Press Releases

FOSIS Believes Government Plans to Introduce Halal Student Loans is Positive News for Muslim Students

The Federation of Student Islamic Societies welcomes the government’s plans to introduce an alternative student finance product that will be Shariah-compliant. According to plans, once the scheme is implemented, the new model will allow students to avoid interest payments on their student finance loans.

Humayun Saleem, President of the Federation of Student Islamic Societies said: “For many years it has been a priority for us at FOSIS to help resolve the issue of interest-based student loans. So it is great to see that movements are being made by the government to try facilitate the needs of Muslim students, and we can look forward to students being able to attend university without the worry of interest payments.”

Yusuf Hasan, Vice President of student affairs at the Federation of Student Islamic Societies added: “This news comes after many years of campaigning by multiple organisations. On behalf of FOSIS I would like thank all those who have been involved in the campaign, most notably the National Union of Students, 1ST Ethical Charitable trust and many other organisations too.”

FOSIS will continue in its effort to ensure that the white paper proposal is successful in its journey through parliament and that the halal student loan can be made available as soon as possible. If the government’s white paper bill on higher education is successful, it is hoped that the halal student finance option will be available for students as early as September 2017.

 

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Notes 
1. FOSIS (est. 1963) is the umbrella organisation of student groups in colleges and universities throughout the UK and Ireland, representing the interests of over 115,000 Muslim students.
2. For more information please email 
head.media@fosis.org.uk or alternatively visit our website www.fosis.org.uk

3. To find out more about how this alternative student finance model works, you can view the governments consultation report on ‘a Sharia compliant alternative finance product’ which is available at: https://www.gov.uk/government/consultations/sharia-compliant-student-finance

4. To read more about the recent announcement on halal student finance by the government you can view page 60 of the governments higher education: success as a knowledge economy - white paper at: https://www.gov.uk/government/publications/higher-education-success-as-a-knowledge-economy-white-paper