Education Financing Facility is a financing offered with the purpose of funding tuition fees and expenses of studies for both local and abroad.
Shariah Concept
- The Shariah concept applicable is Tawarruq
- Tawarruq, also known as Reverse Murabahah, refers to the process of purchasing a commodity for a deferred price determined through Musawama (bargaining) or Murabaha (mark-up sale), and selling it to a third party for a spot price so as to obtain cash.
Purpose
- To finance education fees and expenses of local and overseas studies
Term
- Max 7 years (local study), 10 years (overseas)
Profit Rate
- 7.5% Monthly Reducing
Processing Fee
- $200
Financing Amount
- Max $250,000
Eligibility
- Aged 18 years old and above
- Not exceeding the retirement age at maturity of the financing
- Brunei citizen and permanent residents
- Employees of Brunei Government and selected Private sectors
Basic Documentation Requirement
- A completed Education Financing Application form
- Valid Identification Card
- Original copy of applicant’s latest three (3) months’ salary slips
- Employment confirmation letter
- Bank statements for the last 3 months (for salary with other financial institutions)
- Latest clearance letter (for salary with other financial institutions)
- Acceptance letter from the Educational Institution of University
- Student (Academic qualification certificate, passport size photo, identification card/birth certificate/valid passport)
- Course & Institution accredited by Brunei Darussalam National Accreditation council
- Assign salary to TAIB
Brochure
Product Disclosure Sheets
Address
Perbadanan Tabung Amanah Islam Brunei
Head Office
Jalan Sultan Omar Ali Saifuddien
Bandar Seri Begawan BA8611
Brunei Darussalam
