Thursday, December 02
02:05 AM

Meethaq extends education finance to students

8 Feb 2021

Omani youth and the development of human resources, Meethaq Islamic Banking from Bank Muscat, has signed two agreements to extend Education Finance to students from premier educational institutions in the sultanate. The first agreement was signed with Oman Educational Services, the parent company of the German University of Technology in Oman (GUtech) and Finland Oman School (FOS). The agreement will provide financing options to working students at GUtech and to parents of students at Finland Oman School. 

The agreement was signed by Shamzani Mohammed Hussain, general manager – Meethaq Islamic Banking, and Dr Hussain al Salmi – CEO of Oman Educational Services and GUtech’s acting rector. The second agreement was signed by Amor Said al Amri, head of Retail Branches, Meethaq, and Dr Suhaila Muhammad Abbas, dean, Mazoon College. The agreements will allow working students and parents to utilise the bank’s education financing service to pay their tuition fees so as to mitigate financial pressure during their period of study. 

The signing of the two agreements are part of Meethaq’s strategy of providing the best banking and financial services complying with Islamic Sharia’a principles to both individuals and institutions across various fields and sectors. Meethaq Education Finance works under the principle of Service Ijarah (ijarah tul khidmat) wherein Meethaq leases the education services through a service provider and then sub-leases the required service. Instead of cash loans, the bank will arrange through education service providers and provide education services to its customers according to their requirements against deferred payments by concluding a Service Ijarah contract. Meethaq’s Education Finance has some of the best features in education financing products including 100 per cent financing facility for the entire education cost, easy installment plans, competitive pricing and free life Takaful coverage. 

Omani nationals with a minimum monthly salary of RO250 and expatriates with a minimum monthly salary of RO300 can avail Meethaq Education Finance provided they meet the other eligibility conditions. Every Meethaq product goes through the process of Sharia’a compliance certification by the Sharia’a Supervisory Board and is developed in line with the guidelines of the Central Bank of Oman. Oman Educational Services LLC is the parent company of a number of educational institutions. It operates Oman’s first green campus, a full-fledged campus encompassing GUtech, Finland Oman School, History of Science Centre, a Solar Training Facility, Siemens Mechatronics Lab, and much more. GUtech offers a number of undergraduate and postgraduate programmes, developed in collaboration with European partners. 

GUtech’s undergraduate programmes are internationally accredited. Established in 2018, Finland Oman School is the first private school in Oman to offer the Finnish pedagogical model in Oman to school students. Mazoon College is a private academic institution that is working under the supervision of the Ministry of Higher Education since 1999. It provides higher education in different fields and has eight departments at present. Mazoon College is affiliated with the Missouri University of Science & Technology in the United States. Students from the college have the option of joining Missouri University for either an exchange programme or for advanced studies. For more details please go to consumerfinancing/Pages/details. aspx#education or call on 24656666.

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