Association of Islamic Banking Institutions Malaysia

KFH Bahrain offers Shariah-compliant student financing product

Thursday, 02 July 2009

Kuwait Finance House - Bahrain (KFH-Bahrain) has launched a student financing product based on the Islamic finance principles of Ijarah.

Ijarah means to lease, rent or hire, and includes making a service available for a fixed price and period. It is not considered debt financing.
The Student Financing product aims to finance tuition fees for undergraduate and postgraduate students in Bahrain, thereby encouraging and facilitating higher education.

In order to qualify, students must undertake their studies at universities accredited by the Ministry of Education, although international university students may be considered.

Students must also have completed high school studies with an average 85% or higher, or a 3.0 GPA for undergraduate degrees. Guardians must apply on behalf of students who are under the age of 21.

Mr. Abdulhakeem Alkhayyat, Managing Director and CEO of KFH-Bahrain KFH-Bahrain said, "As a socially responsible bank we have designed this unique product to support and encourage students not only to enter higher education but to excel at a national and international level. Student Financing is a very important initiative of the bank, designed to support Bahrain's 2030 vision."

Source: Sukuk.net