KUALA LUMPUR: AmIslamic Bank Bhd will provide RM1.5 billion in financing to Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN)in meeting its Islamic financing scheme to eligible students.
The bank had on Monday, June 7 signed an agreement with PTPTN as a financier and facility agent for a 10-year RM1.5 billion Bai'Inah Term Financing-i, the first of which took place in December 2009. The facility is guaranteed by the government.
The proceeds of the facility shall be utilised to provide shariah-compliant education financing as PTPTN had since December 2008 commenced providing education financing under the Islamic principle of ujrah.
PTPTN was set up under the National Higher Education Fund Act 1997 and it is tasked with managing and providing financing for Malaysian students to pursue studies at local institutions of higher learning.
Group managing director of AmBank Group, Cheah Tek Kuang said: "AmIslamic Bank is pleased to grant a 10-year RM1.5 billion Bai'Inah Term Financing-i as a financing solution for PTPTN in meeting its Islamic financing scheme to eligible students."
Cheah said this transaction will enhance the asset quality for AmIslamic Bank as it is guaranteed by the government.
The bank had on Monday, June 7 signed an agreement with PTPTN as a financier and facility agent for a 10-year RM1.5 billion Bai'Inah Term Financing-i, the first of which took place in December 2009. The facility is guaranteed by the government.
The proceeds of the facility shall be utilised to provide shariah-compliant education financing as PTPTN had since December 2008 commenced providing education financing under the Islamic principle of ujrah.
PTPTN was set up under the National Higher Education Fund Act 1997 and it is tasked with managing and providing financing for Malaysian students to pursue studies at local institutions of higher learning.
Group managing director of AmBank Group, Cheah Tek Kuang said: "AmIslamic Bank is pleased to grant a 10-year RM1.5 billion Bai'Inah Term Financing-i as a financing solution for PTPTN in meeting its Islamic financing scheme to eligible students."
Cheah said this transaction will enhance the asset quality for AmIslamic Bank as it is guaranteed by the government.
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