 12, 2022 and 102nd BoG held on July 25, 2020)
DEANS ALLOWANCE
All the Deans initially are to be appointed for a tenure of 3 years. Instead of increase in their salary
they would get Dean’s Allowance of Rs.300,000/- per month along with Car/Vehicle Monetization
and 300 liters of fuel. (Ref AFC of June 14 & 20, 2022 and 109th BoG held on June 30, 2022)

DEFERRED BENEFITS TO IBA EMPLOYEES
The following deferred benefits were approved (Ref AFC of September 4, 2010, and 64th BoG
held on September 25, 2010)
Provident Fund
IBA’s contribution in provident fund would be equal to 5% of the annual payroll of full-time
confirmed contract & Option B employees. The employee contribution would be deducted at the
same rate (5% of gross salary per month); since after the recent changes in the salary structure
there is no separate component of Basic pay in IBA employees’ salaries.
Gratuity Scheme
Gratuity is payable at the end of the employment and it does not require contribution from the
employees and does not allow any loan facility to the employee as well:
• Eligibility Criteria: At least 5 years continuous service with IBA
• Gratuity Rate: 25% of the last drawn salary (for employees with 5 – 9 years’ service)
• 50% of the last drawn salary (for employees with 10 years or more service)
• Effective Date: January 1, 2011
• All gratuities will be calculated from the effective date.
• Employees’ service with IBA prior to January 1, 2011, will be considered as qualifying
period
• Depending on the previous service of employee, s/he will directly qualify for the respective
applicable gratuity rate from the date on which the scheme takes effect.
Provident Fund is at the will of the employee, but the gratuity is mandatory.
Mechanism for the Gratuity Scheme. (Ref AFC of December 29, 2010, and 65th BoG held on
January 15, 2011)
Legal Opinion.
• The legal requirement is that the employer should offer at least one deferred benefit, but
not limited to Gratuity only.
• Gratuity is not mandatory in case the employer establishes a contributory Provident Fund.
• Provided that the employer has no other deferred benefit; the rate of gratuity is 30 days of
basic wage (incl. cost of living allowance and other permanent & regular unconditional
allowances) per completed year of service. In actual fact this is equal to employee’s
monthly gross salary.
• Since IBA is proposing to introduce a Provident Fund also, it is not mandatory for IBA to
pay gratuity as well. However, if a gratuity scheme is introduced by IBA (in addition to
PF), the institute will have the discretion to decide the rate of gratuity. The guidelines set
by the Supreme Court of Pakistan (specifically related to paying 30 days gratuity) will not
be applicable on this gratuity scheme.

• The equivalence of gross pay on the basis of number of days as suggested by the A&FC is
given in the table below:
Service Length Gratuity Rate Equivalent to

(% of last drawn gross pay) Gross Pay (on the
basis of no. Of
days)
5 – 9 years 25% (per completed year of 7.5 days
service)
10 years or above 50% (per completed year of 15 days
service)
The Board approved the proposed gratuity scheme. (Ref AFC of December 29, 2010, and 65th
BoG held on January 15, 2011)
Gratuity Benefit vs Leave Encashment.

Since non-teaching employees are allowed leave encashment, they are not allowed gratuity.
However, the faculty members who are not allowed leave encashment will be allowed
gratuity. (Ref AFC of December 29, 2010, and 65th BoG held on January 15, 2011)
Option “B” employees to switch from government Provident Fund Scheme to the new Provident
Fund scheme and allowing gratuity under the IBA rules to teaching staff working in Option “B”.
(Ref AFC of March 24, 2011, and 66th BoG held on April 30, 2011)
The Board approved the recommendation of the A&FC to

• Allow Option “B” employees to switch from government Provident Fund Scheme to the
new Provident Fund scheme launched for contract employees, and their accumulated PF
balance to be transferred to the new PF Scheme, and
• Allow gratuity under the IBA rules to teaching staff working in Option “
There would be one Trust having sub-deeds for Gratuity Scheme and for Provident Fund for non-
governmental employees. The government-based employees fund will continue as per government
rules. (Ref AFC of April 4, 2011, and 67th BoG held on June 11, 2011)
Provident Fund Trust Deed.

The Board approved the IBA Employees Provident Fund Trust Deed and passed the following
Resolution for the creation of Trust: (Ref. 71st BoG held on June 23, 2012)
RESOLVED THAT
1. The Board intends to create a Trust by the name of “Institute of Business Administration
Staff Provident Fund” (hereinafter referred to as the “Trust”) for the benefit of its
employees under Government based pay scales and IBA based pay scales, according to the
terms and conditions of the Trust Deed and Rules attached hereto.

2. The first trustees of the Fund shall be the Director Finance (by designation), Ms. Tahira
Maryam Jafri and Ms. Ghulam Fatima.
3. The Director Finance is authorised to execute the Trust deed and/ or all other related
documents on behalf of the Institute.
4. After the Trust Deed have been executed on behalf of the Institute and by the Trustees, it
be sent to the Commissioner Inland Revenue along with the particulars and verification
required by the Income Tax Rules, 2002, in order to secure approval as an Approved
Provident Fund under Part III of the sixth schedule to the Income Tax Ordinance, 2001.
5. On receipt of Approval as aforesaid, the Institute shall make initial, ordinary annual and
other contribution to the Fund as provided in the Trust Deed, and Trustees shall open bank
accounts and do all other actions necessary to run the fund.
Gratuity Scheme for full time employees hired after the age of superannuation. (Ref AFC of
December 18, 2015 and 88th BoG held on January 9, 2016)
Full time employee of IBA who is appointed after the age of superannuation may be given
entitlement of gratuity at the rate of 25% of the last drawn monthly salary, subject to completing
at least 5 years of continuous service. This benefit will be applicable on all eligible onboard
employees as well as those who will be appointed in the future. This benefit would not be
applicable on employees who are reappointed on “Post-Retirement Employment Contract” after
having retired from their regular employment at IBA and have received their full and final
settlement from IBA.
The revised gratuity policy for post superannuation employment would be applicable to those
employees who serve the IBA after the age of superannuation but would not be applicable on those
employees who are reappointed on post retirement contract after having retired from their regular
employment from IBA and have received full and final settlement under the policy applicable at
the time of retirement. (Ref AFC of March 16, 2020 and 102nd BoG held on July 25, 2020)
Provident Fund Investments (Ref AFC of June 13, 2017 and approved in 93rd BoG held on June 24,
2017)
The Board decided to divide IBA’s Provident Fund into two types of investment - conventional
banking and Islamic Banking - but both will have A1+ ratings.
The Finance Department would take an undertaking from those employees who opt Islamic
Banking for investment of their Provident Fund that they would not hold IBA responsible for the
return they get on investing their fund in Shariah compliant Banks.

DIGITAL IBA
The Board constituted “Digital IBA BoG Sub‐committee” comprising the following members of
the Board: (Ref: Email of January 5, 2021 from Dr. Akbar Zaidi to BoG)
1. Mr. Nadeem Hussain Chairman

2. Mr. Shahid Shafiq Member
3. Dr. Samreen Hussain Member
4. Ms. Saba Kamal Member
Dr. Muhammad Asad Ilyas, Registrar IBA to act as Secretary of the Sub-committee.
Following is the TOR of this sub-committee:
Quorum
The quorum necessary for the transaction of business shall be two and must include the Chair.
Notice of Meetings
Meetings of the Committee shall be called by the Secretary of the Committee at the request of the
Committee Chair.
Unless otherwise agreed, notice of each meeting confirming the venue, time and date, together
with an agenda item to be discussed, shall be forwarded to each member of the Committee, no
later than five working days before the date of the meeting. Supporting papers shall be sent to
Committee members and to other attendees as appropriate, at the same time.
Mandate
a. Created for a period of 2 to 3 years to oversee planning, development and

implementation of the Digital IBA initiative
b. Approve any major changes in any information technology strategies, priorities
and/or structures implemented throughout the Institute;
c. Review and monitor the on-going appropriateness and relevance of the Institute’s
policy for the allocation of resources required to deliver on the mandate and long-
term sustainability
d. To provide strategic advice, guidance and direction to the Board of Governors on
technology initiatives
e. To explore and make recommendations regarding technology tools and resources
that would benefit Leadership of the institute in decision making
Reporting Responsibilities

f. The Chair of the Committee will brief to the Board on the Committee’s proceedings
after each meeting.
g. The Committee shall make whatever recommendations to the Board it deems
appropriate on any area within its remit where action or improvement is needed.
Authorization:
h. The Committee is authorized by the Board to recommend relevant financial budgets

to the A&FC
i. The committee is authorized to approve financial proposals within assigned
budgetary limits
ENGAGEMENT IN ASSIGNMENTS
Non-teaching staff members may engage in outside work provided that such work is not to the
detriment of their job obligations and performance or in conflict with the proper discharge of their
official duties. 
There are three types of activities (a) Consulting project / Assignment, (b) Engaging non-teaching
employees in externally funded projects including research, and (c) personal initiatives – training
courses or workshops with his / her assignments at IBA. There are certain controls in terms of
leaves and fulfilment of standard working hours. Further, all such engagements have to be vetted
in advance by the Dean & Director.    
The Board approved the proposed policy framework for IBA non-teaching staff engagement in
assignments / activities not directly related to their job. There would be zero overtime for the
engagement in activities covered under this policy. (Ref 90th BoG held on June 25, 2016
ENGAGEMENT OF FACULTY OUTSIDE IBA
The Dean & Director should take strict disciplinary action against those faculty members who are
engaged in outside remunerative activities without the knowledge / approval of IBA authorities.
The action could extend to termination of contract. (Ref 79th BoG held on May 3, 2014)
FEE COLLECTION & WRITE OFF POLICY
Fee defaulters for any previous semester will be governed as follows: (Ref AFC of June 19, 2013,
and 76th BoG held on June 29, 2013)
• Send emails / Make phone calls.
• Deliver individual letters to fee defaulters with a copy marked to parents or guardian,
informing the consequences in case of failure to pay
• Results, transcripts and / or degrees will be withheld, and such fee defaulters will not be
allowed to attend convocation.

• ERP id will be blocked to stop enrolment to the next semester.

Doubtful Receivables
Fee receivable portion which remained overdue by six calendar months from completion of, or
leaving, the program in which student was enrolled in, will be classified as Doubtful Receivable.
The provision will be created against doubtful receivables balance at the financial year end. The
completion date in this respect shall be taken as the end date of that particular semester. Following
procedure shall apply to doubtful receivables:
i. Email / phone calls,
ii. Letters to fee defaulter as well as to parents / guardian,
Write-off of Receivables
Receivables overdue for three years from the completion / leaving date will be considered
uncollectible and be written-off provided that the collection procedures as laid above were
complied with. The approval to write-off such receivables will be as follows:
i. Registrar may approve writing-off of uncollectible receivables with individual balance
below Rs.200,000/-,
ii. Above Rs.200,000/-, the Dean & Director may approve writing-off.
Transcript and / or degree of such fee defaulters will not be issued even after write-offs till the
uncollectible balance is paid in full.
The Board approved the Fee Collection & Write Off Policy as noted above. (Ref AFC of June
19, 2013, and 76th BoG held on June 29, 2013)
FEE CONCESSION POLICY FOR EMPLOYEES
For IBA Employees
Fee 100% fee waiver

Aptitude Test Fee 100% fee waiver
Short Courses Fee 100% Fee waiver on the approval of the HoD
Fee Waiver of Spouse and dependents of IBA employees

(Eligibility criteria for under-graduate and graduate program (only for regular –
Morning Programs).
EXISTING POLICY SUGGESTED POLICY

Monthly Gross Fee Concession Monthly Gross Fee Concession
pay Range Schedule Pay Range Schedule
100% tuition fee
Upto 60,000 Upto 60,000 100% fee waiver
waiver

75% tuition fee

60,001 – 80,000 60,001 – 90,000 75% fee waiver
waiver
50% tuition fee
80,001 – 120,000 90,001 – 120,000 50% fee waiver
waiver
Over Rs. 25% tuition fee
Over 120,000 25% fee waiver
120,000 waiver
There is no limit on the number of children of an employee who can benefit from this fee waiver
policy once they get admission at IBA on merit. (Ref AFC of June 4, 2011 and 67th BoG held on
June 11, 2011)
The Board in principle agreed to reinstate the earlier policy of giving 100% fee waiver to one child
to the fulltime teaching and non-teaching employees of IBA. (Ref 78th BoG held on February 15,
2014)
Foundation Program for the Children of IBA employees (Up to BPS-16 and equivalent.) (Ref.
AFC of September 18, 2012, and 72nd BoG held on October 20, 2012)
The Board approved the Foundation Program for the Children of IBA employees and decided that:
This program would be offered to children of IBA employees (up to BPS-16 and equivalent) who
meet the eligibility criteria and clear the assessment test & interview for the Foundation Program.
Those who successfully complete the IBA Foundation Program and clear the IBA admission
process would be given fully funded scholarships for the duration of their study at IBA.
Free Education
The Board approved free education at the IBA for the IBA employees, their spouse and children
subject to the following: (Ref AFC of November 28, 2020, and 104th BoG held on March 27,
2021)
1. They meet all IBA admissions rules and meet the merit criteria.
2. The number of children of an IBA employee availing this facility should not be more
than three at a time
FEE DEFAULT CASES
Following Authority matrix and pre-printed approval forms on dealing with the fee default cases
were approved. (Ref AFC of December 18, 2015, and 88th BoG held on January 9, 2016)
Graduating Students On-going Students

Manager Finance - Rs.50,000/-
Director Finance Rs.50,000/- Rs.200,000/-
Dean & Director Above Rs.50,000/- Above Rs.200,000/-

