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Bank Muscat eases Shahadati finance norms to accommodate employees

 MUSCAT, 25 February 2017 – Bank Muscat, the flagship financial services provider in the Sultanate, in step with its 'Let's Do More' vision and commitment to partnership in the national objective of educational support for Omani youth, has simplified and widened the scope of Shahadati education finance to benefit more students and accommodate employed citizens.

Starting at just RO 18 a month, Shahadati education loan eases the financial burden while enabling students and citizens to get closer to achieving their educational goals. Over the years, the popular Shahadati finance has fulfilled the ambitions of a number of aspiring students seeking college or higher education opportunities in Oman and abroad. The new facility for working employees fulfills a long-felt need to acquire additional qualifications without financial constraints, which in turn can improve their career prospects.

Abdullah Tamman Al Mashani, DGM – Institutional Sales and Product Development, said: “Bank Muscat is proud to widen the scope of Shahadati finance and open up a great opportunity for Omani youth and citizens. Quality education is the key to a secure future and Shahadati makes it achievable by encouraging Omani youth and employed citizens to pursue college or higher education at home or abroad. Shahadati ensures that customers do not feel the financial burden while pursuing college or higher education programmes."

Designed to help Omani youth achieve career advancement with relevant educational qualifications, Shahadati finance covers full expenses, including tuition fees, accommodation, transportation, books and other education related expenses.

Omani students who have successfully completed their schooling are eligible to apply for Shahadati finance to pursue college or higher education programmes in Oman or abroad. The application for loan assistance must be signed and guaranteed by his/her parent or guardian working in Government, quasi-Government or accredited private sector companies.

The Shahadati loan repayment tenure is 10 years. During the study term, the guardian undertakes to pay only the interest portion of the loan, so that they do not face any undue financial burden. After completion of the study programme, a grace period of 12 months is available to begin repayment of loan until the student gains suitable employment.

The Shahadati finance is also available for Omani students seeking to pursue programmes abroad at institutions approved and recognised by the Ministry of Higher Education.

With employment prospects directly linked to relevant educational qualifications, Omani youth are increasingly pursuing college or higher education to achieve their career ambitions. Shahadati addresses this critical need, helping youth to pursue higher education at universities of their choice, thereby guaranteeing a secure future for Oman's future generations.