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HELB plans for shariah compliant loans

In an effort to support and cater for the educational needs of growing number of Muslim students joining local university, the Higher Education Loans  Board (HELB) is set to introduce Shariah compliant product.

The proposal to make the students loan provider to comply with a Islamic principles are currently being being reviewed by the Attorney-General, prof Githu Muigai.

Once approved, the law will improve access for Muslim students to educational financial support helping them to obtain loans which do not infringe on their religious beliefs, thereby realize their dreams of pursuing higher education.

The primary condition set by board for recovering loans with interest has proved to be a stumbling block to many Muslim students wishing to access the funds to finance their higher education.

The number of Muslim students at universities has been on a gradual rise, and the move will be of great benefit for grappling with the challenges of financing their education.

HELB Chief Executive Charles Ringera said the board was with Islamic finance experts in the implementation  of the policy.

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