PESHAWAR - The Bank of Khyber approved four fully funded need based scholarships for the newly launched MBA (Islamic Banking and Takaful) programme at the Institute of Management Sciences Peshawar. This announcement was made by Abdul Samad, Sharia Advisor, Bank of Khyber at a gracious ceremony held at the Institute. Along with the students, Program Coordinator Dr. Shakir Ullah, faculty and Director IM|Sciences, Dr. Muhammad Mohsin Khan, this gathering was attended by high officials from Bank of Khyber, Meezan Bank Ltd, Takaful Pakistan Ltd, Pak Qatar Takaful Ltd, Pak Kuwait Takaful Ltd. Dr. Shakir Ullah added that Institute of Management Sciences, Peshawar, is proud to be the pioneer in offering MBA in Islamic Banking and Takful, which is a full time 1.5-year intensive degree programme designed to produce future business leaders for the growing Islamic finance industry. It is aimed at providing sound foundations for effective, ethical and Sharia-compliant decision-making in a complex and dynamic world. There is a concentrated emphasis on theory, processes, techniques and practice of various disciplines of finance, accounting and management with a particular focus on Sharia principles. He shared that the application response to this exemplary initiative is overwhelming, which further highlight the market demand of this degree programme.Dr. Muhammad Mohsin Khan asserted that highly qualified human capital in Islamic Banking and Takaful is not only required on regional and national level, but the fact is that this specific sector contributes $ 1.8 Trillion to the global banking transactions and in future this is expected to rise to $ 4 Trillion on annual basis. He stressed upon the need of applied researches which solve the business problems in Islamic Banking. He thanked Abdul Samad and all the officials of Bank of Khyber (BoK) for their generous support to financially needy but talented applicants of MBA (Islamic Banking / Takaful).The chief guest Abdul Samad, elaborated that so far the Islamic Banking and Takaful has covered 17 % of the banking customers while there are 30 % more growth opportunities exist. He further added that in addition to conventional banking knowledge and skills, the learning practices of Islamic Banking and Takaful should also be encouraged by Higher Education Institutions.