International Islamic University of Prophetic Medicine (IIUPM) finance philosophy is based on halal money determined by Quran and Hadees. Hence this University doesn’t use money from interest policies but based on Indian economical system uses Indian banks only for the purpose of transaction. At the same time this University as its mission is being run under the motto of doing service to the society and the trust (JAMIATHU TWIBBUNNABAWI TRUST) members of this University does not intend to make any sorts of profits from this institute,
IIMS being an economical establishment it has certain rules for its economical stability, based on this IIMS shall be finding ways to generate revenues for its on expenses, for salaries of staffs and for providing T.A for the trustees at the time of trust meetings.
Its based on three policies which are:-
So upon these the students and staff shall make relations with economical proofs which means by the financial registration so that when a student registers by depositing a fixed caution deposit and by paying his tuition fees or research registration fees the student must follow the economical rules of the University and maintain the records of money transactions with them till there convocation.
Initial registration completely acts as a proof of the complete readiness of the student to join the course and there is no provision for its refund , once paid. The registration fees, course fee etc are criteria’s for joining to the University. So later own the student shall complete these fees and if its not done by the said date the student shall receive the remaining amount if it hasn’t been spend by the University or else the amount shall go to the institutes other educational works. As similar to every other university the amount shall not be refunded by IIMS also as these could change the structure of educationalism. The financial registration is divided into 10 subdivisions.
1. Initial registration, caution deposit, Admission/Research registration …., etc ..
2. Tuition/guidance fee
3. Text/reference fee
4. Training fee
5. Outing fee
6. Events fee
7. Tools fee
8. Maintenance fee
9. Exam fee.
10. Convocation fee
In the above said fee structure not all fees shall be paid by everyone, for example the maintenance fee for the breakage and outing fee for tour etc will not be mandatory for all candidates. Similarly tuition fee will be applicable only for degree courses and diploma courses for the direct classes and for research scholars only guidance fee will be applicable. The textbook fee will be only for degree courses and for research scholars only for the reference materials they receive from this University they will have to pay the fees and there is no need of fee payment for the usage of library. At the same time the initial fees, exam fee and convocation fee would be mandatory for all candidates and the remaining fee shall depend on the courses selected.
Printed bills for all sorts of fee shall be essential as a preventive method from corruption as today it’s common for obtaining fake certificates from private Universities by faking dates, here these shall be prevented and the certificates shall be provided only as per the dates in the convocation. This shall also be an effective tool against legal cases and hence the candidates shall keep their bills after convocation also for legal safety. Based on academic policies the fee receipts would become a lesser priority after one has obtained a certificate in convocation but sometimes it would become essential to show up the bills at the time of convocation for receiving the certificates.
Finance officer shall initially bring these things to an order then he shall form a finance committee were he himself shall be the chairman and thereby making a committee.