Sharjah- 20 June 2012: American University of Sharjah (AUS), a leading higher education institution in the UAE, signed a partnership agreement at AUS with Sharjah Islamic Bank (SIB), an award-winning Islamic bank in the UAE, to cooperate in facilitating higher education opportunities through a competitive financing plan.

The financial plan will set qualified students on a path to a better and more prosperous future by providing access to higher education at AUS. With the higher education financing plan, qualified AUS students with financial challenges will be able to access affordable education financing that will set them on the right path towards their career destiny.

Through the agreement, SIB will cooperate with AUS to facilitate higher education opportunities at AUS by providing an Islamic financial plan with competitive profit rates to parents of current and new undergraduate and graduate students at AUS.

"This agreement is another step in our mission to make excellent higher education accessible to everyone," said Dr. Peter Heath, AUS Chancellor. "Since its inception, AUS has endeavored to support qualified and talented students to receive the education they deserve. This is another added value that we bring to families all across the Emirates."

Echoing the sentiments of Dr. Heath, SIB's Deputy CEO Ahmed Saad said that the bank was pleased to join hands with AUS to provide this new service. "Like AUS, we too have a commitment to the community and are extremely pleased to partner with AUS in this endeavor. AUS has an excellent reputation throughout the country and is known for the quality of education it provides. Through this new plan, we hope to help open the doors of this great institution to many more deserving and qualified students," he said.

"We are happy for this agreement as it will avail quality AUS education to many more deserving students who might have been denied excellent education because of lack of financing," said Ali Shuhaimy, AUS Vice Chancellor for Enrollment Management. "This financing plan for higher education from SIB will allow all qualifying students to access a pathway to brighter future."

As part of the five-year agreement, which was signed by Mr. Shuhaimy on behalf of AUS and Mr. Saad on behalf of SIB, SIB will reduce the normal profit rates, making the plan most attractive and affordable. The reduced profit rates will be different for salaried customers and non-salaried customers.

Both parties will cooperate in the activities envisaged under this agreement in accordance with their own internal regulations, rules and directives.

Present at the signing ceremony were senior officials from both AUS and SIB.

About Sharjah Islamic Bank (SIB):
Sharjah Islamic Bank, formerly known as National Bank of Sharjah, was founded by an Amiri decree issued by H.H. Dr. Sultan Bin Mohammed Al Qassimi, Member of the Supreme Council, and Ruler of Sharjah, to provide commercial banking services to firms and individuals. Originally a conventional bank, Sharjah Islamic Bank became the first in the world to convert successfully to Islamic banking in 2002. Since then, all operating systems and procedures have been modified to facilitate this conversion and all employees trained in Islamic banking.  

About AUS
American University of Sharjah (AUS) was founded in 1997 by His Highness Sheikh Dr. Sultan Bin Mohammed Al Qassimi, Supreme Council Member and Ruler of Sharjah. The university was envisaged by His Highness as a leading educational institution in the Gulf region. Located in University City, Sharjah, AUS is a not-for-profit, independent, institution of higher education formed on the American model.

It offers 25 majors and 52 minors at the undergraduate level, and 14 master's degrees through the College of Architecture, Art and Design; the College of Arts and Sciences; the College of Engineering; and the School of Business and Management. These programs are designed to meet the challenges of a competitive and dynamic business and industrial environment.

As a provider of quality higher education in the Gulf, AUS is licensed and its programs are accredited by the Commission for Academic Accreditation of the Ministry of Higher Education and Scientific Research in the United Arab Emirates. AUS is also accredited in the United States of America by the Commission on Higher Education of the Middle States Association of Colleges and Schools (3624 Market Street, Philadelphia, PA 19104, USA, Tel +1 215 662 5606) and by the Department of Education of the State of Delaware. All six of the bachelor degree programs in the AUS College of Engineering are accredited by ABET, http://www.abet.org. The Bachelor of Science in Business Administration as well as the Master of Business Administration and Executive Master of Business Administration degrees offered by the School of Business and Management are accredited by the Association to Advance Collegiate Schools of Business (AACSB), www.aacsb.edu. The Bachelor of Architecture program of the College of Architecture, Art and Design is accredited by the National Architectural Accrediting Board (NAAB) of the United States, www.naab.org.

For further information, please contact:
Serine Srouji
SAHARA Communications
Tel: +971 4 3298996
Fax: +971 4 3298995
Email: serin@saharagcc.com

For more information, please contact:
Miriam Kiwan
Director of Strategic Communications and Media
+971 6 515 1040
mkiwan@aus.edu

Nazzal Yousef
Director of Media Relations
+971 6 515 2157
nyousuf@aus.edu

© Press Release 2012