MSFN Loan

 

Rules for MSFN Loan Scheme

  1. MSFN shall be operated as an interest free loan scheme. (This will make the beneficiary to be more committed as well as enhance the sustainability of the scheme.)
  2. The prospective applicant shall provide two guarantors of whom one must be a parent or guardian of the beneficiary to enter into a contract /bond with MSFN
  3. An MSFN partner that is NOT on the Board of Trustees can also serve as a guarantor to the applicant
  4. The Loan is for the stated duration of the course
  5. For Senior secondary school students, the loan shall cover the cost of books, all fees and levies, transportation and uniforms, subject to an annual maximum fixed by the Board of Trustees. Parents and guardians shall undertake to provide adequate meals for their wards
  6. For students in tertiary institutions, the loan shall cover the cost of books, tuition and lodging, plus stipend to cover meals and other incidentals subject to an annual maximum fixed by the Board of Trustees

Scheme Coverage


The target group, are the students from the following states of Nigeria: KWARA, KOGI, OSUN, LAGOS OGUN, ONDO, OYO, EDO, EKITI. When fully operational, it is expected that the scheme will cover all Muslims in the whole of Nigeria.

Requirements

  1. Must be a Nigerian Muslim
  2. Must be registered in (or have received admission to) a tertiary institution or senior secondary school for which he/she is seeking an MSFN loan
  3. Must be ready to participate actively in volunteer efforts beneficial to the Muslim community, such as teaching young people in coaching classes, helping the elderly, active participation in MSS activities etc. A Muslim leader in the community or school shall attest to these volunteer activities

 

Loan Values

  1. N20,000 per year for undergraduates in tertiary institutions
  2. N10,000 per year for senior secondary school students plus payment of final examination fees


Loan amounts may be reviewed annually, depending on the economic situation in Nigeria