Malawian Muslims who benefited from Islamic Development Bank IDB scholarship through Muslim Association of Malawi (MAM) have responded positively towards the association’s appeal to them in respecting the bond by among other things paying back the loan.
Since 1980s, IDB has been offering scholarships to the needy Muslims through MAM as only implementing partner in the country.
According to the IDB scholarship documents, the beneficiaries make a vow by signing a legal bond that they will pay back the loan to MAM as IDB’s partner or to an independent trust which is supposed to be established by the beneficiaries.
The documents stipulate that the money should be paid to the said trust or MAM in order to offer financial assistance to other needy Muslims in attaining their education locally.
However, Secretary General for MAM Sheikh Dr Salmin Omar Idrussi speaking in Radio Islam’s Contemporary Issues programme monitored by this website said he was delighted that the graduates have significantly moved a step forward in fulfilling the wish of IDB by opening a bank account which they will be depositing money monthly.
“I have just received an email from the leader of the grouping Wilfred Ali that an account has been opened. Those who have graduated three years ago they will be paying 10 dollars ( about MK4,000) a month while their colleagues who graduated over three years ago will be paying 15 dollars (about MK6,000) a month,” he said.
This development comes after Malawi Muslims Official Website reported recently that MAM was contemplating of using legal action to force the beneficiaries pay back the loan.