Fine would only be waived if the onus is on the part of IBA Management. Finance Department
would raise electronic invoices for each student clearly mentioning that after due date a late
payment penalty @ Rs.100 per day would be charged.
FEE ON CREDIT HOURS
The Board approved the proposal for charging fee based on credit hours to be effective from Fall
2020. (Ref AFC of December 14, 2019, and 101st BoG held on December 21, 2019)
The AFC deferred credit hour-based fee for the academic year 2020-21 (Ref AFC of June 12,
2020)
FEE REFUND POLICY
• Full (100%) of the tuition fee shall be refunded upto 7th day of convening of classes.
• Half (50% of the tuition fee shall be refunded from 8th – 15th day of convening of
classes.
• No fee (0%) shall be refunded from 16th day of convening of classes. (Ref. AFC of
April 16, 2013, and 75th BoG held on June 1, 2013)
FIBAT
Trust Deed (FIBAT – Friends of IBA Trust)

The Board decided that the tenure of the members will be of five years. The Board approved the
draft Trust Deed (FIBAT – Friends of IBA Trust) along with the Constitution. (Ref 65th BoG held
on January 15, 2011)
The Board also approved the following resolution which has incorporated the suggestions of the
Chairman:
RESOLVED
• THAT the Board intends to create a Trust by the name of “Friends of Institute of Business
Administration Trust” (hereinafter referred to as the “Trust”) whereby to enable the
donors of I.B.A. to become Trustees of the Funds that they donate and thereby to enable
such donors to play a role in the decision making process of how such funds are utilized
for the benefit of the beneficiaries of the Trust;
• THAT the Board hereby resolves that Dr. Ishrat Husain holding the position of Dean &
Director at IBA, bearing C.N.I.C. No. 42301-0852497-3 or failing him, Mr. Ali Taha
holding the position of Director Finance at I.B.A, bearing C.N.I.C. No. 42201-5394924-1
be hereby authorized, for and on behalf of the Board of Governors to sign, initial, accept
or execute all documents in connection with the Trust including but not restricted to signing
the Constitution of the Trust and the Trust Deed, (whether in terms of the draft Deed and
Constitution considered by the Board or in terms of any modification, amendment or

substitution thereof as Dr. Ishrat Husain may deem appropriate) to acquire acceptance and
the sign, initial and/or seal of the Trustees thereon, to open a Bank Account in the name of
the Trust to enable IBA to transfer the required funds to the Trust, to acquire tax exemptions
and to acquire compliance with any and all laws for successful creation of the Trust.
That the Board hereby nominates and appoints Dr. Ishrat Husain, Dean & Director of IBA, to be
the founding Chairman of the Board of Trustees of the Trust.
The assets and liabilities relating to FIBAT would be separated from IBA’s balance sheet. (Ref
92nd BoG held on January 28, 2017)
FIBAT be requested to donate money to IBA and if they do not agree they should manage the fund
on their own. (Ref AFC of November 28, 2020 and 104th BoG held on March 27, 2021)
FINANCIAL POLICIES
The Board approved the following financial policies (Ref. 61st BoG held on March 27, 2010)
• Fee chargeable / refund policy
• Fee concession / waiver
• Financial Assistance
• Payroll
Those who are eligible for scholarships should not be eligible for fee waiver / concession.
The Board approved the following financial policies: (Ref. AFC of (a) March 27, 2010 and April
21, 2010 and 62nd BoG held on May 8, 2010)
• Provident Fund Policy

• Pension Fund Policy
• Investment Policy
• Petty Cash Policy
• Taxation Policy
• Student Societies Policy
• Creditors / Payments to third parties
Revision In (A) Financial Policies, And (B) Student Bodies Fund Policy And Procedures.
In the Fee Concession for IBA Employees and Eligible Dependents Policy, the following clause
has been added: (Ref AFC of August 6, 2011, and 68th BoG held on August 25, 2011)
“In addition to the above, all IBA’s additional charges (admission fee, lab cum library charges
and student activity charges) for the duration of the program are also 100% exempt for the
employee/his/her spouse and eligible dependents if the employee’s monthly gross pay is
Rs.25,000/- or less excluding overtime and any other additional benefits and allowances.”

very high.
No money shall be received in cash as a matter of routine. Cheques/Demand Drafts/Pay

Orders/cash, if any, received by the Finance Department should also be promptly deposited into
the IBA Bank account.
FOLLOW- UP ON SELECTION BOARD MEETINGS
The Board decided that, in future, actions taken in follow up to the previous Selection Board
meeting (including salary offers) will be displayed on screen during the Board meeting. Salary
information will not be provided in writing, but individual Board members may request such
information directly if they wish, and they shall be given the complete details as requested by
them. (Ref 101st BoG held on December 21, 2019)
FORMAT OF THE EMPLOYMENT LETTER
The Board approved the format of the contract appointment letters for teaching and non-teaching
staff of IBA as presented by the Director H.R. (Ref 57th BoG held on July 25, 2009)
The Board decided that, except for the ED whose employment contract is approved by the CM, no
future employment contract should allow driver or driver’s allowance. However, those who had
already been allowed will continue to avail this facility and it will not be taken back. (Ref A&FC
of September 19, 2022 and 103rd BoG held on October 31, 2020).
GROUP LIFE INSURANCE
The Board approved the Group Life Insurance policy for contractual employees to be effective
from October 01, 2010. (Ref. 64th BoG held on September 25, 2010)
HEADHUNTERS – ENGAGEMENT OF
The Board decided that in order to attract quality people for both administrative as well as teaching
positions, IBA should engage professional employment search firms (informally known as
headhunters) (Ref Selection Board of January 6, 2017, and 92nd BoG of January 28, 2017)
HEALTH INSURANCE SCHEME
The Board decided to continue with the existing self-managed policy with significant refinements
to the process making it more efficient to manage. (Ref AFC of October 2, 2009, and 58th BoG
held on October 17, 2009)

HIRING OF PHD SCHOLARS AS LECTURERS
Following would be the hiring process: (Ref SB of March 16, 2021, and 104th BoG held on
March 27, 2021)
• The chairpersons will suggest names of PhD scholars who will be hired as full time
Lecturers. Those PhD scholars who have successfully defended their proposals within
4 years of enrolment would be offered a 2-year contract (non-extendable) as Lecturers.
• This restriction of successfully defending PhD proposal in 4 years is to make sure that
the selected candidate is making good research progress and can handle an extra course
load.
• Successful candidates will have to provide completion of Residency certificate.
• Contract letter will be issued with the condition of two–year fixed term with NO
extension. If the person completes his/her PhD, the contract will expire.
The following would be the eligibility criteria:
Designation Assigned Courses Remuneration

PhD Scholar Two courses per year Highest slab of PhD Scholar
Lecturer 2+1 Highest Slab+30%
Lecturer 2+2 Highest Slab + 60%
Selection:
• The candidates for full-time positions who are successful through the above process will
be presented to the Selection Board.
• They will be placed on probation for a period of one semester.
Benefits:
Leaves: 30 days annual leaves and 10 sick leaves

Medical facility for self, spouse, dependent children, and dependent parents as per IBA’s
medical policy.
Provident Fund: As per rules.
Group Life Insurance: Entitlements as per rules.
HOD AND MOBILE PHONE ALLOWANCES
1) Head of Marketing & Communication

2) Head of Procurement
3) Head of ICT (to be selected internally)
The Board approved HoD Allowance of Rs.25,000/- per month for each of the above three
positions and a maximum reimbursement limit of Rs.3000/- per month for mobile
communications. (Ref AFC of September 19, 2020, and 103rd BoG held on October 31, 2020)

HONORARIUM TO BOARD MEMBERS
The Board decided that an honorarium of Rs.10,000/- per meeting would be paid to external
members. Those members who do not wish to take the honorarium may donate it to the
Scholarship Fund of IBA. (Ref 99th BOG held on June 22, 2019)
The honorarium to members Selection Board and the external members of Academic Board was
raised from Rs.3,000/- to Rs.10,000/- per member for attending a meeting. (Ref AFC of June 14
& 20, 2022, and 109th BoG held on June 30, 2022)
HOUSE RENTAL CEILING ALLOWANCE
The Board approved the rules for requisitioning House Ceiling Allowance for BPS Scale
employees and its financial implications. (Ref AFC of June 1, 2012, and 71st BoG held on June
23, 2012)
The Board approved the Revised House Rental Ceiling Allowance for eligible BPS employees and
requested the Director Finance to urgently take up the issue with the Government of Sindh and the
HEC to request additional funds to implement the directives of the Government. (Ref. AFC of
September 15, 2018, and 97th BoG held on December 29, 2018)
The Board approved the revision in House Rental Ceiling Allowance (Ref AFC of April 11 & 26,
2022 and 109th BoG held on June 30, 2022)
HR COMMITTEE
The Board decided that the IBA should have an HR Committee. Accordingly, the Board nominated
Ms. Saba Kamal as Chairperson and Dr. Zaidi and Mr. Shahzad Mahmood as it’s member on the
Committee. Mr. Mashooque Bhatti (Director HR) would serve as its secretary, and he would
prepare TOR for the HR Committee. (Ref 103rd BoG held on October 31, 2020)
The Board decided that all three members on the HR Committee would be Board members. The
Board approved the ToR for HR Committee as presented. (Ref 104th BoG held on March 27,
2021)
IBA CODE BOOK
The Board approved the Revised IBA Code Book. (Ref. 62nd BoG held on May 8, 2010)
IBA CORPORATE LEADERS ADVISORY BOARD (ICLAB)
Term of Reference (Ref March 24, 2011, and 66th BoG held on April 30, 2011)
The ICLAB would assist the IBA in the following endeavours:

Advise on the emerging and future trends of strategic human resources needs in the Corporate
Sector.
• Review and comment on the entire product offerings of IBA – BBA, MBA, EMBA,
EDP, AMP and short term Executive Education Programs and recommend adjustments
and fine tuning.
• Review the program content, format, curriculum, pedagogy and assessment process
and to suggest improvements, up-gradation and changes in line with the future needs.
• Advise and enable collaboration in business research of relevance to the various groups
of industries and services sectors.
• Guide and help in internships, project assignments, career counselling and mentoring
(through IBA alumni) and placement of IBA graduates in the market.
• Facilitate the IBA faculty in Case Writing and Consultancy assignments on the real-
world problems faced by the Corporate Sectors.
• Participate occasionally in the Guest Lecture or Distinguished lecture Series of IBA.
• Act as the sounding board and focus group for IBA’s strategic development and new
ideas and proposals.
ICT POLICIES
Computer Donation Policy

The computers may be donated to the government colleges as they had labs as well as qualified
teachers and to non-profit organizations such as APWA or NGO. (Ref AFC of October 2, 2009,
and 58th BoG held on October 17, 2009)
Cell Phone policy

The Board approved the Cell Phone and Communication Policy (Ref. 61st BoG held on March
27, 2010)
ICT Equipment Issuance Policy

The Board approved the ICT Equipment Issuance Policy as presented by the Director ICT. (Ref
AFC of April 4, 2011, and 67th BoG held on June 11, 2011)
ICT Operational Security Policy

The Board approved the ICT Operational Security Policy. (Ref AFC of December 31, 2011, and
70th BoG held on February 4, 2012)
ICT Consumable Inventory Policy

The Board approved the ICT Consumable Inventory Policy. (Ref AFC of December 31, 2011, and
Laptop Ownership/Issuance Policy

The Board approved the laptop ownership/issuance policy. On replacement of laptop 50% of the
cost would be subsidized and the remaining 50% would be recovered in easy instalment. (Ref AFC
of October 11, 2013, and 77th BoG held on October 24, 2013)
Changes in ICT Policy

The Board approved the following major changes in the existing approved ICT Policy: (Ref AFC
of April 11 & 26, 2022, and 109th BoG held on June 30, 2022)
• Laptop replacement duration for faculty changed from five to three years.
• Minor policy restrictions introduced for network users.
• Laptops for Staff will be replaced after five years
• Laptop buyback policy is re-defined for both faculty & staff.
• Equipment issuance SOP for project-based staff has been included.
• Some minor revision has been suggested in the pool equipment issuance and retention SOP.
The Board also decided that instead of allowing buyback at 50% of the market value, it should be
at 100% on market value. (Ref AFC of April 11 & 26, 2022, and 109th BoG held on June 30,
2022)
IMPLEMENTATION OF ERP
The Board decided that the IBA should go ahead with the ERP and the process should be carried
out in a very transparent way even if it takes time.
The Board approved the strategy for implementation of ERP in IBA and directed the management
to go ahead with the proposal for training and inviting the bids for pre-qualification.
The Board agreed to hire the services of a consultant from outside IBA having thorough knowledge
of Pakistani environment to assist in the management of ERP Contract throughout the process.
The Director I.T. will be overall incharge of ERP installation, training of IBA staff, its maintenance
and operation and make available in-house dedicated people to resolve problems related to
IT/ERP.
The Board further decided that the moment a tender is given for the ERP, all enhancement work
of the existing system be stopped. (Ref AFC of June 9, 2008, and 53rd BoG held on July 12,
2008)
INTERNAL AUDIT
Charter:
The Committee discussed each sub-head of the Internal Audit Charter.
Role:
The Board noted that reviewing IBA policies and procedures are jobs of the management and not
of internal audit. Ensuring compliance of the policies in accordance with the A&FC/BoG decisions

is the responsibility of the Audit Department. Appraising the quality of Management’s

performance is the responsibility of the Board.
Authority:
The Board instructed that the full, free and unrestricted access of IAS Head and Staff to any and
all of IBA records, the Head of Internal Audit should obtain a non-disclosure agreement from his
staff and keep in his custody, IAS cannot have access to IBA records etc. without giving a
declaration of non-disclosure, IAS staff should also give a declaration of “No Conflict of Interest”.
Allocating resources and setting frequencies will need approval by the A&FC/Board.
Reporting:
Audit report should comprise in the summary form and categorize the observations in the report
in order of its significance as ‘A’, ‘B’ and ‘C’.
Independence:
The Head of Internal audit would attend the AFC meeting on special invitation on matters related
to Finance. However, for audit maters special invitation is not required.
Responsibility:
There would be a fixed approved audit plan instead of flexible annual audit plan. However, for
adhoc request there may be flexibility which would be granted by the competent authority. Audit
Report should have the signature of the head of the department which has been audited. Internal
Audit to suggest measures for improvement of management control.
Audit Planning:
The previous year’s audit observations would not be repeated.
Pre-audit should be separated from the Internal Audit as it is not the function of the Head of Internal
Audit. Pre-audit function should go back to the Finance Department and the Internal Audit would
be responsible for post-audit only.
The Board agreed that three persons working with the Head of Internal Audit are enough for post-
audit functions.
Audit Reports:
Audit Report may be provided to the responsible individuals with the approval of the Director.
However, classified information would not be made public. Management would respond in ten
days regarding the audit area.
Finance Department would be the point of contact between the Internal Audit with the External
Auditors including government Auditors
Internal Audit Charter

The Board approved Internal Audit Charter by deleting the following sentence from the Internal
Audit Charter: (Ref AFC of June 19, 2010, and 63rd BoG held on June 26, 2010)
“to appraise the policies, procedures and management controls”.
Procedure for Promotion of Internal Audit Department Staff.

