Lord Sharkey – 2016 Parliamentary Question to the Department for Business, Innovation and Skills

The below Parliamentary question was asked by Lord Sharkey on 2016-01-21.

To ask Her Majesty’s Government what estimate they have made of the number of Muslim students who have been unable to progress to higher education because their religious principles do not permit them to take out an interest-bearing student loan.

Baroness Evans of Bowes Park

The Government consulted in April 2014 on an Alternative Finance product that could be offered to students alongside traditional loans. 20,000 responses were received with 94 per cent believing there is a demand for Alternative Finance.

The Government is working on the development of a Takaful Alternative Finance product and as part of this will be working with the Muslim community and others to understand the likely take-up of the product.