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Wednesday, January 27, 2021

UTG to seek IDB’s support to create endowment fund

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Dr Jah said the UTG would soon seek IDB’s approval for possible collaboration in creating an endowment fund. 

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He added: “Looking into the future, we are intending to further explore with the bank the untapped areas of endowment, (waqf). Due to the worldwide low investment in higher education, coupled with the increasing cost of higher education, it is part of our strategy for self-sufficiency to rethink the philosophy and re-device the application of waqf institution.  It is within the recent thinking of the University to start an endowment fund by putting aside close to half a million dollars to yield profit to be used for sustenance.”

Jah made these remarks last week on the occasion of the conferment of Doctor of Letters on Ahmed Mohamed Ali Al Madani, president of the Islamic Development Bank. 

He said: “What is entertaining to know, however, is that the culture of successful institutions like IDB, is shaped and moulded by the rare qualities of its leadership. Dr Ahmad Ali is an active Muslim; he focuses on the big picture and pushes the agenda of servitude and services to benefit the whole of mankind regardless   

“We at the University of The Gambia recognise the pivotal role played by the IDB in our country’s quest for socio-economic and technological advancement. The various IDB interventions have significantly uplifted the living standards of the citizenry and we shall forever be grateful for the Bank’s support and cooperation.

“Due to time constraint, just allow me to list a few of the bank’s positive interventions dedicated to the University of the Gambia; and for that to happen, the role of the outgoing Vice Chancellor, Professor Muhammadou M.O. Kah must be acknowledged here. One of many achievements that he recorded is the internationalisation and networking of the University of the Gambia. 

“The most significant interventions, whose impact, when implemented, would be unquantifiable is the Bank’s leadership of the co-funding of the University of The Gambia campus at Faraba Banta. The Government of the Gambia has already received funding valued at more than Fifty million US Dollars for the construction of the first phase of the permanent campus from Islamic Development Bank, BADIA, Kuwaiti Fund, Saudi Fund, OFID/OPEC and The Government of The Gambia. Thus the entire financing is in place to complete the first phase of the long awaited UTG campus at Faraba Banta. We are as we speak at the final stages of paper works for tendering. Insha ALLAH, very soon we will see a lot of activities in Faraba. We are anxiously looking forward to the laying of the foundation stone.” 


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