• Head of Internal Audit (HIA) will nominate staff for promotion based on their
performance by filling in the IBA Recommendation Form outlining the previous and
current job scope, responsibilities and accountabilities of nominees.
• The completed Recommendation Form will be presented for review by HIA in a
meeting with the Dean & Director IBA.
• The Dean & Director IBA will interview the candidate recommended for promotion
and make the final decision.
The above procedure will apply only when staff is recommended for promotion within the IAD.
For all promotion cases including selection / appointment external to IAD, IBA Promotion Rules
will apply. (Ref AFC of December 31, 2011, and 70th BoG held on February 4, 2012)
Internal Audit Manual.

The Board approved the Internal Audit Manual. (Ref AFC of December 31, 2011, and 70th BoG
held on February 4, 2012)
The Director Finance and the Head of Internal Audit would assign their staff to monitor the
expenses on utilities. (Ref AFC of February 27, 2015, and 83rd BoG 3rd April 2015)
The Internal Audit would ensure that all Centres are complying with standard IBA rules. (Ref AFC
of March 16, 2020, and 102nd BoG held on July 25, 2020)
Head of Internal Audit attendance to A&FC meetings.

The Chairman AFC clarified that working papers for the items in which comments from Internal
Audit are required should be sent to the Head of Internal Audit. HIA would attend the A&FC
meeting on special invitation for both audit and non-audit related matters. He further said that
while finalizing the agenda for the meeting, he would identify the persons to be invited in the
meeting. The Committee agreed with the Chairman. (Ref AFC of April 7, 2012, and 71st BoG
The AFC/Board approved the Maintenance Manual (Ref. AFC of January 11, 2013, and 73rd
BoG held on February 23, 2013).
INTERPRETATION OF SECTIONS 13(1) & 14(2) OF IBA ACT, 1994
Mr. Justice Munib Akhtar summarized the discussion and said that the sense of the Board was that
the functions of the Academic Board were given in Section 14 of the IBA Act, 1994, and as long
as the Academic Board remained within the parameters of its defined role and responsibilities,
while the Board of Governors was entitled to be kept informed of what the Academic Board was
doing and reserved the right to make procedural rules for its functioning and regulation, the actual
decision of the Academic Board was to be respected. However, the Board could, from time to time,
ask the Academic Board to have another look at any decision taken by it. (Ref 78th BoG held on
February 15, 2014)
INVESTMENT POLICY

Investment in Government Securities:
The Board decided to add government Securities for investment of IBA and donors funds in
Investment Policy. (Ref. 61st BoG held on March 27, 2010)
The Board decided that a line should be inserted in the Investment Policy to include Government
Securities also within the maximum limit of 33.33%. (Ref. 61st BoG held on March 27, 2010)
Shariah Compliance Investments
The Board decided to continue with the conventional banking unless there is a compelling reason
to revert to the Islamic Banking. (Ref 65th BoG held on January 15, 2011)
Change In Investment Policy
The Board approved the following change in the investment policy: (Ref AFC of April 4, 2011,
Threshold
% of total available funds
Government Securities No Limit
With any commercial bank:
For short-term investment having rating of A1+ Not exceeding 33.33% with
For long-term investment having rating of A+ one commercial bank
LEAVE RULES
The Board approved the proposed new and revised leave rules to be effective from October 1,
2009. (Ref AFC of October 2, 2009, and 58th BoG held on October 17, 2009)
Leave Encashment Policy for teaching staff.
The Board noted and approved the following elaboration in Leave Encashment Policy for Teaching
Staff: (Ref AFC of September 4, 2010, and 64th BoG held on September 25, 2010)
“Teaching staff will not be able to encash their leave or obtain any benefit in place thereof,
unless a faculty member is given a special assignment during the summer break by the
Director IBA with defined terms of reference, agreed timeframe and deliverables. The
assignment timelines must cover at least 80% of the official time during the summer break.
Mandatory teaching assignments during the summer break, as per the terms of
employment, and any other paid short-term assignment of any nature, will not be
considered as special assignment.”

Reinstatement of 48 Earned Leaves for regular Option ‘A’ employees (Ref. AFC of September
4, 2010, and 64th BoG held on September 25, 2010)
The Board reinstated 48 Earned Leaves for regular Option ‘A’ employees out of which a maximum
of 30 days leaves may be encashed in a year. The Board also decided that Saturdays would be
treated as working days in interpreting the leaves. (Ref. AFC of September 4, 2010, and 64th BoG
held on September 25, 2010)
Earned Leave Rules of IBA
• In case a BPS employee retiring either on superannuation OR after completion of 30

years OR proceed on voluntary retirement after completion of 25 years qualifying
service for the pension, without availing LPR will be entitled for encashment subject
to maximum of 365 days.
• Leave encashment limit for IBA Scale employees shall also be increased to 365 days.
• Any un-availed Earned Leaves that are in excess to 365 days will be lapsed.
The Board approved the revision of Leave Encashment rules on retirement as notified by
Government of Sindh, and the modification in Earned Leave Rules of IBA. (Ref AFC of June 12,
2014, and 80th BoG held on June 28, 2014)
Modifications in Study Leave Rules. (Ref SB of March 24, 2015, and 83rd BoG held on April 3,
2015)
Original Clause
During the period of foreign training / study leave, 100% salary will be paid up to a maximum of
4 years that the faculty member is away for coursework.
Proposed and Approved Clause
4 years that the faculty member is away for doctoral or post-doctoral studies.
Modifications in Study Leave Rules. (Ref SB of November 19, 2015, and 88th BoG held on
January 9, 2016)
Original Clause
During the period of foreign training / study leave, 100% salary will be paid to a maximum of 4
years that the faculty member is away for doctoral or post-doctoral studies.
Proposed and Approved Modification

4 years that the faculty member is away for doctoral studies. Only those faculty members who are
pursuing unfunded post-doctoral studies will be entitled for paid study leave upto a maximum of

2 years; this facility will not be available to faculty members going on fully or partially funded
post-doctoral studies.
Changes in Leave Encashment Rules
The Board approved the proposed change in Leave Encashment Rules for non-teaching staff i.e.
IBA non-teaching employees who joined after July 2011 would also be allowed leave encashment
and the benefit of gratuity would be withdrawn from these employees as well as for all future
hiring. (Ref AFC of December 18, 2015, and 88th BoG held on June 6, 2016)
The Board decided that: (Ref 101st BoG held on December 21, 2019)
(a) No more than 60 days of leave can be transferred by faculty from one year to the next
(b) Existing leave balances are to be frozen at their level as of December 31, 2019
(c) The feasibility of biometric attendance for the faculty would be studied by the ED.
As per Study Leave Policy; “The employee on study leave is not allowed to avail any other leave,
nor will earn leave accumulate during this period of absence.” (Ref AFC of March 16, 2020 and
102nd BoG held on July 25, 2020)
The Board instructed that for all kinds of leave, the Faculty should be reminded that they must
apply through HRMS, and get approval from the approving authority so that leave may be
sanctioned as per the policy of the IBA. (Ref AFC of March 16, 2020 and 102nd BoG held on
July 25, 2020)
Amendments in the Leave/Attendance Policy
• The leave year from existing Jan-Dec shall be changed to Jul-June for coherence with the
financial year. The same is the requirement for new ERP-HR module
• The staff on flexible timings will be entitled for grace period of 15 minutes in line with the
standard timings.
• The late attendance deduction on 4th late shall be charged.
• The validity of compensatory leaves balances shall be open ended and staff may be allowed
to take leaves anytime till the balance lasts with the prior approval of HoDs. The current
validity of these leaves is September 15, 2021.
The Board approved the proposed amendments except the following (Ref. AFC of May 27 & June
14, 2021 and 105th BoG held on June 26, 2021.):
Point # Grace Period of 15 minutes was not approved, and it was decided to continue with the
existing practice.
Point # Compensatory Leaves Balances: The Board extended the validity of Compensatory Leave
Balances due to Covid-19 for one year i.e., till September 15, 2022. (Please also see
COMPENSATORY LEAVE POLICY for further updates).

LIABILITY INSURANCE COVERAGE
The Board in principle agreed to provide legal insurance coverage to Board members. (Ref 103rd
The Board approved the Liability Insurance Coverage for the Chairman and members Board of
Governors only through Sindh Insurance Limited – which is the lowest bidder. (Ref 104th BoG of
March 27, 2021)
Legal Fee for Liability Insurance Coverage
The Board decided that Insurance Liability Coverage should be for the Board members including
the Chairman, BoG only. Employees should not be included in the coverage. (Ref 104th BoG held
on March 27, 2021)
Maximum Coverage Limit for Liability Insurance
The maximum limit to cover both legal expenses and legal liability insurance coverage was raised
from Rs.50 million to Rs.100 million. (Ref AFC of November 10, 2021, and 108th BoG held on
January 14, 2022)
LIBRARY MATTERS
As a policy after three automatic renewals, further renewal (of books, journals, magazines etc.)
would not be allowed.
Books issued to those faculty and staff who later expired should be written off. (Reference AFC
of May 04,2019 and 99th BOG held on June 22)
MANUAL FOR PROJECTS DEPARTMENT
The Board approved the Manual for Projects Department (Ref AFC of December 31, 2011, and
MATERIAL ON IBA WEBSITE/PORTAL
The Board decided that all minutes of the meetings should be available on the IBA Portal. (Ref
AFC of April 20, 2016, and 90th BoG held on June 25, 2016)
Detailed information including audited report and IBA Budget should not be placed on the IBA
website but may be placed on the Portal, which is only accessible internally, if approved by the
ED. (Ref AFC of September 15, 2018, and 97th BoG held on December 29, 2018)

The Board decided that the minutes of the meetings should not be placed on the IBA portal because
of the confidential nature of the decisions of the A&FC and the BoG itself. (Ref AFC of December
15, 2021, and 108th BoG held on January 14, 2022)
The Board allowed placement of minutes of the meetings of Academic Board and Board of
Advanced Studies & Research on the Portal as these are not confidential documents. (AFC of
April 11 and 26,2022 and approved in 109th BoG of June 30th 2022)
MEDICAL POLICY
The Board approved the medical policy to be effective from October 1, 2009. (Ref AFC of October
2, 2009, and 58th BoG held on October 17, 2009)
Modifications in IBA Medical Policy for employees. The rates of Ziauddin Hospital will be the
benchmark. (Ref AFC of February 26, 2016, and 89th BoG held on March 9, 2016)
MERIT SCHOLARSHIP POLICY
Those full-time students of IBA regular programs whose names appear on the Dean’s List in the
year 2 to year 4 would get merit scholarships equivalent to 50% of applicable tuition fees. The
present criterion of maintaining 3.5 CGPA for merit scholarship in years 2 to 4 will no longer
apply for continuation of Merit Scholarships starting from fall 2016. Only those full-time students
in the year 2 to year 4 who are on the Dean’s List at the end of Spring Semester would be eligible
for Merit Scholarship for next two semesters, i.e. fall and spring. (Ref AFC of February 26, 2016,
and 89th BoG held on March 9, 2016)
The Board approved revision in merit scholarship policy along with its financial impact of around
Rs.4 million for the year 2016-17. (Ref AFC of September 29, 2016, and 91st BoG held on
October 29, 2016)
The Board agreed that meritorious students should henceforth be given citations and medals and
similar forms of recognition rather than fee reductions. However, the existing commitments to
merit scholars would be honored. (Ref AFC of December 15, 2016, and 92nd BoG held on
January 28, 2017)
MISCELLANEOUS
Bank Guarantee for Using Fleet Cards
The Board approved the Bank Guarantee of Rs.2.5 million in favor of PSO for using Fleet Cards
which would fetch interest at 11.50 per cent per annum. (Ref AFC of September 4, 2010, and 64th
BoG held on September 25, 2010)

Overtime for outsourced Employees

Outsourced employees may be paid only overtime for hours worked beyond the duty timings. (Ref
AFC of September 29, 2016, and 91st BoG held on October 29, 2016)
Revaluation of Assets
Revaluation of assets at IBA is not required as IBA is not a commercial organization. (Ref AFC
of November 18, 2008, and 55th BoG held on January 31, 2009)
Actuarial valuation
Actuarial valuation for pension fund should be done every year. (Ref AFC of November 18, 2008,
and 55th BoG held on January 31, 2009)
MISSION, VISION, AND CORE VALUES OF IBA - MODIFIED
The following key changes were noted and approved by the Board: (Ref 101st BoG held on
December 21, 2019)
Vision, Mission and Core Values

Current Vision Proposed Vision
To be among the best learning institutions in To be among the best learning institutions in
Pakistan— recognized for developing potential Pakistan.
leaders, nurturing a vibrant community of scholars
and practitioners, generating innovative ideas, and (Reason for change: make the statement less
promoting creative solutions that address the verbose and more powerful for its simplicity)
needs of Pakistan, the region, and the global
community.
Current Mission Proposed Mission
To impart quality education in business and allied To impart quality education in business and
fields to students selected on merit irrespective of allied fields to students selected on merit
ethnicity, gender, religion, or financial means irrespective of ethnicity, gender, religion, or
financial means
To provide a teaching and learning environment
1. To provide a teaching and learning environment
that encourages critical thinking, ethical conduct,
and effective decision making that encourages critical thinking and ethical
conduct
To undertake original research that enriches 2.
teaching and benefits business, government, and 3. (Reason for change: Effective decision making is
civil society. hard to define and measure and can be
incorporated at other levels)
4.

