Muslim students to be offered loans that comply with Sharia law
A new loan called a ‘takaful’ will be made available in Great Britain to allow Muslims to fund their studies without contravening their beliefs. The money allocated - and the repayment amounts – will be equivalent to the set-up for all other students, who must pay university fees of up £9,000 a year. But the co-operative system will see repayments paid back into a communal fund and used to finance future students who choose to join it, so all members benefit equally. That will allow those paying the tackaful to view it as a charitable donation – rather than a loan. However, the earliest the change can be introduced is 2016 and it could be later, because new legislation is needed.
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