MARA will not reduce quota of overseas students, sponsorships

Majlis Amanah Rakyat (Mara) will not reduce the quota of its students pursuing studies abroad and the amount of sponsorship, despite the drop in the value of the Malaysian Ringgit.

Its chairman, Tan Sri Annuar Musa said Mara was still capable of sponsoring its 210,000 overseas students and also had additional fund for the purpose.

"We are expanding our education fund. We have the annual budget from the government and Mara also has an endowment fund of RM1 billion, and there is also collaboration between Mara and the banks for additional facility," he told Bernama.

On concern among parents of possible effects on their children studying abroad following the drop in the value of Ringgit, Annuar said the was no need for the parents to be worried as the amount of sponsorship for their children would not be reduced.

"This is because the money received by the students is in the currency where they are studying and not in Malaysian Ringgit," he added.

Meanwhile, Annuar said Mara had no intention of selling its asset in Australia to finance more students pursuing studies abroad as the agency was still capable of doing so.

He said this was because of the huge returns and profits obtained by the agency from the asset.

Recently, Perkasa president Datuk Ibrahim Ali was reported to have suggested Mara Incorporated to sell its asset in Australia, said to be worth RM63 million, and also other assets, to enable the agency to sponsor more students for oversea studies.

Mara Incorporated, which is a subsidiary of Mara, has assets worth RM600 million in Australia and the United Kingdom.