Is the Alternative Student Finance Shariah compliant?
Question
The UK Government has announced that it is introducing Alternative Student Finance (ASF) for Muslim students based on the principle of Takāful. Further details are outlined here: https://educationhub.blog.gov.uk/2024/11/07/alternative-student-finance-how-were-making-student-finance-accessible-to-everyone/. Is this Shariah compliant and will it be permissible for Muslim students to benefit from this?
بسم الله الرحمن الرحیم
Answer
The Alternative Student Finance is not yet available and we are not aware of the proposed model and structure. We are therefore unable to comment on its status.
Allah knows best
Yusuf Shabbir
15 Jumādā al-Ūlā 1446 / 17 November 2024
Approved by: Mufti Shabbir Ahmed and Mufti Muhammad Tahir
