The 8th meeting of the Senate of Sindh Madressatul Islam University (SMIU) was held on Thursday at the Senate Hall of the university, which was chaired by Vice Chancellor Dr. Mujeeb Sahrai.
The Senate was informed that the budget of SMIU in the financial year 2023-24 was first time surplus in the history of the university. Giving its details it was said that in year 2023-24, SMIU’s budget was 963,315,795 rupees, expenditure was 907,484,864 rupees and 55,831,494 rupees were surplus.
The meeting said the grant received from the Federal and Provincial governments was 498,783,149 rupees, while the SMIU’s contribution to the budget was Rs. 464,532,646 rupees.
The Senate was further informed that the SMIU’s home contribution remained 50 percent to the total budget, generated from its own resources. Also the pension Fund was increased from 134.809 million rupees in the financial year 2023- 24, while it was 74.115 million rupees in year 2022-23.
Likewise, the budget deficit was gradually reduced in the last four years.
The Senate was informed that in the financial year 2018-19 budget deficit was 70 million rupees, in 2019-20 was 67 million rupees, in 2020-21 was 8 million rupees, in 2021-22 was 7 million rupees, in 2022-23 was 6 million rupees and in 2023-24 the SMIU went 50 percent in surplus.
The Senate was also informed that the Endowment Fund of SMIU was increased to 46 million rupees in 2023-24.
The Senate passed resolution for annual budget estimates for the financial year 2024-25, amounting to Rs. 1453.405 million rupees against the recurring resources of the university.
The Senate also approved minutes of the meetings of the Syndicate and other statutory bodies of the university.
Addressing the Senate Dr. Mujeeb Sahrai said SMIU is the first public sector university in the province which has 50 percent surplus budget. He said such success was achieved by reducing expenditures and generating home resources.
Dr. Sahrai said SMIU’s efficiency in financial, academic and administrative matters is a reflection of its successful management and policies.
The members of the Senate appreciated Vice Chancellor of SMIU, its faculty and administrative staff for making the SMIU one of the finically sustainable and quality universities of the country.
The meeting was attended by Senate members including Dr. A.Q. Mughal, Research Professor, Greenwich University (Nominee of HEC Islamabad), Prof. Dr. Tauha Hussain Ali, Vice Chancellor, Mehran University of Engineering & Technology, Sohail Anwar Baloch, Additional Secretary, Universities & Boards Department, Government of Sindh, Haji Muhammad Hanif Tayyab, Ex-Federal Minister and others.