5. To undertake consultancy and applied research

to enrich teaching and influence thinking on
important issues of business and public policy
(Reason for change: A focus on consultancy and

applied research allows us to better align our
faculty strengths with our mission. We would
now emphasize case studies and other research
outputs together with peer-reviewed journal
publications.
Current Core Values Proposed Core Values

Truth, Discipline,
Discipline, Integrity,
Integrity, Tolerance,
Tolerance, Creativity,
Creativity, Teamwork
Merit,
(Reason for change: Reduction of duplication.
Humility
The revised set combines Truth, Merit and
Team work
Integrity into Integrity and integrates Humility
into Tolerance).
MUTATION OF LAND
The Board decided to drop the issue of “Mutation of land in the name of IBA” from the agenda.
(Ref 92nd BoG held on January 28, 2017).
NATIONAL TALENT HUNT PROGRAM
The Board in principle approved the National Talent Hunt Program. (Ref 53rd BoG held on July
12, 2008)
NO QUOTA AT IBA
The Board agreed to continue the tradition of “No Quota” for any category at IBA. The Board
decided that talented students of FATA and other areas would be recruited and provided support
through Talent Hunt Programs. (Ref 93rd BoG held on June 24, 2017)

NOMINATION TO THE ACADEMIC BOARD
The Board decided that as a policy a person would be nominated for one term, and after a gap of
one term, he / she may be considered again for nomination. (Ref 71st BoG held on June, 2012)
OPENING OF FOREIGN CURRENCY BANK ACCOUNT
The Board approved the opening of Foreign Currency Bank Account as requested by the Director
Finance. (Ref 56th BoG held on May 9, 2009)
OVERTIME RATE
The Board decided that IBA should follow government formula for calculating overtime rate for
BPS Scale employees. (Ref AFC of June 1, 2012, and 71st BoG held on October 24, 2013)
PART-TIME TEACHING RATES
The following additions in the existing policy were approved by the Board (Ref AFC of September
4, 2010, and 64th BoG held on September 25, 2010)
Introduction of Incremental factor in existing visiting faculty rates: These rates will be revised
on an annual basis provided that the revision rate does not exceed the approved average annual
increment percentage for IBA’s full time staff. The renewed rates will become effective from the
Fall Semester of each academic year.
A 33% negotiable scarcity premium has already been introduced for those professional
qualifications that are in short supply e.g. foreign qualified CA.”
Revised part-time teaching rates for visiting and adjunct faculty.

The maximum rate for adjunct faculty would be Rs.15,000/- per 50 minute session and there would
be no mention of the minimum amount. (Ref AFC of December 29, 2010, and 65th BoG held on
January 15, 2011)
PAYMENT FOR INVIGILATION
The Board approved the proposal for examination fee of Rs.1000 to be charged from the students
and payment to non-teaching staff on invigilation duty @Rs.400/- for midterm exam and Rs.800/-
for the final exam to the non-teaching staff involved in invigilation duty. Faculty members,
including visiting faculty would not be entitled to the remuneration on invigilation duties. (Ref
AFC of June 12, 2014 and 80th BoG held on June 28, 2014)
PAYMENT TO PH.D AND MS EXAMINERS

The Board approved the following financial incentives for examiners and reviewers for PhD and
MS Programs. (Ref AFC of February 26, 2016, and 89th BoG held on March 9, 2016)
Program Proposal Final Defense Foreign

Review Review
PhD Rs. 10,000 Rs. 15,000 US$500
Program External Examiners Viva Examiners
MS Rs. 10,000 Rs. 10,000
PENALTY ON FAILURE TO COMPLY WITH ACADEMIC TASKS
Late Submission of Examination Results (Ref AFC of February 28, 2018, and 95th BoG held on
April 14, 2018)
• Faculty must submit examination results within 15 days of the final examination.
• Late submission incurs a fine of Rs. 5000 every three days. This applies to each course
for which results submission is late.
• Exemptions can be granted by the Dean and Director if he is satisfied that the delay was
justified.
• Chronic cases of late submission of results may result in temporary suspension or
dismissal of the offending faculty. This decision is entrusted to the Dean and Director.
The AFC / BoG endorsed the above policy of imposing fines on faculty who submit examination
results after the due date and authorized the Dean and Director to grant exemptions if he feels the
delay was justified. The Dean and Director may also suspend or dismiss faculty who have a history
of late submission of results. (Ref AFC of February 28, 2018, and 95th BoG held on April 14,
2018)
PERFORMANCE EVALUATION OF ED
The Board decided that in future the A&FC and the HR Committee jointly would consider and
evaluate the annual performance of the ED. (Ref 105th BoG held on June 26, 2021)
PETTY CASH POLICY
Audit for Petty Cash reconciliation is to be done on semi-annual basis. (Ref AFC of June 13,
2017 and 93rd BoG held on June 24, 2017)
The Board approved the Revised Petty Cash Policy. (Ref AFC of September 15, 2018, and 97th
BoG held on December 29, 2018)
The Board raised the petty cash limit to Rs.10,000 per transaction. (Ref AFC of November 6, 2018,
and 97th BoG of December 29, 2018)

PLAGIARISM
The Board decided that cases of resorting to plagiarism for the first time will be referred to and
decided by a committee constituted by the Director for this purpose. However, the second offense
of resorting to plagiarism will mean immediately expulsion from the IBA. (Ref 55th BoG held on
January 31, 2009)
POLICY FOR EMPLOYEES WHO DIE DURING SERVICE
The Board approved the policy on Benefit / Compensation in case of employee’s death in IBA’s
service: (Ref. 61st BoG held on March 27, 2010)
The Board approved the change in policy for employees who die during service as presented
below. (Ref AFC of December 29, 2010, and 65th BoG held on January 15, 2011)
Government Notification Proposed Change in IBA

Policy
BPS Ex-gratia Job Band Amount
Amount
01 – 04 Rs.200,000/- J1-J3 Rs.200,000/-
05 – 10 Rs.300,000/- 1 Rs.300,000/-
11 – 15 Rs.400,000/- 2 Rs.400,000/-
16 – 17 Rs.500,000/- 3 Rs.500,000/-
18 – 19 Rs.800,000/- 4–5 Rs.800,000/-
20 & above Rs.1,000,000/- 6 Rs.1,000,000/-
POLICY ON ACTIVITY BASED REWARDS

Purpose:
To encourage all IBA employees to take creative, innovative and cost-effective initiatives for the
benefit of the institute and reward them in the form of cash and recognition certificates upon
successful completion of the proposed project.
Scope:
All IBA employees including full time and project-based employees will be covered under this
policy. Part time employees will not be covered under the scope of this policy.
Eligibility:
The proposed project should be:
➢ Relevant and beneficial to IBA

➢ Cost effective
➢ Utilizing maximum in-house resources

➢ Approved by the Executive Committee

➢ For cash reward: the project should be successfully and timely completed within the
budgeted cost and resources.
Procedure:
• Any IBA employee can initiate a proposal; which will be presented to the EC; through the
respective Departmental Head and the employee.
• The detailed proposal should contain the concept (particularly in the context of its usefulness
to IBA), an analysis of the estimated cost & expected benefits including savings to IBA, budget
and timelines for execution of the proposed project.
• The proposal should also contain the required quantity and sources of in-house human and
material resources.
• The EC after review of the proposal will grant implementation approval of the project.
• If required the EC may constitute a committee to assess project’s feasibility, in addition the
committee will ascertain the market cost of the proposed project.
• It will be the responsibility of the concerned departmental head / employee to ensure that the
proposal is implemented according to the given timelines. Any required modification in the
original proposal will require approval of the EC.
• Upon successful and timely completion of the activity, the outcome will be presented to the
EC.
• Depending on the final savings of IBA from the project or additional revenue generation, the
department head along-with HR would propose a reward amount for the team that worked on
the completed project, which will be approved by the EC.
This Reward scheme is different from the annual reward and recognition policy of IBA, which is
based on performance. Employee once rewarded will not be eligible for this reward in the next
two years. (Ref AFC of July 30, 2015, and 85th BoG August 22, 2015)
POLICY ON ADDITIONAL RESPONSIBILITY
The Board noted that instead of awarding units as per previous unit policy (for faculty), units have
been monetized and for administrative task a small honorarium would be given. Some incentives
would be provided to faculty members so that they do not give up their research and teaching. (Ref
104th BoG held on March 27, 2021)

POLICY ON HOUSE RENT AND ALLOTMENT OF HOUSES
The Board noted and approved the Policy on House Rent and Allotment of Houses with the
following changes as suggested by the Legal Advisor: (Ref AFC of October 8, 2011, and 69th
“House Rent” has been replaced by “License Fee”, and

“Allottee” has been replaced by “License”.
Allotment of Accommodation & License Fee Rules for IBA Staff Town.
The Board noted that one key change being introduced was to home license fee (and maintenance
charges) on a market survey instead on the salary of the tenant which would apply to IBA pay
scale persons. For BPS based employees, the old formula (linked with salary) would continue.
The Board also endorsed the recommendation of AFC that the annual increase in license fee and
maintenance charges would be at least 10%. (AFC of September 24,2019, and 100th meeting of
BOG held on October 5, 2019)
Revision in Allotment of Accommodation and License Fee Rules for IBA Staff Town
Priority list of the allotment of houses is proposed to be as follows:

• Faculty moving from abroad (International) without any house / flat in his/her name or
spouse in Karachi.
• Faculty moving from other cities of Pakistan without any house / flat in his/her name or
spouse in Karachi.
Faculty living in Karachi without any house/flat in his/her name or spouse.
• The limit of five (5) years on allotment of house is proposed to be removed.

• The illegal occupants will be charged market-based rent.
• The composition of Allotment Committee will be at the discretion of Executive Director.
To ensure, that the Resident/applicant and his/her spouse should not own a House / Flat or any
other livable property in Karachi, following steps are proposed to be taken:
• Affidavit to be submitted on annual basis by Resident.
• Resident should submit the wealth statement as per Tax Law of him/herself and his/her
spouse.
• Applicant who is a non-filer shall not be eligible for allotment of accommodation in Staff
Town.
• Applicant and his/her spouse’s name should be checked on Government of Sindh Property
website to confirm their ownership.
1. Two separate allotment rosters should be maintained. One for those applicants, who
are from outside Karachi, and the other roster for those who are already established
residents of Karachi. Preference should be given to outside Karachi.

2. Applications for residence would be considered from the date of initial application
irrespective of any promotion / up-dation of the employee's status. For example, if an
Assistant Professor applied for a resident on Jan 1, 2016, and was later promoted to
Associate Professor on Jan 1, 2019, this professor's residence application would be
considered as of January 1, 2016.
All other clauses of the Staff Town Policy manual which have not been addressed above would
stay unchanged.
The Board approved the above changes along with the following: (Ref. AFC of May 27 & June
14, 2021 and 105th BoG held on June 26, 2021.)
a) The Director Finance would also be a member of the Committee
b) Three years Wealth Statement should be obtained from the resident
Changes in the IBA Staff Town Housing Policy: (Ref. 108th BoG held on January 14, 2022)
Faculty members would hold priority over staff members in the allotment.
Faculty members would hold priority over each other in the following manner:
▪ Faculty member joining directly from abroad having no prior connection
with Karachi would be assigned the highest priority.
▪ Faculty member joining directly from outside Karachi but within Pakistan
having no prior connection with Karachi would be assigned second highest
priority.
▪ Faculty member joining directly from abroad or from outside Karachi but
having prior connection with Karachi would be assigned third highest
priority.
▪ Faculty member joining from within Karachi would be assigned fourth
highest priority.
▪ Seniority of application date would be for all faculty members within the
priority category.
▪ Karachi connection is defined as anyone residing in Karachi for more than
a year at any point after turning 18.
▪ Faculty members would have priority in Category A, B and C. Category D
& E (quarters) would be assigned to staff based on critical skills
(Electrician, Plumber, Driver, Security Head and other similar) rather than
on seniority list.
o The Executive Director shall have the discretion on the following:
▪ To decide if there is a tie in any category amongst the applicants.

