American University of Sharjah (AUS), has signed a partnership agreement with Sharjah Islamic Bank (SIB), to cooperate in facilitating higher education opportunities through a competitive financing plan.
The financial plan will set qualified students on a path to a better and more prosperous future by providing access to higher education at AUS. With the higher education financing plan, qualified AUS students with financial challenges will be able to access affordable education financing that will set them on the right path towards their career destiny.
Through the agreement, SIB will cooperate with AUS to facilitate higher education opportunities at AUS by providing an Islamic financial plan with competitive profit rates to parents of current and new undergraduate and graduate students at AUS.
"This agreement is another step in our mission to make excellent higher education accessible to everyone," said Dr. Peter Heath, AUS Chancellor. "Since its inception, AUS has endeavored to support qualified and talented students to receive the education they deserve. This is another added value that we bring to families all across the Emirates." Echoing the sentiments of Dr. Heath, SIB's Deputy CEO Ahmed Saad said that the bank was pleased to join hands with AUS to provide this new service. "Like AUS, we too have a commitment to the community and are extremely pleased to partner with AUS in this endeavor. AUS has an excellent reputation throughout the country and 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 deserving and qualified students," he said.
"We are happy for this agreement as it will avail quality AUS education to many more deserving students who might have been denied excellent education because of lack of financing," said Ali Shuhaimy, AUS Vice Chancellor for Enrollment Management. "This financing plan for higher education from SIB will allow all qualifying students to access a pathway to brighter future." As part of the five-year agreement, which was signed by Mr. Shuhaimy on behalf of AUS and Mr. Saad on behalf of SIB, SIB will reduce the normal profit rates, making the plan most attractive and affordable. The reduced profit rates will be different for salaried customers and non-salaried customers.
Both parties will cooperate in the activities envisaged under this agreement in accordance with their own internal regulations, rules and directives.
Present at the signing ceremony were senior officials from both AUS and SIB.