AlJazira launches Finance University Tuition Fees’ plan

Within the plan of expansion to enlarge their services in social responsibility programs to develop banking solutions that are compatible with Islamic Shariah laws, Bank AlJazira announced launching the “Finance University Tuition Fees at its Cash Value” in the end of the third quarter of 2015. This partnership comes with a number of universities and colleges to enable students’ parents and higher education studies to continue their studies by granting them the facility to install university Tuition Fees in cash value.

Bank AlJazira recently signed the agreements with Al-Yamama University in Riyadh, and Dar Al-Hekma University in Jeddah. The agreement was signed in the presence of the Vice President and the Head of Consumer Financial Services Sultan Abdulaziz Al-Hamedi, and the President of Al-Yamama University Dr. Hussain Muhammed Al-Furaihey, and Dr. Suhair Hassan Al-Qurashi President of Dar Al-Hekma University, and Mahmoud Saleem Dahduli the Head of Consumer Finance.

Al-Hamedi added: “Such partnerships between corporations will help in increasing funding alternatives for parents under the Shariah laws, through Murabaha contracts. The agreement also gives the flexibility in payments for periods up to 5 years depending on the studying years, and the solvency of the parents or the graduate students; without any added profits on top of the cash price.”

Universities and colleges that had signed the agreement reassured the importance of this strategic partnership with Bank AlJazira that aims first and foremost to overcome the biggest obstacles for students to complete their studies. It is out of the bank’s keenness to enhance the cooperation between the private sector and the educational sector as it is one of the main steps to enhance the economy of nations to give the chance to our young men and ladies to enter the labor market after being well prepared and educated.

In addition to the universities Al-Yamama in Riyadh and the Dar Al-Hekma in Jeddah, other accredited universities for this strategic program came to what we found in the convergence of visions and due to their unique history and future plans ambitious for the development of the finest educational programs to produce distinctive generations with a great deal of science and knowledge.