Kuala Lumpur, 28 June 2024 – Bank Muamalat Malaysia Berhad has introduced an education financing facility of up to RM100,000 for Malaysians to pursue selected postgraduate programmes at INCEIF University.

Known as Muamalat Education Financing, the facility is offered exclusively for those who wish to pursue Professional Certificates, Masters and PhDs at INCEIF. The initiative was announced during the signing of a Memorandum of Understanding (MoU) between Bank Muamalat and INCEIF University today.

This facility is open to eligible Malaysian students aged 18 and above with a minimum total income of RM3,000, with an attractive introductory effective rate. Prospective students can apply for the financing directly at 68 Bank Muamalat branches throughout the country or online through its Muamalat Application Platform (MAP).

Today’s MoU between INCEIF as the knowledge provider and Bank Muamalat the financier is aimed at giving a much-needed spur for those thinking of acquiring further knowledge and improving their career possibilities. This MoU signifies more than just a formal agreement; it is a testament to our shared commitment to nurturing talent and promoting excellence in Islamic finance. By offering financings to our postgraduate students, Bank Muamalat is investing in the future of the industry.

Bank Muamalat President and Chief Executive Officer Khairul Kamarudin said “Bank Muamalat is proud to partner with INCEIF University, the only university globally that focuses exclusively on Islamic finance education and is accredited by the Association to Advance Collegiate Schools of Business or AACSB.

“As the leader in the Islamic Banking sector, our commitment extends beyond financial assistance, to encompass our customers’ ambitions and the nation’s aspiration to be the leading global hub for Islamic finance. This collaboration not only empowers aspiring students through education and talent development but also propels the advancement of the Islamic finance industry.”

“Guided by our brand mission to create Better lives, together, this collaboration marks the initial step in our journey to create lasting positive impact in communities. In this case, we aimed at reshaping the education sector through tailored financial solutions, in support of Malaysia’s government vision to elevate educational standards,” Mr Khairul added in a statement.

INCEIF President & CEO Professor Emeritus Dato’ Dr Mohd Azmi Omar said: “In establishing a world class centre for education, research and training in Islamic finance, of importance, is the collaborative efforts between industry and academia. As we strive to bring Islamic finance into the financial mainstream, we look forward to forging efforts with other Islamic finance stakeholders to elevate its dynamism, one of which is through a steady supply of industry-ready and industry-responsive talent.

“However, be it fresh graduates or experienced professionals, financial constraints frequently prevent them from considering further education as this additional expense takes a backseat amidst concerns for rising living costs and weakening purchasing power, especially those in the middle- and lower-income brackets,” added Dato’ Azmi.

The financial assistance offered by Bank Muamalat through its education financing scheme is not only timely, but much welcomed all around. As a university, INCEIF is ready to impart the knowledge, know-how and skills to the required workforce for a sustainable and progressive Islamic finance industry. This initiative ensures that more potential students can access world-class education without financial constraints, enabling them to focus on their studies and professional growth.

For more information, please visit www.muamalat.com.my or contact Bank Muamalat Customer Service Centre at 03-2600 5500.

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