GUtech students and parents to pay tuition fees through IJARAH by Meethaq Islamic Bank.
Oman Educational Services, the owner company of the German University of Technology in Oman (GUtech) and Finland Oman School (FOS), has signed an agreement with Meethaq Islamic Banking from Bank Muscat to provide financing options to students paying tuition fees at GUtech and for parents paying FOS fees.
The agreement was signed by Dr Hussain Al Salmi – CEO of Oman Educational Services cum GUtech’s Acting Rector, and Shamzani Mohammed Hussain, General Manager – Meethaq Islamic Banking, in the presence of a number of officials.
The agreement will allow working students and parents to utilise the bank’s education financing service to pay to tuition fees. Thus, helping to mitigate the financial pressures on students and parents.
Besides the parents of FOS students, the financing facility will allow GUtech students and parents to obtain funding from Meethaq Islamic Bank in compliance with Islamic Sharia principles.
Following the principle of ‘Ijarah’, Meethaq will be subleasing the education services of GUtech and FOS at the request of students and parents against deferred payments to be concluded through a Service Ijarah contract.
Speaking about the agreement, Dr Al Salmi said that the partnership with Meethaq Islamic Bank allow us to expand the range of payment options available to students and parents.
Oman Educational Services operates among others Oman’s first green campus, a full-fledged campus encompassing GUtech, FOS, History of Science Centre, a Solar Facility Training, Siemens Mechatronics Lab, and a variety to workshops and labs dedicated to enriching the educational experience of students.
GUtech boasts four faculties offering undergraduate and postgraduate programmes. All GUtech programmes are being developed in collaboration with European partners. GUtech’s undergraduate programmes are internationally accredited.
FOS is the first private school in Oman, established in 2018, offering Finnish pedagogical model in Oman to K-12 students. FOS is open to all students from all nationalities.