To ask the Secretary of State for Education, with reference to Answer of 20 October 2021 to Question 57279, what further consideration her Department has given to establishing a Takaful-based funding structure for financial support for students in higher and further education.
The department remains committed to delivering an Alternative Student Finance (ASF) product compatible with Islamic finance principles. We want all learners with the potential to benefit from a higher education to be able to do so.
We are introducing a Lifelong Loan Entitlement (LLE), which will significantly change the ways students can access learning and financial support. We are currently considering if and how ASF can be delivered as part of the LLE.
We believe it is sensible to align future delivery of an ASF product with these major reforms to ensure fair treatment for all students.