Wednesday, August 12

Ptptn offers to turn study loan into ‘ujrah’

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PASIR PUTEH: The National Higher Education Fund Corporation (PTPTN) has targeted to convert 800,000 study loans from the conventional system to the Islamic loan system known as “ujrah.”

PTPTN senior investment manager Tuan Din Tuan Mat said the number was from the 1.8 million individuals who obtained their loans after the year 2008.

Among the benefits of the ujrah system was a lower repayment rate compared to the conventional system.

“Those who agree to accept the offer will have their accounts updated, effective June 1, 2008,” he told Bernama.

He said borrowers who wanted to convert their loans into ujrah should do so before Sept 30. — Bernama