Supporting education: Making money and doing good

From InpaperMagazine Published May 12, 2013 05:00am

Making lots of money and doing good in the world at the same time are not
contradictory concepts according to Peter Blair Henry, the current dean of
New York University Stern School of Business interviewed on February 24,
2013 by The New York Times. His refreshing viewpoint emphasises that there is a
different way of thinking about the role of business in society. As the dean of one of the
most prestigious business schools in the world, he is trying to educate a new generation
of business leaders that want to make the world a better place. While considered avantgarde in the developed world, his vision is crucial for the developing world including
Pakistans new business elite and educators.
In the current competitive world, no country can be developed and brought to its full
potential without having an easily accessible system of education that is of high quality
and supports creativity and talented students. One of the critical objectives of higher
education is to support the large pool of talented but financially disadvantaged students
to reach their goals and become the next generation of leaders, scientists and
professionals who can lead the country out of poverty into an economically sustainable
nation.
Giving back Supporting education, especially higher education in Pakistan has never
been more important or time-sensitive. Big businesses, corporations and also self-made
wealthy people in Pakistan must realise that the future of the country and their
business success depends on the quality of the education delivered today. Their
donations to support student education through fellowships or student endowment
funds are critical to the advancement and accessibility of education. It is especially
important to consider the power of small but continuous donations in a populous
country like Pakistan.
The power of numbers is impressive and can make a real difference in fundraising for
education (see: Civic duty: university education for the community, by the community,
Dawn April 7, 2013). Even a small contribution to a student endowment fund can over
time grow and increase the chances that talented young persons become successful
and make a difference in the world.
To enable more students to access and receive a quality education is the goal of the PEP
Foundation programme: the Student Advancement Fund Endowment (SAFE). The
endowment fund is dedicated to provide scholarships and financial aid to needy
students. It is invested in guaranteed income instruments such as government bonds
with only half of the gains, at the end of each year used for scholarships. The other half
of the gains together with the principal are reinvested so that SAFE becomes a source of
awarding scholarships in perpetuity.
The scholarship programmes supported by SAFE ensure that talented students are not
deprived of their education because of their financial status and will have a chance to
excel in their studies. With initial financial assistance from PEP Foundation, SAFEs have
already been established at the University of Punjab; the University of Engineering and
Technology, Lahore; Government College University Lahore; Government College
University Faisalabad; the Beaconhouse National University, Lahore; Lahore College for

Women University; and University of Agriculture Faisalabad while Memorandums of

Understanding have been signed with 19 additional universities.
Everyone in the community, including business leaders and philanthropists may
contribute to these student funds at any time by contacting their local universities or
during the universitys designated education fundraising week.
Next generation of philanthropists The receivers of these funds will become not
only the next generation of leaders, but also the next donors and philanthropists who
can contribute to the institutions that have helped them. However, it is important that
even those who are blessed to have the support of their families and do not need
financial assistance for their education know the value of philanthropy. Encouraging
volunteering and donating to noble causes such as education or other community
needs, makes students responsible citizens and can be regarded as a part of their civic
education.
Similarly, community service must become part of school curricula to instill civic duty
and compassion in students, and also make their education relevant to the needs of the
community around them. The next generation of professionals, leaders and scientists
will include those talents that employ global solutions to local needs and can easily
apply their intellectual abilities and financial power to make the world a better place,
starting at home.
The writers work for the Promotion of Education in Pakistan Foundation, Inc., USA.