[The Edge] Affin partners SEGi to provide financing for students

By Syahirah Syed Jaafar

KUALA LUMPUR (July 4): Affin Islamic Bank signed a memorandum of understanding with SEGi University & Colleges today to provide its Islamic financing product to SEGi students.

The shariah-compliant AFFIN Education Financing-I product is designed to assist students for their education plan at selected Malaysian higher education institutions and is structured based on the Islamic concept of Ijarah.

It is offered on a joint-application basis where the facility is jointly applied by the parents or guardians with the students, Affin Islamic said in a statement.

The financing is applicable for full, part time, new and existing students and is open to all diploma, degree, and postgraduate programmes offered at universities and colleges in Malaysia.

“We strongly believe in the investment of education for the future of our next generations because we believe that investing in education is an investment in our future,” said Affin Islamic chief executive officer Nazlee Khalifah.

“The financing provided by the bank’s programmes for students of SEGi is an integrated manner which takes into account the financial needs, where we inspire to reach a larger number of ‘beneficiary’ students,” said Nazlee.

SEGi group senior executive director Daniel Teng said the product adopts a shared responsibility approach where several family members or guardians can jointly support the educational needs of one student.

“This will enable students to cover most or full cost of a programme,” he said.

Affin Islamic is a wholly-owned subsidiary of Affin Bank Bhd. Affin Bank’s shares closed up four sen or 1.59% at RM2.56 today, for a market capitalisation of RM4.97 billion.