▪ To offer lower category to faculty member (e.g., D category) in case of non-
availability of his/her entitled category.
▪ To provide clarity on any ambiguity in the policy

POLICY ON REWARDING / RECOGNIZING EMPLOYEES AT IBA
The Board was informed that the purpose of the policy is to introduce an on-going program for
employee recognition and reward aimed at fostering a culture of acknowledgement and
appreciation amongst employees for (a) introducing innovative professional practices, (b) showing
extra-ordinary efforts for achievement of goals, and (c) enhancing IBA’ corporate image. All full-
time faculty and staff both contract and regular will be covered in the scope.
The Board approved the proposed policy on reward and recognition of IBA employees. (Ref AFC
of April 21, 2010, and 62nd BoG held on May 8, 2010)
Revision of Cash Reward under IBA Rewards & Recognition Rules.

The Board approved the revision of cash reward under IBA Rewards & Recognition Rule as
presented below (Ref AFC of January 11, 2013, and 73rd BoG held on February 23, 2013)
Reward Current Rewards Proposed Rewards

Level
4 Rs.30,000/- & Rs.40,000/- &
Recognition Recognition
Certificate & Shield Certificate & Shield
3 Rs.15,000/- & Rs.20,000/- &
Recognition Recognition
Certificate & Shield Certificate & Shield
2 Rs.5,000/- & Recognition Rs.10,000/- &
Certificate Recognition
Certificate
1 Letter of Appreciation, Letter of Appreciation,
Thank you, Note / Email, Thank you, Note / Email,
etc. etc.
The Board approved the suggested modification in the rules according to which an employee once
rewarded will not be eligible for this reward in the next two years. (Ref AFC of July 30, 2015,
and 85th BoG August 22, 2015)
PROCEDURE FOR APPOINTMENT OF ADJUNCT FACULTY
The Board approved the procedure for appointment of Adjunct Faculty as recommended by the
Selection Board (Ref 66th BoG held on April 30, 2011)
The category of adjunct faculty was created to attract well established and eminent professionals
who may not fulfill the HEC criteria but are very valuable teaching resources for I.B.A. students
given their depth of industry experience and background.

Dean and Director will propose the names of suitable candidates who have established name for
themselves in industry, academia, or other professions. He will provide a brief outline of their
achievements and the expected contribution to I.B.A. along with their CVs to the Selection
Board. The Selection Board will decide on the appointment after review of their candidature. Dean
and Director will negotiate their terms and conditions within the policy prescribed by the BoG and
inform the Selection Board.
PROCUREMENT POLICY & PROCEDURE
The purpose of Procurement Policy and Procedure is to ensure that financial integrity is assured
by prescribing and following a range of appropriate methods for purchasing and procurement,
including, where applicable, a competitive tendering and contracting process. The two main
principles that apply are; the requirement for impartiality and fairness across all stages of the
tendering and purchasing process, and the necessity for obtaining the best possible value for
money.
IBA being government institution, has to follow the PPRA and SPPRA but in those rules there
were many gaps which have been tried to fill in the proposed document.
The Board approved the IBA Procurement Policy & Procedures (Ref AFC of October 2, 2009,
The Board noted and approved the changes in the Procurement Policy & Procedure Manual which
were in accordance with the SPPRA rules. (Ref 71st BoG held on June 23, 2012)
A remuneration of Rs. 5000/- , for retired civil servants or teachers of grade 18 or above or retired
multinational companies’ procurement officers on the committee, has been incorporated in line
with the SPP Rules, 2010 in the Procurement Policy and Procedure Manual. (Ref AFC of April 7,
2012, and 71st BoG held on June 23, 2012)
The Board decided that larger amount would not be given as advances and instructed to accept
bank guarantee instead of insurance guarantee (Ref AFC of September 29, 2016, and 91st BoG
PROMOTION POLICY
The Board endorsed the recommendation of the Academic Board on Promotion of full time and
contract faculty. (Ref. 61st BoG held on March 27, 2010)
Promotion Policy for IBA’s full time non-teaching staff. (Ref. SB of December 8, 2010, and Ref
The Board was informed that different types of promotions have been defined and the procedure
for this has also been outlined. Various committees have been formed to consider and decide upon
promotions in IBA. A clause on “the right of appeal” has also been inserted. A staff member can

appeal against the decision of the Promotion Committee and the Dean after giving personal hearing
to the appellant will give the final decision.
The Board approved the Promotion Policy. (Ref 65th BoG held on January 15, 2011)
Faculty Promotion Policy, Research Policy and Ethical Guidelines
The Board endorsed the approval of Faculty Promotion Policy and Research Policy and Ethical
Guidelines by the Academic Board. (Ref. 87th meeting of Academic Board held on March 10,
2021 and 104th meeting of BoG held on March 27, 2021.)
PSYCHOLOGICAL TESTS OF POTENTIAL CANDIDATES
The Board decided that IBA management should look into the matter of conducting psychological
tests of candidates for faculty and staff positions and report on this within three
months. Implementation suggestions emerging from this report can then be discussed at the
following meeting of the Board. (Ref Selection Board of January 6, 2017, and 92nd BoG of
January 28, 2017)
The Board was informed that out 11 public and private sector universities only NUST, Islamabad
engages in the practice of putting psychologists (from their own staff) on recruitment panels for
staff and faculty. NUST is under the Ministry of Defense and the army typically conducts
psychological tests of recruits. (Ref 93rd BoG held on June 24, 2017)
REGULARIZATION IN EQUIVALENT BPS GRADES 1 – 15
The Board decided that the clause regarding removal of annual contract be applied to all employees
(inclusive of equivalent BPS 16 and above) working in IBA Pay Scale excluding the Directors and
projects department staff and that they are eligible for all benefits offered by IBA. (Ref AFC of
April 7, 2012, and 71st BoG held on June 23, 2012)
RELOCATION ALLOWANCE
The Board approved relocation allowance equal to one gross salary to persons hired at IBA who
are working elsewhere in Pakistan. (Ref AFC of January 3, 2009, and 55th BoG held on January
31, 2009)
The Board approved two gross salaries as Relocation Allowance to those who move from outside
Pakistan to join IBA. (Ref AFC of September 4, 2010, and 64th BoG held on September 25,
2010)
The Board approved the Relocation Allowance Policy for IBA’s full time faculty and staff. (Ref
AFC of December 29, 2010, and 65th BoG held on January 15, 2011)
To facilitate the faculty in the arrangement of rental accommodation, IBA would offer financing
(equal to one-month salary) for paying security advance for rented house. The loan amount will

be recovered in 12 equal monthly instalments. Post-dated cheques will be submitted by the faculty
at IBA Finance Department and the collateral for loan will be the one-month notice period. (Ref
AFC of November 10, 2021, and approved in 108th BoG of January 14, 2022)
RESOURCE MOBILIZATION STRATEGY
The Board approved the Resource Mobilization Strategy for IBA and its Implementation Plan
along with the formation of Friends of IBA Trust. (Ref AFC of June 16, 2009, and 57th BoG held
on July 25, 2009)
RETIREMENT RULES
The Board approved the Retirement Rules for IBA Teaching and Non-teaching employees. (Ref
68th BoG held on August 25, 2011)
SALARY INCREMENT
Annual increments for faculty on study leave and new employees with less than six months’
service. The following recommendations of the A&FC were approved. (Ref A&FC of December
29, 2010 and 65th BoG held on January 15, 2011)
For Teaching Employees on Study Leave
• All teaching employees on study leave may be given the approved fixed increment rate
against inflation for the year in which the faculty member is on study leave. This condition
will apply in case the faculty member is in active service for less than six months and also
in case of no active service during the assessment year.
For Teaching & Non-Teaching Employees with less than 6 months service
• All new teaching and non-teaching employees who successfully complete their
probationary period but serve IBA for less than six months of the assessment year may be
given a prorated increment which will be based on the approved increment rate against
inflation for that particular year.
Eligibility for a salary raise at the time of contract renewal

In case an employee is given a salary raise at the time of contract renewal before 30th September
of the assessment year; s/he would be evaluated as per normal practice and however, s/he would
be entitled for a prorated increment which will be based on the remaining number of months in the
assessment year.
In case an employee is given a salary raise at the time of contract renewal on or after October 1st,
the employee would be evaluated as per normal practice, however, s/he would not be eligible for
any increment during the annual performance appraisal.
The Board approved the following modification in annual salary increment for staff and faculty of
IBA: (Ref 97th BoG held on December 29, 2018)

The annual salary increment includes two elements: (a) an annual increment that is common to all
and that broadly seeks to maintain real income and (b) a performance allowance that varies by
staff and reflects their performance rating. The modification approved by the Board was not to
enter into the gross salary the second part i.e. performance allowance. It will vary from year to
year depending on annual performance ratings. Each year’s performance allowance will affect
only that year’s income and will not affect the entire salary profile into the future.
SCHOLARSHIPS
The Board approved the following Ph.D Scholarship Scheme for faculty members. (Ref 53rd BoG
held on July 12, 2008)
• IBA MBAs who rank among the top 10 positions in order of merit at their final semester
should be offered faculty appointments with the condition that they will agree to proceed
abroad for completing Ph.d degrees. They will be paid salaries matching or exceeding what
they could get from other employers.
• Advertisements should be placed in national dailies inviting applications from qualified

candidates who secure admissions in any of the top 50 business schools / Universities /
Computer Science departments in the world automatic appointment on the faculty as well
as award of four-year scholarship at that university.
• The average cost of Rs.1.5 million per year is only indicative and IBA can reduce the
number of scholarships within the approved allocations if the average cost has risen due to
currency fluctuations and cost escalation. IBA can allow the actual cost to be paid out of
the allocated amount for scholarship.
• IBA may also allow enrolment in master’s degree leading to Ph.d. program under the HEC
funded scheme. In case the scholar drops out of the Ph.d program he/she has to reimburse
the amount paid by IBA. Unless there is serious justification the appointment as a faculty
member may also be terminated.
Service Bond for P.hD Scholarship. (Ref 58th BoG held on October 17, 2009)
The Board agreed to include relatives / kinship as guarantors for the IBA scholars availing
scholarships / paid study leave. (Ref 58th BoG held on October 17, 2009)
Service Bond and Declaration of Assets. (Ref :AFC of December 19,2009 59th BoG held on
January 09, 2010. )
• The service bond period would be five (5) years for scholars doing Ph.D abroad and three
(3) years for scholars (both new and existing) doing Ph.D at IBA, LUMS and any other
institution within Pakistan subsequently approved by the Executive Committee.
• The amount of declared assets for surety shall be in-line with the investment by IBA e.g.
if the total funding is of Rs.10 million, the value of property as surety should be equal to
that amount. However, if it is purely HEC funding, then all HEC conditions will have to
be fulfilled.

• The total amount funded by IBA is recoverable without interest in case of breach of
agreement however this amount shall be proportionate to the period not served at the IBA
Stipend / Scholarship to Ph.D students

The Board approved revision in stipends for PhD students from Rs.33,000 to Rs.45,000/- w.e.f.
Spring 2012, and that in future the inflationary impact would be included in the stipend. (Ref AFC
of April 7, 2012, and 71st BoG held on June 23, 2012)
The Board endorsed the recommendations of BASR and the A&FC for revision of monthly stipend
of PhD students as presented below: (Ref AFC of June 12, 2014, and 80th BoG held on June 28,
2014)
Stage 1: Base monthly stipend Rs.50,000/-
Stage 2: After Clearance of Comprehensive examinations Rs.55,000/-
Stage 3: After successful thesis proposal defence and
publication of first journal paper Rs.65,000/-
Stage 4: After publication of the second journal paper Rs.75,000/-
The Board approved the revision of PhD Scholarships as shown in the table below (Ref 90th BoG
Stages of Academic Current Stipend Proposed

Progress
Stipend
Stage 1: Base monthly stipend Rs.50,000/- Rs.55,000/-
Stage 2: After Clearance of Rs.55,000/- Rs.60,000/-
Comprehensive examinations
Stage 3: After successful thesis Rs.65,000/- Rs.70,000/-
proposal defense and
publication of first journal
paper
Stage 4: After publication of Rs.75,000/- Rs.80,000/-
the second journal paper
Extension of PhD Scholarships and an increase in stipend. (Ref. AFC of May 27 & June 14,
2021 and 105th BoG held on June 26, 2021.)
PhD Scholarships has been extended from four years to six years and the stipend for PhD scholars
was increased by Rs.10,000 per month for all stages of the PhD Scholars (from 1st to 4th
stage). Following are the details:
Stage Existing Proposed Increase

Stipend Rate Stipend
1st Rs.55,000 Rs.65,000 Rs.10,000

2nd Rs.60,000 Rs.70,000 Rs.10,000

3rd Rs.70,000 Rs.80,000 Rs.10,000
4th Rs.80,000 Rs.90,000 Rs.10,000
The Board also approved stipend of Rs.90,000 for 5th and 6th year of Ph.D. Ph.D Scholars are also
required to teach at IBA.
SELECTION AND HIRING PROCESS
• New hires should undergo a medical test before confirmation.

