The first founding meeting held on establishment of the African Bank for Development and Investment.
The meeting was chaired by Professor Kamal Mohammed Obaid, the University's vice chancellor, and attended by Prof. Musa Taha, Deputy vice chancellor academic and Cultural Affairs, and Dr. Osama Meghni, Director of the Executive Office of the University as well as other University`s guests of honors Dr. Ibrahim Al Baloushi, Executive Director of Kenya Endowment Foundation and Dr. Abdo Daoud, Chairman of the Founding Committee of the Bank and members of the Founding Committee from within the University, where the meeting gives the following results:
- The bank shall be considered and registered as commercial bank with a capital of one hundred million dollars
- The meeting decided to adopt the contribution structure of 70% and the development of the university and its mission of 30% investment.
- The shares would be distributed as follows:
30% with the name of the International University of Africa
10% with the name of the workers trade union that provided through the contribution of the employees of the university as follows:
The professor level $ 500 would be deducted over a period of 10 months.
The associate professor level $ 400 would be deducted over a period of 10 months.
Assistant Professor's level is to deduct $ 300 over a period of 10 months.
The lecturer level $ 200 would be deducted over a period of 10 months.
From the first level to the third the deduction will be equivalent to $ 100 over a period of 10 months.
From the fourth level to the ninth level, the deducting will be equivalent to $ 50 over a period of 10 months.
The employee levels is deducted the equivalent of $ 20 over a period of 10 months.
15% is the endowments for the graduates.
45% are available for the rest of foundations and organizations.
- Allocating the IUA investment building No. 4 as the Bank Main Branch.
- Selection of Prof. Kamal Mohamed Obeid, the University's vice chancellor as Chairman of the Board of Directors of the Bank.
- Dr. Abdo Daoud was appointed as the General Manager of the Bank.
The IUA vice chancellor commended the work of the Committee during the previous period in preparing of the files related to the Bank's approval with the Central Bank of Sudan and introducing the Bank inside and outside the Sudan and directed the Constituent Committee to intensify efforts and proceed with the steps of establishing the Bank.