MUSCAT: As the leading and most-trusted Islamic bank in the Sultanate of Oman, Bank Nizwa has always ensured that its innovative banking solutions serve to guarantee the community’s welfare and progress. In line with this aim is Bank Nizwa’s attractive education finance offering that helps customers achieve their education goals. The offering is based on the Islamic principles of Murabaha and Ijarah (service Ijara) and offers attractive profit rates, with flexible payment options and a comfortable repayment period to all enrollees.
This education finance plan is geared towards the youth in the Sultanate of Oman who wish to pursue higher education degrees. Bank Nizwa recognises the potential of the country’s youth and the important role they play in Oman’s future economic and social flourishment. To this end, the bank has created this offering for students who have completed high school. The offer can be applied for jointly with their parents or guardians. The parent or guardian is required to pay only the profit amount during the period of the course and will additionally have a grace period of one year after course completion to repay the full amount.
Encouraging young dreamers to avail the Education Finance offering, Ikhlas al Lawati, Senior Head of Services Quality, Phone Banking and In Charge of Product Development at Bank Nizwa, said, “At Bank Nizwa, we believe the youth are the future of Oman and we must empower them with knowledge, skills and expertise, so that they may be prepared for the challenges of the workforce. We encourage students and dreamers to avail our attractive fully Shariah-compliant education finance offering to fulfill their education dreams. Through this plan we wish to make higher education accessible to all.”
Aligned with the emphasis Oman Vision 2040 places on the education sector, Bank Nizwa’s education finance offering also helps parents and guardians finance their children’s school fees. Though this option does not have a grace period and enrollees are required to pay the installments immediately, the convenient repayment period extends over a longer time span at a competitive rate.
Salaried individuals who are looking to pursue further education to enhance their skills can also avail Bank Nizwa’s education finance offering. While there is no joint financing or grace period for working individuals, the plan gives them an opportunity to cover the entire course fees and provides them with a flexible installment plan.
Oman Observer is now on the WhatsApp channel. Click here
