Article Reference: A Continuous Charity 

The Islamic community is recognizing the need to address the high costs of higher education and the difficulty Muslim families face in taking interest-based loans. To address this, an Educational Partnership Fund (EPF) with ACC is proposed as an alternative that aligns with Islamic values. 

An EPF is a collaborative effort facilitated by ACC, where Islamic institutions like yours can create a fund to offer interest-free educational loans to qualified Muslim students. ACC oversees the fund management, loan distribution, and repayment processes, and provides annual reports.

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How it works: Learn more about EPF

To open an EPF, you must arrange a meeting with ACC to learn about the EPF, ask questions, and initiate the partnership. A minimum of $25,000 is required for the EPF to be established. A one-time, 10% fee is charged based on the initial $25,000. Once signed and paid, the fund operates indefinitely.

Students apply for loans through ACC's online application during the application cycle, and partners are given links to embed in their websites and share them for a seamless experience. ACC provides partners with tools and training to educate their community about the EPF, application process, and selection criteria.

ACC manages all aspects of the EPF, including awarding loans, facilitating legal contracts, transferring funds, setting up repayment terms, managing repayments, and providing annual reports on loan distribution and recipient details. This initiative not only helps students avoid riba but also fosters unity and communal support within the Muslim community.

A dedicated ACC team member will be assigned to your fund. ACC is a non-profit charity, recognised as a 501(c)3 entity, focusing on revitalizing the Prophetic Waqf system and offering community-funded, interest-free educational loans.

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