In a strategic move to establish Malaysia as a global hub for Islamic finance, Bank Muamalat Malaysia Berhad (Bank Muamalat) has partnered with the International Centre for Education in Islamic Finance (INCEIF) University.
Through this partnership, the Muamalat Education Financing solution was introduced. The initiative was recently officially announced during the Memorandum of Understanding (MoU) signing ceremony.
The initiative focuses on the education sector, providing financial assistance to students furthering their studies in Islamic finance. The idea is to cultivate expertise in the field by making education more accessible, thereby contributing to the industry’s growth.
Bank Muamalat President and Chief Executive Officer (CEO) Khairul Kamarudin stated: “This collaboration not only empowers aspiring students through education and talent development but also propels the advancements of the Islamic finance industry.”
As noted by Khairul, this partnership aligns with Bank Muamalat’s brand mission, ‘Better lives, together’. It seeks to create long-term positive changes in communities, starting with education.
The Muamalat Education Financing offers an aggregate of RM100,000 to postgraduates pursuing Professional Certificates, Master’s, PhDs, and similar programmes at INCEIF University.
Malaysian students aged 18 or older, with a total income of at least RM3,000, are eligible to apply. Those applying can also benefit from the introductory effective rate. Interested students can apply in person at Bank Muamalat branches or online through the Muamalat Application Platform (MAP).
INCEIF University is currently the only university in the world specialising in Islamic finance education. The university has received an accreditation by the Association to Advance Collegiate Schools of Business (AACSB) in recognition of its exceptional Islamic finance programme.
INCEIF University President and Chief Executive Officer, Prof Emeritus Dato Dr Mohd Azmi Omar, emphasised the significance of collaboration between the industry and academic institutions.
“In establishing a world-class centre for education, research, and training in Islamic Finance (IF), the collaborative efforts between industry and academia are of importance,” said Azmi.
He noted that financial constraints often discourage the pursuit of advanced studies. An additional expenditure for education is less considered against rising living costs, especially for those with middle- and lower-income levels.
By offering loans up to RM100,000, Muamalat Education Financing helps cover tuition fees and other related expenses. This financial support is expected to encourage students to pursue advanced degrees in Islamic finance at INCEIF University.
Overall, the MoU signifies more than a mere formal agreement. It demonstrates a shared dedication between Bank Muamalat and INCEIF University to nurturing talent and fostering excellence in Islamic finance.
