Dubai, February 20, 2012: In a move to make higher education more accessible to local and international students, Canadian University of Dubai (CUD) and Abu Dhabi Islamic Bank (ADIB) have formed an innovative partnership to provide students with flexible new options for education financing.
The partners announced details of the new program at the official signing of a Memorandum of Understanding (MoU) at the CUD Red Theatre between Mr. Buti Saeed Al Ghandi, CUD Chancellor, and Mr. Waheeb Khazraji, Head of HR at ADIB.
The key innovation in the program is ADIB’s issuance of Sharia-compliant financial education services, not normally provided in the education sector, that will allow for more flexible repayment plans at extremely low profit level rates. Additional benefits of the partnership include opportunities for top CUD students to be accepted in ADIB’s leadership program and student participation in an ADIB Executive Speaker Series at CUD.
In return, CUD will become a key service provider in ADIB’s extensive staff educational programs. Bank employees will enroll in CUD’s Masters and Bachelor programs at a discounted rate, helping them to advance their career opportunities and attain their personal educational goals. CUD’s flexible delivery schedule allowing students to study on weekends and evening allows for the employees to work and study simultaneously.
Buti Saeed Al Ghandi, Chancellor of CUD said: “We, at the Canadian University of Dubai, are very pleased to announce a partnership with the leading bank in Islamic Finance, Abu Dhabi Islamic Bank. This new partnership will allow both institutions, as respective leaders in their field, to cooperate for the betterment of our respective communities and the entire United Arab Emirates.
This includes innovative student financing options, unique to CUD, and special educational offers for ADIB employees. We are very excited by this historic agreement, and look forward to sharing the benefits with our community.”
Waheeb Khazraji, Head of HR at ADIB, said: “This agreement comes in line with our commitment to support education in the UAE and make it accessible to all, as it is considered an essential element in supporting the economic growth of the country. It also reflects our efforts to provide more flexible financial solutions to students, in order to help them in covering their higher education expenses.
Under this agreement, ADIB staff will be able to attend UAE’s first post-graduate program in Islamic Banking, and this comes as part of our commitment to develop our UAE national workforce to improve the Islamic banking sector and contribute to the development process in our beloved country.”
The initiative is part of a wider plan by CUD to encourage Emiratis and expatriates to further their education. In recent weeks, a series of Open Days has been held to showcase the university and the significant new initiatives it has launched to allow all students to achieve their educational goals. CUD works hard to accommodate the goals of both its part-time and full-time students and offers Master and Bachelor courses on evenings and weekends in addition to the standard daytime courses. The result is that students are able to study in an active and vibrant campus seven days per week.
Dr. Karim Chelli, President of CUD, added : “This partnership with ADIB is going to benefit CUD students and ADIB employees in many different ways. A critical component of the partnership for us is the introduction of a more flexible and innovative student loan program to complement our existing scholarship and bursary programs. Offering a full array of options for education finance is critical to CUD so that our students can fully focus their energies on their studies and excel in their future careers.
We have a great scholarship program for the meritorious students, and a bursary program for students in need. However, the missing piece for us was a comprehensive financial support program for students that included affordable student loan arrangements, and now we have that thanks to our partnership with ADIB.”
In attendance at the ceremony was HH Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum, who is an MBA student at CUD.