islamic finance

Meethaq signs pacts to extend education finance to students

February 8, 2021

MUSCAT: 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 bin Said al Amri, Head of Retail Branches, Meethaq and Dr Suhaila bint 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 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.

omanobserver

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