Question

To ask the Secretary of State for Business, Innovation and Skills, what timetable he has set for the introduction of Sharia compliant loans for students in higher education.

The Government supports the introduction of a Sharia-compliant Alternative Finance product (Takaful) available to everyone. Currently the Secretary of State has the powers to offer loans and grants. The Government would require new primary legislation to enable the Secretary of State to offer the Alternative Finance product. The Government response to the consultation is available at https://www.gov.uk/government/consultations/sharia-compliant-student-finance.