Students: Loans

(asked on 4th September 2017) - View Source

Question to the Department for Education:

To ask the Secretary of State for Education, what progress her Department has made on the establishment of a Sharia-compliant alternative finance product based on the Takaful model.


This question was answered on 12th September 2017

We are now working to deliver an alternative student finance system following the passage of Higher Education and Research Act 2017.

We will be engaging with experts in Islamic Finance on the detail of the regulations, processes, IT and accounting systems that will be needed to create the new set of alternative student finance products. This detailed work will be complex but we remain keen to introduce the new alternative system as soon as we feasibly can.

We will announce more detailed plans in due course.

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