Alternative Student Finance: Student Bank Account Tender - 139511727

Procurement Summary

Country: United Kingdom

Summary: Alternative Student Finance: Student Bank Account

Deadline: 29 May 2026

Posting Date: 14 Apr 2026

Other Information

Notice Type: Tender

TOT Ref.No.: 139511727

Document Ref. No.:

Competition: ICB

Financier: Self Financed

Purchaser Ownership: Public

Tender Value: Refer Document

CPV Classification

66172000 - Financial transaction processing and clearing-house services

Purchaser's Detail

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Tender Details

The Department for Education (DfE) is establishing an alternative student finance (ASF) product, compatible with Islamic finance principles, to enable all students, regardless of their faith, to access Higher Education (HE). Whilst the current student finance system provides interest-bearing loans for students entering HE study, some students, particularly those who identify as Muslim, do not feel able to access these loans due to their faith. ASF will address this barrier by providing a faith-sensitive equivalent to the current loan product. Students accessing ASF will not suffer any detriment nor experience any advantage through choosing to access student support via this route. The ASF system will be based on a ‘Takaful- model, to provide a form of group-based mutual support. Recipients will receive financial support for HE and, in return, will commit to making contributions back to the scheme in the future which will be used to help other students go to university. ASF recipients will make the same total contributions as those who opt for the conventional student loan product. Like the conventional student loan scheme, these contributions will be based on what people earn and will therefore be of the same amount and made at the same time as repayments for conventional student loans. Legislation has been put in place, through the Higher Education and Research Act (HERA) 2017, to enable ASF to be introduced. At present, we are working closely with a group of specialist adv...

Documents

 Tender Notice