• References on new hires should be obtained before confirmation.
• The academic grades of all candidates should be displayed as part of the selection process.
• Degrees of successful applicants should be verified by the issuing institutions.
(Ref Selection Board of June 11, 2019, and 99th BoG held on June 22, 2019)
SELECTION AND SHORTLISTING CRITERIA
The Board decided that HR will submit the names of the selection/search committee(s) and
shortlisting criteria to the Selection Board and would seek approval from the Selection Board
through circulation for the positions advertised. (Ref 109th BoG held on June 30, 2022)
SEPARATION POLICY
The Board approved the Separation Policy for teaching and non-teaching management and non-
management employees of IBA. (Ref AFC of October 8, 2011, and 69th BoG held on November
5, 2011)
SOCIAL POLICY DEVELOPMENT CENTRE (SPDC)
The Board acknowledged that incorporating SPDC would likely add to the prestige of IBA and
could prove of synergistic value to its research faculty. The Board authorized the Executive
Director to enter into a cooperation with SPDC and offer free office space to seven research and
affiliated staff for the period July 1, 2019 through December 31, 2020. (Ref 99th BoG held on
June 22, 2019)
Legal Opinion on incorporation of SPDC into IBA

The Board was informed that according to the lawyer the easiest way is to get the company
dissolved, dispose off assets and hire the people in IBA and there should be no difficulty in
adopting the name i.e. “IBA-SPDC”. (Ref 100th BoG held on October 5, 2019)
Management of SPDC
The following proposals were considered and approved by the Board (Ref 101st meeting of BoG
held on December 21, 2019)

• Formally set up a Centre for Social Policy Research (CSPR) at the IBA whose main
objectives would be to: (a) fund research in the area of social policy and (b) organize
conferences and workshops to disseminate key findings from such research.
• During 2020, this Centre will work in parallel with the SPDC team that is currently hosted
by the Institute. After 2020, depending on whether or not the Board wishes to incorporate
the SPDC unit formally into the IBA, the CSPR may absorb the hosted SPDC unit or
continue to operate separately.
• The CSPR be provided with a budget of PKR 2 million for the period January-July 2020
to carry out some initial activities. From FY2021 and onwards, fund the CSPR at PKR 5
million per year in the first year, with a 10% increment in succeeding years.
• The CSPR be headed by a Director and that it operate with only a few permanent staff so
as to leave most of its budget available for research and dissemination. The operating model
should be one where most of the research will be done by prominent experts who are hired
as consultants to produce specific research items, such as working papers and research
reports, or participate as panelists in specific dissemination events.
Dr. Farrukh Iqbal, the retiring Executive Director, was appointed the Director of the CSPR,
effective January 1, 2020. Since Dr Iqbal had indicated that he would do so on a pro bono basis,
the following services would be provided to Dr. Iqbal: an IBA email account and mobile phone
facility; a car and driver for whenever he is present in Karachi; and an office with a computer and
internet connections.
The Board approved the proposal to appoint Dr Farrukh Iqbal as Director of a newly formed Centre
for Social Policy Research (CSPR) along with budget provisions as outlined above. Dr. Iqbal
would prepare a work program for the CSPR in the first half of calendar 2020 and would also
oversee the work of the hosted SPDC unit from the IBA side.
Extension to SPDC
The Board decided to allow SPDC to continue to use the facilities already provided by IBA for
another two years. The Board will take a fresh decision at the end of 2022. (Ref 103rd BoG held
on October 31, 2020)
The Board decided to discontinue the facilities provided by IBA to SPDC with effect from January
1, 2023 (Ref 110th BoG held on December 28, 2022)
SPLIT PHD FUNDING POLICY
The Board approved the Split PhD Funding policy. (Ref AFC of June 16, 2019, and 100th BoG

Revision In Split Ph.D. Funding Policy
The Board agreed to the suggestion that the scholars should also make some contribution towards
their studies. The Board noted that liability of 100% on IBA is too much. The Board decided that
50% funding of tuition fee to be made by IBA. (Ref AFC of November 10, 2021 and 108th BoG
The Board approved the revision in the Split PhD Funding Policy by allowing upto 75% or a
maximum US$50,000 whichever is lower of the total cost over the four years period with a service
bond as per policy. (Ref AFC of June 14 & 20, 2022 and 109th BoG held on June 30, 2022)
STAFF WELFARE FUND
The Board was informed that there is already a Staff Welfare Fund available to regular employees
only and its limit is Rs.10,000/- repayable in 10 monthly installments but now its scope has been
extended to cover the contract employees also. Earlier it was allowed to BPS-1 to 16 employees
only now it is for those regular and contract employees who are drawing upto Rs.25,000/- per
month. (Ref AFC of December 19,2009 and 59th BOG held on January 09, 2010)
Two separate welfare funds- one for regular staff and the other for contract employees will be set
up separately. For contract employee guarantor would be required but for regular employees no
guarantor is needed. The H.R. will get a written authorization from the regular employees that at
the time of final settlement IBA will have the authority to deduct the amount of loan, if any, from
the Provident Fund of that employee. Employee taking loan should be made responsible for
repayment and the guarantor should be treated as a second recourse. The IBA Contribution to this
fund would be 0.2 percent of the total revenue. (Ref AFC of December 19,2009 and 59th BOG
Authorization To AFC To Manage and Supervise The Staff Welfare Fund.
The Board passed the following resolution for handling the Welfare Fund and authorizing the
A&FC to prepare byelaws, procedure and modalities on the constitution and working of the
Committee: (Ref 62nd BoG held on May 8, 2010)
“WHEREAS the Board of Governors of IBA by the power conferred upon them by virtue of
Section 13(viii) of the Institute of Business Administration Act, 1994 (Sindh Act No. XX of 1994)
hereby resolve and approve as under:
RESOLVED THAT the Audit and Finance Committee is hereby authorized to manage and
supervise the Staff Welfare Fund and to prepare the following.
• Byelaws of the Staff Welfare Fund

• Modus Operandi of the Staff Welfare Fund.

FURTHER RESOLVED THAT the Audit and Finance Committee is to elect an internal committee
from amongst themselves for the purpose of managing the Staff Welfare Fund.
FURTHER RESOLVED THAT the Audit and Finance Committee of IBA is authorized to open
and close bank account with the bank for Staff Welfare Fund and for this purpose may sign, execute
and verify all documents or instruments as may be deemed appropriate or as may be required.”
Opening A Welfare Fund Bank Account.

The Board approved opening a Welfare Fund Bank Account with Faysal Bank Limited. (Ref AFC
of September 4, 2010, and 64th BoG held on September 25, 2010)
SOP for Staff Welfare Fund

The Board approved the SOP for Staff Welfare Fund and decided that immediate family members
will consist of parents, spouse and children upto the age of 21 years and unmarried daughters. (Ref
64th BoG held on September 25, 2010)
Revised Staff Welfare Fund Policy. (Ref 78th BoG held on February 15, 2014)
• Scope has been broadened to cover few other areas for grants as well as the loan facility:
• Loans for Marriage will now also be given for the marriage of sister and sons.
• Qarz-e-Hasna facility has been introduced for higher studies of self and immediate family
members.
• Loan facility of eligible employees will also be given for House Construction/
Acquisition.
o Eligibility to become a member of the fund will now be for employees having
salary of Rs.50,000 (earlier it was Rs.40,000)
o Eligibility for Grants (medical and children education) have been increased from
Rs.15,000 to Rs.20,000 per month standard gross salary.
o Medical Grant may be applied up to a maximum of Rs.25,000/- in a twelve-
month period
o A General-purpose Loan has been introduced to meet other emergency financial
requirements.
The Board approved the changes in the Staff Welfare Fund Policy as noted above. (Ref 78th BoG
held on February 15, 2014)
Staff Welfare Fund Revised Policy (Ref AFC of June 12, 2014, and 80th BoG held on June 28,
2014)
o The scope of the grant against school/college education of children has been enhanced and
the entitlement limit has been changed from salary based limit (132 members) to BPS based
limit (174 members covered).
o Per employee limit for education grant has been enhanced from Rs.12,000/- to Rs.15,000/-

o Kids in school / college going age of eligible members would be 100 so the financial impact
would be Rs.1,500,000/- at maximum.
o Limits for scholarship / qarz-e-hasna for higher education for self and children have been
increased.
o Members may apply general purpose loan to meet other emergency financial requirements.
(Earlier there was a limit of less than or equal to Rs.20,000/- gross salary for the eligibility)
o Members may apply for a loan against medical expenses incurred which are not covered
under IBA’s medical policy. (Earlier there was a limit of less than or equal to Rs.20,000/-
gross salary for the eligibility)
o Members upto BPS-11 or equivalent IBA Pay Scale may apply for reimbursement as grant
against medical expenses incurred which are not covered under IBA’s Medical Policy.
(Earlier there was a limit of less than or equal to Rs.20,000/- gross salary for the eligibility)
o Members upto BPS-11 or equivalent IBA Pay Scale may apply for reimbursement as grant
against Natural Disaster and other unforeseen catastrophic or tragic events. (Earlier there
was a limit of maximum gross salary of Rs.20,000/-)
o Grant for funeral expenses in case of death during service. In case of death of an IBA
employee (member or non-member both) serving in BPS-14 or equivalent up to J3, a lump
sum grant of Rs.20,000/- will be given as an immediate financial support for funeral
expenses.
The Board approved the above changes in the Staff Welfare Fund Policy. (Ref AFC of June 12,
2014, and 80th BoG held on June 28, 2014)
Changes in Staff Welfare Fund Policy. (Ref AFC of February 26, 2016, and 89th BoG held on
March 9, 2016)
o Loans facility for purchase of house and vehicle/car.
o Enhancement of limit of General-Purpose Loan from 1.5 Gross Salary to Two
Gross Salary.
o For extra-ordinary medical expenses, natural disaster and other unforeseen
catastrophic or tragic event which is very few, it was extended to the employees
from BPS-11 to BPS-15 or equivalent grades. The grant upto a maximum of
Rs.50,000 in a financial year may be applied.
o For grant against school/college education of children, the grant will be given upto
BPS-12 or equivalent but considering the inflation, the limit was enhanced upto
Rs.24,000/-
The limit of scholarship / qarz-e-hasna for higher education for self and children increased from
Rs.30,000 to Rs.40,000 for 100% scholarship and in that proportion limit to be increased for 75%
percent and 50% scholarships. (Ref AFC of February 26, 2016, and 89th BoG held on March 9,
2016)

The Board approved the change in eligibility for the SWF to include all those with a gross salary
of Rs. 100,000/- per month. Previously, the limit was Rs. 60,000. (Ref AFC of September 15,
2018, and 97th BoG held on December 29, 2018)
Revision in Staff Welfare Fund. (Ref A&FC of May 27 & June 14, 2021, and 105th BoG of
June 26, 2021)
1. Eligibility to become a member of the Fund: Should have a standard gross salary
less than or equal to Rs.150,000 per month. Currently the limit is less than or equal
to Rs.100,000/- per month.
2. Grant of Funeral expenses in case of death during service: In case of death of
an IBA employee (member or non‐member both) serving in BPS‐15 or equivalent
up to J3, a lump sum grant of Rs.50,000/‐ instead of existing Rs.20,000 was allowed
as an immediate financial support for funeral expenses.
3 Scholarship /Qarz‐e‐Hasna for Higher Education for Self & Children:
Scholarship / Qarz‐e‐Hasna to be given as reimbursement against %age of tuition
fees as under:
Salary Less than Rs.75,000 100% (Scholarships)
(As per existing policy it is less than Rs.45,000)
Salary in the range of Rs.75,001 – Rs.100,000 75% (Qarz‐e‐Hasna)
(As per existing policy it is in the range of Rs.45,001 – Rs.60,000)
Salary in the range of Rs.100,001 – Rs.125,000 50% (Qarz‐e‐Hasna)
(As per existing policy it is in the range of Rs.60,001 – Rs.75,000)
The Board approved the above changes in Staff Welfare Fund Policy and also authorized the
Executive Director to allow additional Rs.25,000/- on funeral expenses if the body of the deceased
is to be moved out of town for burial. (Ref A&FC of May 27 & June 14, 2021, and 105th BoG
of June 26, 2021)
STRATEGIC DIRECTION OF IBA (2008-9 / 2013-14)
The Board recorded its appreciation for Dr. Ishrat Husain for presenting an excellent strategy paper
in a very short span of time and approved the paper along with the following modifications:(Ref
54th BoG held on September 13, 2008)
i) “Excellence” be added to the core values of the IBA.
ii) Private accommodation in the vicinity of the Main Campus should be obtained on
rent for setting up additional hostel facilities for boys and girls separately.
iii) The hostel charges should be increased in view of the renovation and up-gradation
of facilities. Hostellers from poor families should be provided scholarships to cover
these charges.
iv) A new girls’ hostel for 100 students with adequate security system should be
constructed.

v) In the future a Foreign Students’ Hostel should be constructed to attract students

from the Gulf State and the Middle East. The charges for the hostel should be
competitive and market based.
vi) The Alumni Relations and Public Affairs and Resource Mobilization be combined
and be placed under a separate Director of Resource Mobilization, Alumni
Relations and Public Affairs.
vii) The Head of Testing Services should be reporting to the Director instead of
Controller of Examinations.
viii) Hire retired chief executives in the faculty who may be called “Professors in
Practice”.
ix) The Board agreed that we should not expand our programs and students intake
unless the faculty and infrastructure are developed.
x) With regard to non-availability of design and title documents of the Main and City
Campus land, Dr. Pirzada Qasim assured that he would provide whatever help is
required in getting the designs / title document to the IBA for the IBA land. The
Board appreciated the gesture of Dr. Pirzada.
xi) The Board decided that the IBA should lay the foundation for high rise building at
the City Campus and gradually raise the building.
xii) The Board endorsed the menu of options for raising funds from alumni, private
sector businesses and individuals, donors and philanthropists, external aid agencies
etc. and establishing endowed chairs. The Board decided to establish in addition, a
General Endowment Fund in which surplus funds would be placed and donations
and contributions solicited.
xiii) The Board approved the specific recommendations proposed in the Strategy paper
regarding:
a) Internal governance, management and organization structure
b) Physical infrastructure plans contained
c) Technology upgradation proposals
d) Faculty Development plans
e) Community outreach and international linkage
f) Quality assurance and future academic program development
STREAMLINING OF TITLES
The Board approved the streamlining of non-teaching employees’ titles and their classification in
job bands as proposed. (Ref 65th BoG held on January 15, 2011)
STUDENT BODIES
The Board approved the following salient features of the reorganization of Student Bodies: (Ref
56th BoG held on May 9, 2009)
• There should be one single IBA brand and the present fragmentation between Main
Campus, City Campus, Morning, Evening, MIS programs should be dispensed with.

