Published date: 31 October 2024

Awarded contract - This means that the contract has been awarded to a supplier.


Closing: 5 April 2024, 12pm

Contract summary

Industry

  • Financial and insurance services - 66000000

Location of contract

Any region

Value of contract

£174,000

Procurement reference

tender_400369/1421062

Published date

31 October 2024

Closing date

5 April 2024

Closing time

12pm

Contract start date

30 September 2024

Contract end date

28 September 2026

Contract type

Service contract

Procedure type

Open procedure (above threshold)

Any interested supplier may submit a tender in response to an opportunity notice.

This procedure can be used for procurements above the relevant contract value threshold.

Contract is suitable for SMEs?

Yes

Contract is suitable for VCSEs?

No

Description

In April 2014, the DfE launched a consultation which sought views on the acceptability of a Sharia-compliant alternative student finance (ASF) product. Following a positive response to the proposal, the Government committed to the introduction of an ASF product, using the Islamic finance principle of 'Takaful' to provide a form of group-based mutual support.

The Government has since legislated to make a system of ASF possible, when the power for this was taken in the Higher Education and Research Act 2017 and has worked with specialist advisers on the development of an ASF model.

Alongside this, the Government has been reforming the student finance system to put it on a sustainable footing for the long term and is introducing the Lifelong Learning Entitlement (LLE), that will significantly change the ways students can access learning and financial support.

In March 2023, as part of the LLE consultation response, the DfE committed to delivering ASF as soon as possible after the introduction of the LLE.

In August 2023, the Student Loans Company (SLC) started work on understanding the timescales for delivering an ASF product and, to support this, are being provided with specialist advice by Islamic finance experts.

More information

Attachments

Award information

Awarded date

30 September 2024

Contract start date

30 September 2024

Contract end date

28 September 2026

Total value of contract

£174,000

This contract was awarded to 1 supplier.

UKIFC

Address

423 Paisley Road, Glasgow. G51 1PZ

Reference

No reference - other

Supplier is SME?

No

Supplier is VCSE?

No

About the buyer

Contact name

Olivia Wilson

Address

Sanctuary Buildings, 20, Great Smith Street
London
SW1P 3BT
England

Telephone

44

Email

Olivia.WILSON@education.gov.uk