MANAMA: Al Baraka Islamic Bank (AIB) has launched a Sharia-compliant educational financing scheme with Ahlia University as the first partner.

The announcement follows a signing ceremony attended by AIB general manager of business group Tariq Kazim, retail banking head Fatema AlAlawi, Ahlia University managing director Prof Abdulla Al Hawaj, and president Prof Mansoor AlAali along with other officials.

The new scheme offers finance at low profit rates over a maximum tenor of three years.

Mr Kazim said: “This scheme goes in line with our efforts to empower the future generation by ensuring they receive top quality education and are capable of entering the job market upon graduation.

“We are also pleased to have Ahlia University as the first educational institution on board with this new scheme and look forward to partnering with more universities across the kingdom.”

“We are delighted to partner with AIB and fully support their initiative in investing in students of Bahrain, as we hope to contribute towards their educational success,” said Prof Al Hawaj said.

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