Sharia-compliant Student Finance
Debate between Viscount Younger of Leckie and Lord Sheikh
Viscount Younger of Leckie
I certainly do not call it foot-dragging. We would be the first Government to introduce a system of student finance compatible with Islamic finance principles; that is a good start. To give a little more detail on the complexities, we have identified and have been considering a range of issues which include, among others, accounting for the new arrangements, the degree of legal separation required, the treatment of cash flows, the nature of the commitments that a student will make under the new system and the method for establishing equivalence of outcome.
Lord Sheikh (Con)
My Lords, I declare an interest: I co-chaired the All-Party Parliamentary Group on Islamic Finance. The UK has the largest Islamic finance market outside the Islamic world, yet the community tell me we are suffering because of lack of facilities for students. Does my noble friend agree that it is time we put into practice the commitment given by David Cameron in 2013 that Muslim students will not suffer as a result of their religion?
Viscount Younger of Leckie
My noble friend is right. We want to introduce this as soon as we possibly can; I have undertaken today to give an update at the spending review, which will be some time in the autumn. Around 40,000 Muslims are down to study in this country, but we do not know how many have been deterred from starting at university as a result of the delays in this process.