The State Bank of Pakistan (SBP) and Lahore University of Management Sciences (LUMS) signed an MOU for the establishment of the SBP Chair in the field of Banking Law at the Shaikh Ahmad Hassan School of Law (SAHSOL) at LUMS. To formalise the MOU, Mr. Tariq Bajwa, Governor, SBP and Dr. Arshad Ahmad, Vice Chancellor, LUMS, signed the agreement on February 18, 2019.
Since 2001, the State Bank, through its outreach programme, has been collaborating with public sector universities to regulate the educational aspects of the banking sector. LUMS is the first private sector university to have been chosen by SBP for such a collaboration.
Present at the ceremony were Syed Babar Ali, Founder and Patron of LUMS, Dr. Parvez Hassan and Ms. Saima Khawaja, Members of the Board of Trustees of LUMS, Mr. Shahid Hussain, Rector LUMS, Dr. Kamran Asdar, Acting Dean, SAHSOL and eminent lawyer, Mr. Hasan Irfan.
Showing his strong support in favour of LUMS, Mr. Bajwa remarked, “We are signing this MOU with an educational leader and thus there is bound to be a positive impact. LUMS gets the brightest and produces the best lawyers. If we are able to train them well, provide them with the necessary skills and give them the right academic base, then I’m sure they are going to positively contribute to the legal landscape of the country.”
LUMS strives for excellence in teaching and research and this initiative will set the path to a progressive direction in Banking Law.
Dr. Ahmad stated, “We are confident that this Chair will create a research programme that will positively impact society. The establishment of the Chair is one of the highest honours for our Law School and the University is honoured to partner with the State Bank of Pakistan.”
The role of Banking Law in promoting economic growth in the country cannot be underestimated. The signing of this MOU is bound to transform the Banking Laws in Pakistan. Mr. Bajwa was also impressed with the large pool of trained economists at LUMS and assured that the State Bank will soon be signing another MOU where both the institutions will be collaborating on research.
