SIMAD University in collaboration with the Premier Bank and DirectAid has launched a project called Qardul Hassan, which reduces the financial burden of the Somali parents and their students in the matters of the higher education costs.
Qardu Hassan which is in compliance with sharia is a loan without interest to someone who needs it and is obliged to repay it at the appointed time. Students benefiting from this project will pay 30% and the other 70% will pay 3 years after the completion of the university.
This project is intended to provide financial aid to the parents with less income and many children who are graduating from high school.
The opening ceremony at SIMAD University Hall was attended by parents, officials from the DirectAid, Premier Bank, business companies, and other dignitaries.
The Head of investment at Premier Bank Muhumad Ghedi Jim’ale, explained the role of the bank in the project. The Premier Bank will process the issue of debt and its collateral, and it is responsible for the debt repayment for three years after the completion of the university.
The Rector of SIMAD Mr. Dahir Hassan who spoke at the opening of the project thanked the Director of DirecAID for financing Somali students, particularly those with low incomes. He also said that the purpose of the project is to provide young people who want to learn but not able to pay for education.
Chairman of the organization implementing the project DairectAid Hassan Sheikh Ahmed pointed out that this initiative is a part of activities that have been allocated for the education assistance to the Somali people. He noted that the major objectives of DirectAid are to ensure that it includes the emphasis on education and personal development. The attendees at the ceremony welcomed the project by saying that it would lead to progress and prosperity and encouraged entrepreneurs in Somalia to implement projects similar to this one.
watch this video to know more about the process: