Hafiz Financing Scheme (SPH) began its implementation in 2012 following the decision of the National Council Meeting for Islamic Affairs (MKI) 49/2009. This scheme offers education financing to tahfiz students (30 juz’) that that fulfills the conditions for bachelor’s degrees, master's degrees and doctoral degrees at Institutions of Higher Learning at home and abroad. The sponsorship provided covers the cost of tuition fees and living expenses.

The objective of SPH is to uphold and attract the interest of the community to the field of al-Quran study, as well as help generate human capital from Quran memorizers and help further their studies to a higher level.

In order for a student to qualify to receive SPH funding, the student needs to submit an application, pass the academic qualification screening, succeed in the interview session, and be certified by the Committee appointed at the JAKIM level.