BANK Muamalat Malaysia Berhad has become the first Islamic bank to collaborate with the International Centre for Education in Islamic Finance (INCEIF) University, established by Bank Negara Malaysia to drive the Islamic finance industry to new heights.
As a tangible manifestation of this collaboration, Bank Muamalat has introduced Muamalat Education Financing solution, exclusively for selected programs at INCEIF University.
The initiative was announced during the signing of a Memorandum of Understanding (MOU) between Bank Muamalat and INCEIF University on Friday (June 28).
This education financing offers up to RM100,000 to postgraduates pursuing Professional Certificates, Masters, PhDs, and equivalent programs at INCEIF University.
Open to all 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 Bank Muamalat branches or online through its Muamalat Application Platform (MAP).
“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 (AACSB),” said Bank Muamalat president and CEO Khairul Kamarudin.
“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.”
According to Khairul, 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,” he remarked.
“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.”
Meanwhile, INCEIF University president and CEO Prof Emeritus Datuk Dr Mohd Azmi Omar said in establishing a world class centre for education, research and training in Islamic finance the collaborative efforts between industry and academia are crucial.
“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,” he asserted.
“However, be it fresh graduates or experienced professionals, financial constraints frequently prevent them from considering further education as this additional expense takes a backseat amid concerns for rising living costs and weakening purchasing power, especially those in the middle- and lower-income brackets.”
According to Mohd 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 we are ready to impart the knowledge, know-how and skills to the required workforce for a sustainable and progressive Islamic finance industry,” he said.
“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.” – June 28, 2024
