MUSCAT, 21 December 2014 – Bank Muscat, the flagship financial services provider in the Sultanate, as part of its commitment to the national objective of educational support for Omani youth, has launched a unique educational finance for citizens.
The Shahadati educational finance is designed to help Omani youth achieve their career advancement with relevant educational qualifications. They can now pursue their higher education in Oman or abroad without financial constraints.
Customers working in government, quasi-government and accredited private sector companies can apply for the Shahadati educational loan for providing the best of higher education for their children.
The Shahadati loan can be repaid within a maximum term of 10 years. In addition, there is financial flexibility for customers; where during the study term, the customers/guardian will pay only the interest portion of the loan. This will facilitate the customer/guardian from carrying a high financial burden when considering higher education for their children. 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. At this stage, if required, the loan can be transferred to the student so that he/she can pay the loan installment. This will instill a sense of financial responsibility among the young citizens as they begin a successful career after their higher education.
The Shahadati educational finance is available for Omani students abroad pursuing programmes at institutions approved and recognised by the Ministry of Higher Education.
Amjad Iqbal Hassan Al Lawati, Head of Products and Service Management, said: “Shahadati opens up a great opportunity for the future of Omani youth. Quality education is the key to a secure future and Shahadati makes it achievable by encouraging Omani youth to pursue higher education at home or abroad. Shahadati ensures that customers do not feel the financial burden while pursuing higher education programmes."
Against the backdrop of Oman's demographics, Shahadati is aimed at benefiting over 50 per cent of the Sultanate's population who are below 19 years. With employment prospects directly linked to corresponding educational qualifications, Omani youth are increasingly pursuing higher education to achieve their career ambitions. According to statistics, 80 per cent of secondary school graduates spend from their pockets to pursue higher education. Shahadati fills this critical need, helping youth to pursue higher education at universities of their choice, thereby guaranteeing a secure future for Oman's future generations.