• The main purpose of the Student Societies should be to provide opportunities to IBA
students to nurture and display their real talent in various fields such as sports, drama,
music, art, photography etc. inherent in every student rather than simply going through the
ritual of padding the CVs with positions occupied in the societies.
• Co-curricular activities in which students having common interests such as HR Club,

Finance Club, Marketing Club are being introduced for the first time. These fora will
replace the Seminar Society and Conference Society that were not properly focused, had
too broad a mandate and did not excite the students.
• The existing three societies i.e. BASC, BITS, and ESF will be merged into one single IBA
wide Student Council (ISC). The office bearers of the ISC will be elected through a general
poll conducted simultaneously at the two campuses in which all IBA students will cast their
vote. The ISC will organize all social functions, allocate the budgets for the societies and
oversee their activities.
• There will be 27 student societies – nine under the Co-curricular cluster, ten under the
extra-curricular cluster and eight under the Service Club. Each society will be elected by
the active members who will enroll themselves in the first week of September. Each
society will have a faculty member as Patron instead of the Director IBA being the Patron
of all societies.
• Students’ office bearers will be primarily responsible for planning, organizing and
managing all the events of their societies. Patrons will advise, guide and counsel them and
will have the authority to ensure that all financial controls are observed, and no financial
irregularity takes place in the affairs of the society. In case the Patron feels that any event
proposed by the office bearers may tarnish the image of IBA or create security problems
he / she will bring this to the notice of the Dean & Director.
• The office bearers of each society will prepare their annual work plan and the budget
associated with it under the guidance of the Patron. Each society, at the time of submission
of the budget, should indicate (a) the estimated amount to be generated through sponsorship
and (b) the amount needed from IBA. General Manager Finance will act as the financial
advisor to the ISC and all the societies, and will advise and guide them in their financial
matters according to the procedures laid out. He will get the expenses audited the same
year.
• Each society is expected to organize at least one mega event. Examples are a play, music
concert, a conference, art exhibition, annual sports day, a literary magazine, a debating
competition, etc. of such high quality that they attract people from outside IBA. Each
society will prepare a Calendar of Events (CoE) for the whole year that will be submitted
to the ISC which will ensure that there is no overlap or duplication. Joint events by
different societies would be encouraged and promoted. The CoE will be displayed on the
IBA portal and also at all electronic boards and other prominent places in both the
campuses, Boys’ hostel and Girls’ hostel.

SUNDRY POLICIES
The Board approved the following policies:

• Honorarium Policy. (Ref. 61st BoG held on March 27, 2010)
• Anti-harassment Policy & Guidelines (Ref 99th BoG held on June 22, 2019).
• Differently able students, (Ref 99th BoG held on June 22, 2019).
• ICT policies. (Ref 99th BoG held on June 22, 2019).
The following policies were reported to and approved by the BoG (Ref 101st BoG held on
December 21, 2019)
• Students’ attendance rule
• Dean’s List
• Revised Anti-Harassment Policy
• Revised Policy on Traveling and Accommodation (Approved by A&FC)
• Revised Policy on Allotment of Accommodation & License Fee rules for IBA Staff Town.
(Approved by A&FC)
• Policies and Procedures of Testing Services Department (Approved by A&FC)
• Policy and Procedures Manual of IBA-CICT
• Policy and Procedures Manual of IBA Aman-CED
TA’S REMUNERATION
The Board accorded approval for an increase in TAs remuneration from Rs.200 to Rs.300 for
undergraduate, and from Rs.250 to Rs.350 for graduate program. (Ref AFC of November 28, 2020,
and 104th BoG held on March 27, 2021)
TERMS & CONDITIONS OF APPOINTMENT OF DEAN & DIRECTOR/(ED)
As per past practice the terms and conditions of the appointment of the Dean & Director are to
be recommended by the BoG. (Ref 90th BoG held on June 25, 2016)
TESTING SERVICES
The Board in its 29th meeting held on May 18, 2002 had decided that IBA would not conduct tests
for educational institutions until it acquires the expertise and sufficient facilities.
IBA should continue to offer external testing services in the same mix as at present (about 20% of
total) and under the prevailing Board guidelines dating to 2002. (Ref AFC of September 24, 2019,
The Board approved the revision in (testing remuneration). (Ref A&FC of April 11, and 26, 2022,

TIME FRAME FOR APPROVAL OF MINUTES OF THE MEETINGS
The minutes should be ready and circulated within seven working days after the meeting and
should be approved within the next 14 days. If a member does not send in any comments in 14
days, the Minutes should be considered approved by that member. This practice should be
followed for all Boards and Committees meetings. (Ref 102 BoG held on July 25, 2020)
TRANSACTION AUTHORITY POLICY AND PROCEDURES
The Transaction Approval Policy and Procedures is an attempt to clarify, codify and disseminate
the delegation of financial powers to various tiers – the Board, the Audit and Finance Committee
(A&FC), the Director IBA and Heads of Administrative departments. The summary of the
delegation of powers is as under. (Ref AFC of January 20, 2009, and 55th BoG held on January
31, 2009)
A) Capital Expenditure included in the budget
Approval of new projects financed by IBA (Building & Construction, Hardware, Software & ERP,
Power Generation):
Upto Rs. 6 million Director Projects/Director IT
Rs. 6 million – Rs.10 million Director IBA
Rs.10 million – Rs.50 million Audit & Finance Committee
Above Rs.50 million Board of Governors
Approval of new projects financed by HEC or Government:

Upto any limit PC -I limits and procedures
Approval of expenditure on building, renovation, power generation, furniture and fixtures, HVAC
and other building components:
Upto Rs. 250,000 Director Projects
Above Rs. 250,000 Director IBA
Approval of expenditures on new vehicles:

Upto the budgeted amount Director IBA
Approval of expenditure on computer peripherals:
Upto Rs. 1 million Director IT
Above Rs. 1 million Director IBA
Approval of expenditure on machinery & equipment not including building components:

Upto Rs.100,000 Director Projects

Above Rs.100,000 Director IBA
Approval of expenditure on library books, subscriptions:

Upto budgeted amount Associate Dean
In all cases tendering and vendor selection will be made by:

Director concerned upto Rs.300,000
Purchase Committee Above Rs.300,000
B) Non-Capital expenditure included in the budget

Alumni Affairs & Resource mobilization:
Upto Rs. 25,000 Director Alumni
Employee Hiring and Benefits:

Upto budgeted amount Director IBA
Energy, Utility purchasing from external sources:

Upto budgeted amount Director Projects
Insurance:
Upto budgeted amount Director Projects
Write off of receivables:

Monthly payroll:
Petty purchasing of stationery, papers, office supplies, etc.
Upto Rs. 25,000 Registrar

Traveling:
Upto Rs. 25,000 Director HR
Staff Medical & Hospitalization:

As per entitlement Director HR
Repair & Maintenance of computers & peripherals, other hardware equipment, multimedia,
PABX, network equipment, etc.

Upto Rs.200,000 Director IT

Purchasing of computer supplies:
Upto Rs.100,000 Director IT
Meetings, Seminars, Convocations, Dinners, etc.:

Upto Rs.50,000 Registrar
Printing, Publications & Stationery:

Sponsorship & Scholarships:

Budgeted amount Registrar
Security Services:
Transportation Services:
Fuel expenditures
Minor Renovation, Repairs & Maintenance of buildings and its components, furniture, fixtures,
VAC system, ATS, UPS, etc.
Upto Rs. 100,000 Director Projects

Newspapers, periodicals, journals:

Upto budgeted amount Registrar
Internet Services:
Upto budgeted amount Director IT
Postage, Courier Services:

Upto budgeted amount Director Finance
Advertisement:
Upto Rs.100,000 Director Public Affairs

Legal, Consultancy & Professional Services:

Expenditure for Centre for Executive Education (CEE):

Upto budgeted amount Director CEE
C) Budget Re-appropriation
Between Subhead re-appropriation to the extent Director Finance
of total available budget of line-item for major
expenditure head of either Operating or Capital
Expenditure
Between line-item re-appropriation of 10% of Director Finance

available budget for major expenditure head of
either Operating or Capital Expenditures, up to
maximum Rs.300,000 whichever is lower.
Between Line-item re-appropriation upto Director IBA

maximum 50% of available budget
for major expenditure head of either
Operating or Capital Expenditures, upto
maximum Rs.2,000,000 whichever is lower.
Between Line-item re-appropriation Audit & Finance Committee

exceeding 50% of available budget for
major expenditure head of either operating.
or Capital Expenditure
Between major expenditure head Director IBA

re-appropriation of 5% of available budget
for either Operating or Capital expenditures
or Rs.2,000,000 whichever is lower.
Between major expenditure head Audit & Finance Committee

re-appropriation above 5% of available
budget for either Operating or Capital
expenditures
D) Transaction and Payment Authority Thresholds and Limits.

The following are the Transaction and Payment Authority Thresholds and Limits:
Agreements, Thresholds, Value or Other Payment Authority

Documents, if Any Restrictions

Cheque Signing Upto Rs.500,000 Director Finance (1)

Cheque Signing Upto Rs.1,500,000 Director Finance (2)
Cheque Signing No Limits Director Finance (3)
(1) Registrar to perform as second signatory

(2) Associate Dean to perform as second signatory
(3) Director IBA to perform as second signatory.
The Board approved the Transaction Authority Policy and Procedure of IBA and the Payment
Authority Thresholds and Limits as summarized above. (Ref AFC of January 20, 2009, and 55th
BoG held on January 31, 2009)
The Board approved the proposed changes in the Transaction Authority Policy and Procedure
along with the clarification / comments / observations noted below: (Ref. 80th BoG held on June
28, 2014)
• About the Related Party Transactions disclosure should be declared during procurement
process for all such related-party transactions. If there is any financial interest of the person
as stated above, then the Dean & Director IBA would recommend for Board approval the
measures to rule out any possible conflict of interest.
• SPPRA rules require that the cost of additional quantities of items shall not exceed 15% of
the original contract. In case of goods, repeat order shall be permissible only within the
same financial year and in case of works, during the currency of the project of scheme.
• On the maximum limit for RFQ i.e. three quotations for standard specification purchases
which was (as per PPRA) Rs.500,000 has been reduced to Rs.100,000/-
The Dean & Director can approve direct contracting with suppliers or contractors in accordance
with the procedures laid down in IBA procurement manual for normal and emergency situations.
However, the reason and justification for opting Direct Contracting for amount exceeding
Rs.100,000 is to be presented to the Procurement Committee of IBA.
It was clarified that Direct Contracting can be done but negotiation is not allowed.
New officials or substitutes have been added to the Transaction Authority Policy such as Director
Centre for Business & Economic Research (CBER), Program Director Career Development Centre
(CDC) and Centre for Entrepreneurship Development (CED) etc. These are all faculty members
and they have been given additional responsibilities.
Some designations have been changed and revised designations have been included in the TAP.
Thresholds and limits have been revised to include new designations and positions. The initiating
authority and the approving authority would be separated so that there is no conflict of interest.
Amendments in Transaction Authority Policy Matrix. (Ref AFC of February 26, 2016, and 89th
BoG held on March 9, 2016)

Limited authority upto Rs.50,000 per transaction for expenditures approval for Alumni Affairs,
and Centre for Executive Education was delegated to the Managers of these programs. Approval
authority for more than Rs.50,000 and upto Rs.500,000 will remain with the respective Program
directors.
Approval authority for Local training was transferred from Dean & Director to the Associate
Dean(s). Similarly, authority for approval for Local Travelling was transferred to Associate
Dean(s). The maximum limit for approval per transaction is Rs.200,000/-
The Board approved the expenditure approval limits of up to Rs.1,000,000/- for the Head and up to
Rs.100,000 for the Sr. Manager of the unit responsible for Alumni Affairs, Graduate
Placement, Resource Mobilization and Communications. (Ref AFC of October 19, 2017, and 94th
The Acting Head of Internal Audit would write “GM Admin / Registrar” instead of “GM
Admin” at the column of “Proposed Responsible Individual” of Transaction Authority Matrix, and
Transaction and Payment Authority Thresholds and Limits. (Ref AFC of July 21, 2017, and 94th
Incorporation of SPPRA in (TAP) (Ref AFC of May 14, 2019, and 99th BoG held on June 22,
2019)
Transaction Description Existing Limit Revised Limit Approval Authority
Above Above Procurement

Tendering process for
Rs. 100,000 Rs. 300,000 committee and
Procurement of Goods,
Transaction Approval
works and services; Rule
Authority
15 & 17
Request for Quotations Upto Upto Transaction Approval
(RFQ)** for procurement Rs. 100,000 Rs. 300,000 Authority
of goods, works and
services; Rule 16(1)(a)
Petty purchasing; Rule Rs. 25,000 Rs. 100,000 Transaction Approval
16(1)(d) Authority
Advertisement, Requirement of
arbitration, conciliation or procurement
mediation services, Rs. 100,000 N/A committee approval
services of an advocate in has been excluded.
a court case or any other
services specifically
excluded under the rules.
Clause 4, SPP ACT
** For procurement through RFQ i.e., Rs.100,000 to 300,000, evaluation for recommendation to award of contract
may either be done by the authorized officer(s) or the procurement committee.

