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AUS and SIB sign agreement to facilitate education finance for AUS students
American University of Sharjah (AUS), a leadinghigher education institution in the UAE, signed a partnership agreement at AUS with Sharjah Islamic Bank (SIB), an award-winning Islamicbank in the UAE, to cooperate in facilitating higher education opportunitiesthrough a competitive financing plan.
The financial plan will set qualified students on a pathto a better and more prosperous future by providing access to higher education atAUS. With the higher education financing plan, qualified AUS students withfinancial challenges will be able to access affordable education financing thatwill set them on the right path towards their career destiny.
Throughthe agreement, SIB will cooperate with AUS to facilitate higher educationopportunities at AUS by providing an Islamic financial plan with competitive profitrates to parents of current and new undergraduate and graduate students at AUS.
"Thisagreement is another step in our mission to make excellent higher educationaccessible to everyone," said Dr. Peter Heath, AUS Chancellor. "Since itsinception, AUS has endeavored to support qualified and talented students to receivethe education they deserve. This is another added value that we bring tofamilies all across the Emirates."
Echoingthe sentiments of Dr. Heath, SIB's Deputy CEO Ahmed Saad said that the bank waspleased to join hands with AUS to provide this new service. "Like AUS, we toohave a commitment to the community and are extremely pleased to partner withAUS in this endeavor. AUS has an excellent reputation throughout the countryand is known for the quality of education it provides. Through this new plan,we hope to help open the doors of this great institution to many more deservingand qualified students," he said.
"Weare happy for this agreement as it will avail quality AUS education to manymore deserving students who might have been denied excellent education becauseof lack of financing," said Ali Shuhaimy, AUS Vice Chancellor for EnrollmentManagement. "This financing plan for higher education from SIB will allow allqualifying students to access a pathway to brighter future."
As part of the five-year agreement, which was signedby Mr. Shuhaimy on behalf of AUS and Mr. Saad on behalf of SIB, SIB will reducethe normal profit rates, making the plan most attractive and affordable. Thereduced profit rates will be different for salaried customers and non-salariedcustomers.
Both parties will cooperate in the activitiesenvisaged under this agreement in accordance with their own internalregulations, rules and directives.
Present at the signing ceremony were senior officialsfrom both AUS and SIB.