MIB and IUM sign MoU to issue student loans under Charity Fund

Maldives Islamic Bank (MIB) and the Islamic University of the Maldives (IUM) have signed a Memorandum of Understanding (MoU) for the issue of student loans under the MIB Charity Fund.

The MoU was signed on August 23 by Vice Chancellor of IUM Dr. Ibrahim Zakariyya Moosa and Chief Finance Officer of MIB Ali Wasif. The purpose of the MoU is to facilitate loans to be issued to students by IUM under the MIB Charity Fund.

MIB said the agreement will ease the process for IUM students to acquire loans under the Charity Fund. MIB said only students eligible for Zakat Fund will be able to apply for loans under this scheme.

The MoU signing ceremony was attended by senior officials of IUM and MIB.