The memorandum of understanding was signed on Wednesday at the Vice Chancellor Secretariat between the University of Karachi and the US-based company Al Kauser Inc.

In accordance with the Memorandum of Understanding, Al Kauser would offer scholarships to University of Karachi students.

The Pakistani delegate for Al Kauser, Syed Qaim Mehdi, and KU VC Professor Dr. Khalid Mahmood Iraqi signed the Memorandum of Understanding.

Al Kauser, Syed Qaim Mehdi told the members that the organization began working in the medical and educational sectors in 2008 and later broadened its scope by helping the nation's flood victims.

According to him, the number of University of Karachi students receiving scholarships has increased from 150 to more than 200 annually, up from about 40 in 2018.

According to him, Al Kauser, a New Jersey-based company, currently offers scholarships to KU students, but with the signing of this Memorandum of Understanding, they will have the ability to readily expand the amount of money allocated to KU student scholarships.

The KU VC Professor Dr. Khalid Iraqi stated that such programs are greatly benefiting the universities and praised Al Kauser's role in giving financial aid both during and after admissions.

He claimed that the significant rise in inflation, joblessness, and other circumstances has made it extremely challenging for young people to fulfill their aspirations of attending college.

He explained that, despite the fact that many students were unable to pay their tuition during the COVID-19 epidemic, the University of Karachi was the only university in the nation that permitted them to continue their education. The bulk of students, he continued, abused the chance and have yet to pay their bills, adding to the campus's financial load.

In the future, the Higher Education Commission Islamabad should raise the grant amount, which has been constant since 2018, in order to lower the financial barrier for universities, according to KU VC Professor Dr. Khalid Iraqi.