Magbit Foundation, a 501c3 nonprofit organization, was established in 1990 to promote education for students seeking to complete their University studies. To accomplish this worthwhile goal, Magbit established an innovative “Interest-Free Loan” program for needy and qualified students. This program was designed to preserve the dignity and spirit of the students, as well as to instill in them a sense of responsibility. The loan recipients repay the loans when they are financially able to do so. The loan repayments go directly to the student’s university so that future generations of students may also benefit from these funds.