|Click here for CIITEF Scholarship ceremony Pictures|
|1. By the grace of Almighty Allah, the “COMSATS
Institute of Information Technology Endowment Fund” (CEF) was formally
launched on the occasion of its 18th Convocation. The COMSATS Institute of
Information Technology (CIIT) had formulated the Rules of Endowment in
2007, and opened a savings Account No.174279000463-01 in the Habib Bank,
Shalimar Recording Company Branch, H-9, Islamabad in January 2008 with a
token grant of Rs. one million. Today the account has increased to
Rs. 162 million.
2. The formal launching of Endowment Fund was a deliberate move towards self reliance and sustainability. Already CIIT is meeting its more than 3/4th of the operational cost from revenue generated from student fees as well as consultancy services, while 1/4th of operational cost is met via grants from the Federal Government / HEC. A decision has now been taken to make a gradual shift towards 100% reliance on CIIT’s own resources for its operations. In this regard several initiatives have been launched; the first among them is the Endowment Fund. The announcement in this respect was formally made during 18th convocation of CIIT held on 8th April 2009 at Jinnah Convention Centre Islamabad, by the Rector CIIT, Dr. S. M. Junaid Zaidi, S.I.
3. During his convocation address, Federal Minister for Science & Technology, Senator Mr. Azam Khan Swati, who is also Chancellor of CIIT, reciprocated the Rector’s announcement by promising to make a personal donation for CIIT’s Endowment Fund and in this regard, he already has sent a Cheque of Rs 100,000/-. Further, he also took the initiative of writing to the Prime Minister of Islamic Republic of Pakistan; Mr. Yousaf Raza Gillani, to seek contribution for the CIIT's Endowment Fund. With his efforts, the Prime Minister of Pakistan has made a contribution of Rs 10.00 million to the CIIT's Endowment Fund. In addition to the above contributions, several individuals came forward and contributed to the Endowment Fund including Dr. Imtinan Elahi Qureshi, T.I., Executive Director, Commission on Science & Technology for Sustainable Development in the South (COMSATS), also the Chairman, Board of Governors, COMSATS Institute of Information Technology (CIIT), who very generously made a contribution of Rs 100,000/-.
4. To provide incentive to the corporate sector to contribute to this Fund, the Federal Board of Revenue was approached to grant a nonprofit status' to CIIT's Endowment Fund. The efforts were successful and Regional Tax Office,Islamabad, under Section 2(36) of the Income Tax Ordinance 2001, approved the nonprofit status for CIIT's Endowment Fund vide letter No. CIT( L)/2009/430 dated 8th October 2009. Thus, as an added incentive, companies and individuals making contributions to the Fund, shall henceforth receive a tax rebate as per applicable law.
5. Though this is indeed an auspicious start yet all of you are urged to come forward and join hands in making CIIT self-reliant. Kindly make generous contributions into CIIT Endowment Fund!
In addition to the above mentioned cheque, the following have very kindly and generously contributed towards the CIIT's Endowment Fund: