Sharia Compliant Student Loans for Muslim Students going to further education

Parliament should ensure that a Sharia Compliant Student loan is available for Muslim students who are unable to use the government's student loan scheme, due to the fact that their religion prevents them from paying interest. It should be implemented as soon as possible.

In April 2014 the government had said that they are willing to create a Student loan that is compliant with Sharia law. So far, it's been about 6 years and there hasn't been any progress or update whatsoever on what is going to happen. The government should make education available for everyone, any race, religion etc, so that, in this scenario, muslims also get an equal chance at further education

The Government consulted on the topic in 2014 and secured the necessary primary legislation in the Higher Education and Research Act 2017. Since then, we have appointed specialist advisers in Islamic finance to advise us on the design and implementation of a suitable product. We have been working through the complex range of policy, legal and system issues that need to be resolved, in order for us to develop and eventually launch a Sharia-compliant alternative student finance product.

The Government is committed to ensuring that all students with the potential to benefit from further and higher education are able to access it. The Government will provide a further update on the ASF product in due course.

Updates will be provided on https://www.gov.uk/government/organisations/department-for-education

Department of Education