SHAH ALAM: Management & Science University (MSU) today launched the Affin Education Financing-i, an initiative to provide education financing to students in need.
MSU president Tan Sri Dr Mohd Shukri Ab Yajid said the university’s strategic cooperation with Affin Islamic Bank Bhd had enabled MSU students to receive education financing of up to RM150,000 for a financing tenure of up to 15 years.
“Based on the concept of Ujrah, the financing is open to students aged between 18 and 45 who are pursuing their diploma, degree and post graduate programmes (both Masters and doctorates).
“MSU is committed to fulfilling its responsibility of helping students with finances to ensure they get to pursue their higher education. This will create holistic and competent graduates who will contribute to the nation’s development, especially in the education sector.
“A total of 26 students from 100 applicants have to date obtained the approval to benefit from this scheme,” he told reporters after launching the scheme.
Shukri said, besides the scheme, the varsity, via MSU Foundation, allocates about RM8 million annually to help students with scholarships, sponsorships, zakat and other financial aid.
Present were MSU vice-chancellor Professor Puan Sri Dr Junainah Abd Hamid; Affin Islamic chairman Mohd Suffian Haron; Affin Bank Bhd managing director and chief executive officer Kamarul Ariffin Mohd Jamil; and, Affin Islamic chief executive officer Nazlee Khalifah.
Nazlee said MSU was the first private university to work with Affin Islamic, but the financial institution was also initiated discussions on similar schemes with other private higher education institutions.
“Not all students are eligible. We will conduct assessments to see if a student meets the requirement and criteria. The scheme is open to both Muslims and non-Muslim students.
“The beneficiaries of this funding can still apply for the National Higher Education Fund Corporation loan for additional funding since Affin Education Financing-i is paid directly to the university to pay off students’ tuition fees.”
Nazlee added that, with the financial aid, he was confident they could help more students to pursue higher education, eventually contributing to the development of the nation.