The Board replaced the designation of “Associate Dean(s)” with “Dean(s)” in the Transaction
Authority Policy. (Ref 104th BoG held on March 27, 2021)
The Deans, who replaced the Associate Deans, will also be part of the Library Committee. The
Chief Librarian will have the transaction authority approval limit up to Rs.500,000 for library
books, research and electronic database etc, online subscriptions, case studies / articles,
newspapers periodical generals etc. While Library Committee will have authority for transactions
of over & above Rs. 500,000. (Ref. AFC of May 27 & June 14, 2021, and 105th BoG held on
June 26, 2021.)
TRANSPORT POLICY
very high. (Ref AFC of August 6, 2011, and 68th BoG held on August 25, 2011)
The Board was informed that the Government policy on transport including auction of vehicles
has been adopted. The vehicles will be acquired for the IBA fleet or become due to replacement
as under: (Ref 77th BoG held on October 24, 2013)
• Seven years from date of purchase or 350,000 KM whichever is earlier.

• When the “annual maintenance cost” exceeds one-fourth of purchase price
• On being declared beyond economical repair, as a consequence of a major accident.
Such a declaration shall be given by the Registrar to the Dean & Director after
consultation with the insurance company and the repairer.
• When authorized by the BoG as an additional vehicle.
The Board was informed that there were two documents: Transport Policy, and Transport Orders.
In the later document duties and responsibilities, drivers, in charge, vehicles, do’s and dont’s have
been included.
The Board approved the Transport Policy as presented by the Registrar. (Ref 77th BoG held on
October 24, 2013)
TRAVELLING AND ACCOMMODATION POLICY
The Committee approved the revision and amendments in Travelling and Accommodation Policy
as presented by the Director H.R. The revised policy would be effective w.e.f. October 1, 2009.
(Ref AFC of October 2, 2009, and 58th BoG held on October 17, 2009)
The Board approved the revised Traveling Policy and endorsed the recommendation of A&FC that
the revised travel policy would apply henceforth to all staff with the exception of the Executive
Director who would remain entitled to lodging in 5-star hotels. (Ref AFC of September 24, 2019,
Travelling Entitlement Of Executive Director

Approval for Travelling of Dr. Akbar Zaidi, Executive Director IBA in Business Class. Approval
obtained through circulation. (Ref AFC of March 16, 2020, and 102 BoG held on July 25, 2020)
UMRAH /HAJJ SCHEME
Eligibility Criteria:
All full-time employees of IBA having at least 3 years of full-time employment with IBA will be
considered eligible for this scheme. Employees with less than 3 years’ service or those employees
who have already been sponsored by IBA under this scheme will not be eligible.
Procedure:
• Lucky Draw will be held every year on the occasion of Eid-ul-Azha and the selected
employees will be sent for Umrah in the month of Rabi-ul-Awal.
• The selected employees will be sent for 15 days Umrah package that will cover
their travelling, accommodation, and meal. Expenses related to passport
application will not be covered by IBA.
• All arrangements will be made by the Travel Department of IBA.
• The absence of employee during Umrah will be considered as a one-time special
Umrah leave with pay. Employees going for Umrah on their own, will not be
entitled for special Umrah leave and will have to use their balance Earned Leave
for this purpose.
• In case of female employees (who have a requirement for travelling with
a“Mehram”), they will be required to bear expenses of their “Mehram” on their
own. However, for the purpose of facilitating the female employees, and reducing
the financial burden of Mehram’s travelling, they will be allowed to select an
economical package. In such cases the amount set for the standard Umrah package
will be paid by IBA directly to the travel agent and the difference will be paid by
the female employee.
• In case an employee wishes to upgrade the Umrah package, s/he will bear the cost
difference on his/her own. Whereas option of selecting a low cost package will not
be available to employees, except for the provision provided in the above point for
female employees.
• Employees selected through lucky draw will not be allowed to transfer their
package to any other employee.
• No advance will be provided by IBA in this regard.
The Board approved the Umrah Scheme for IBA full time employees. (Ref AFC of June 12, 2014,
The IBA will not be responsible for the accompanying Mahram. For non-Muslims the Executive
Director was authorized to decide the number of days, places of visits and how to accommodate
them within the same amount approved for Muslim individuals. Hajj cannot be converted into
Umrah. (Ref AFC of September 19, 2020, and 103rd BoG held on October 31, 2020)

Hajj and Pilgrimage Policy
The Board approved the Hajj and Pilgrimage Policy. (Ref AFC of September 19, 2020, and 103rd
UNIFORM IBA SCALE
The following are the specific approvals of the Board regarding uniform IBA scale (Ref AFC of
October 19, 2011, and 69th BoG held on November 5, 2011)
To ensure job security the term “Contract Employees” will be removed for staff in Grades 1 to 15
and they will be referred as “IBA Regular Employees”.
• Annual renewal of contract would be removed for these employees.
• Employees in Projects and ICT departments and other temporary positions will remain on
contract. However, some Projects staff on completion of the projects, would be absorbed
in Maintenance Department if needed.
• Option ‘A’ employees will be given an option to opt for Uniform IBA Scale which is higher
than that of Government and is likely to remain favourable in the future. (The Board
realized that the Government is facing serious financial difficulties which is not the case
for IBA.)
• Contract, Option ‘B’ and those Option ‘A’ employees who opt for this offer will also be
assigned Job Band titles as per their equivalent BPS grade or evaluated whichever is higher.
• All government related benefits of Option ‘A’ employees will freeze as of the effective
date of announcement of this scheme. However, they would be entitled for pension
commutation and pension on retirement based on the frozen basic pay.
• Option ‘A’ employees opting for this option, will be entitled to (a) Annual performance
increments based on their gross pay, and (b) Provident Fund membership @5% of gross
pay, with matching employer contribution.
All IBA rules and regulations will be applicable to these employees.
• Option ‘A’ employees not opting for this option will continue to avail Government
announced increments and benefits (including proposed House Rental Ceiling for which a
formal policy will have to be developed and approved by the A&FC/BoG) and will be
allowed to retain their job titles.
• The pay scale of Option ‘B’ and contract employees will remain unchanged.
• Anomaly in deduction schedule from the medical policy that has been removed should be
implemented forthwith.
• The same uniform formula for calculating overtime will be applied for all eligible IBA
employees including Option ‘A’ employees.
• Request made to the Governor House for providing land for Employees Housing Scheme
was appreciated by the Board.
• The Promotion Rules already approved by the Board will be followed.
• IBA will start OPD facilities without medicines for the employees only at both the
campuses.

• The IBA Management will engage with a commercial bank of repute for grant of loans to
IBA employees under which the instalments of loans repayment will be made through
deduction from the salary of the borrower and credited to the bank.
• Reimbursement of medical expenses up to a certain limit to employees suffering from life
threatening chronic diseases would be allowed after a policy document is approved by the
Board. However, all existing medical facilities will be substituted with health insurance
scheme. Post-retirement medical facilities would also be covered under Health Insurance
Scheme subject to employees meeting the qualifying length of service.
• Deferred Benefit i.e., Provident Fund will be invested and instead of lump sum payment at
the time of retirement post retirement monthly return would be given subject to meeting
the qualifying length of service. However, its financial implications will be worked out and
a formula would be devised in consultation with actuary.

VISITING FACULTY RESIDENCE ROOM RENTS
Current Recommende
Current Rates Recommended
Rates d
Categor
S. No
y (Short Stay (Short Stay (Long Stay, (Long Stay, above
Max 14 Days) Max 14 Days) above 14 Days) 14 Days)
Rs.9,000/- Rs.10,000/- Rs.90,000/- Rs.100,000/-

1 Suites
per night per night per month per month
1. 2018: 1. 2021:
Rs.50,000 Rs.65,000/-
per month per month
2. 2019: 2. 2022:
Rs.6,000/- Rs.7,000/-
2 Rooms Rs.55,000 Rs.70,000/-
per night per night
per month per month
3. 2020: 3. 2023:
Rs.60,000 Rs.75,000/-
per month per month
Short Term Stay Long Term Stay
Additional charges for spouse Additional charges for spouse Rs.15,000/-

Rs.1,500/- monthly for long term stay.
per night for short term stay.
Kids more than 3 years are not allowed. Additional charges of Rs.10,000/- monthly
will be charged for kids between 3 years to
15 years.
The Board endorsed the recommendation of AFC for a revision in VFR room rents and authorized
the ED to decide whatever he prefers i.e. a separate (subsidized) rate for IBA’s own faculty and a
separate one for external guests. (Ref AFC of November 28, 2020, and 104th BoG held on March
27, 2021)

VISITING FACULTY - PER SESSION RATES
The Board decided to enhance the per session rate of 75 minutes duration for Visiting Faculty
Member as under: (Ref AFC of April 14, 2014, and 79th BoG held on May 3, 2014)
Category – A Category – B Current Revised Rate

Rate per 75-minute
(Per 75- session Applicable
minute from Fall 2014
session)
PhD + less than 5 MS / MBA/ Masters Rs.2,775/- Rs.3,500/-

years’ experience equivalent Accountancy
degree + 1 to less than 10
years’ experience
PhD + 5 years or MS / MBA/ Masters Rs.3,750/- Rs.4,500/-
above experience equivalent Accountancy
degree + 10 years or
above experience
PhD + 10 years or MS / MBA/ Masters Rs.4,650/- Rs.5,800/-
above experience equivalent Accountancy
degree + 15 years or
above experience
Exceptional candidates such as: Rs.5,550/- Rs.6,500/-
1. CEOs,
2. Senior Government Officers (Grade 21 and
above), known Authority in a subject.
3. Mix of leadership / Senior Management and
Regional role with multi-cultural exposure in
leading MNCs or Senior positions in
international organizations (such UNIDO,
USAID etc.)
WARNING TO NON-PERFORMERS
The Board instructed that those who are partially performing for consecutive three years should
be given warning. Similarly non-performers should be given warning to improve their
performance. (Ref AFC of April 14, 2014, and 79th BoG held on May 3, 2014)

WORKLOAD POLICY
The Board endorsed the approval of Faculty Workload Policy by the Academic Board. (Ref. 87th
meeting of Academic Board held on March 10, 2021 and 104th meeting of BoG held on March
27, 2021.)

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Management Policy

Shams-uz-Zoha Jafri/Qurat-ul-ain Siddiqui

FEE ON CREDIT HOURS ............................................................................................................................... 30

OVERTIME RATE .......................................................................................................................................... 46

TESTING SERVICES ....................................................................................................................................... 66

ALUMNI REPRESENTATIVE ON THE IBA BOG

The Register of Registered Graduates to be maintained by the Manager Corporate Affairs, or

Proposed & approved:

i) has been declared bankrupt, or

Proposed and approved:

1|Page Shams-uz-zoha Jafri|Qurat-ul-ain Siddiqui

Proposed and approved:

o the candidate has been declared bankrupt or

2|Page Shams-uz-zoha Jafri|Qurat-ul-ain Siddiqui

Ending the 3-Year waiting rule

Service of the IBA

Criteria For Candidacy

AMENDMENT IN IBA ACT

1. For the words “Governor of Sindh/Patron/Government”, the words “Chief

3|Page Shams-uz-zoha Jafri|Qurat-ul-ain Siddiqui

APPOINTMENT OF PROFESSOR EMERITUS

• The conferment of Professor Emeritus status will be for lifetime.

• Provide guidance or continue research with faculty and/or students.

4|Page Shams-uz-zoha Jafri|Qurat-ul-ain Siddiqui

• Provide advisory inputs to Centre for Business & Economics Research.

ATTENDANCE AND FLEXIBLE TIMINGS

Staggered hours/half day working

AUTHORIZATION / DELEGATION OF POWERS TO THE EXECUTIVE DIRECTOR

Appointments for one year

5|Page Shams-uz-zoha Jafri|Qurat-ul-ain Siddiqui

Delay in Selection Board meeting

Enter into or vary contracts

Expenses approved in the budget

Payment to faculty over and above the limit

Engagement Of Faculty Outside IBA

Nominations for Rewards and Recognition

Representation of IBA at legal forums/court of Law

6|Page Shams-uz-zoha Jafri|Qurat-ul-ain Siddiqui

Termination or removal from service

VFR Room Rents

7|Page Shams-uz-zoha Jafri|Qurat-ul-ain Siddiqui

Manage and supervise the Staff Welfare Fund.

8|Page Shams-uz-zoha Jafri|Qurat-ul-ain Siddiqui

1. Byelaws of the Staff Welfare Fund

AUTHORIZATION TO SECRETARY BOG

BACKGROUND CHECK OF THE RECOMMENDED CANDIDATES

Foreign Currency Bank Account

1. Mr. Danishmand Dean& Director

Account Operating Instructions:

10 | P a g e Shams-uz-zoha Jafri|Qurat-ul-ain Siddiqui

Over Rs.1.5Million Not Exceeding Rs.1.5Million

Change in IBA’s authorized bank signatories.

Second signatory of cheques:

1. Mr. Aamer Shabbir, General Manager Administration

11 | P a g e Shams-uz-zoha Jafri|Qurat-ul-ain Siddiqui

The Board endorsed the following recommendations:

12 | P a g e Shams-uz-zoha Jafri|Qurat-ul-ain Siddiqui

BANK-WISE EXPOSURE LIMIT

BPS SCALE TO IBA EMPLOYEES

13 | P a g e Shams-uz-zoha Jafri|Qurat-ul-ain Siddiqui

Policy on Annual Budget – Budget Calendar.

CAPITALIZATION OF FIXED ASSETS POLICY

14 | P a g e Shams-uz-zoha Jafri|Qurat-ul-ain Siddiqui

CAR /VEHICLE MONETIZATION POLICY