---
title: "Project_8769 ASF Sharia Secretariat Supervisory Board con_26061"
ocid: "ocds-b5fd17-c9b5efa8-7966-4825-ad56-05509b3a8717"
canonical_url: "https://d3tenders.com/contract/?ocid=ocds-b5fd17-c9b5efa8-7966-4825-ad56-05509b3a8717"
markdown_url: "https://d3tenders.com/contract/ocds-b5fd17-c9b5efa8-7966-4825-ad56-05509b3a8717.md"
json_url: "https://d3tenders.com/contract/ocds-b5fd17-c9b5efa8-7966-4825-ad56-05509b3a8717.json"
source: "Contracts Finder"
current_stage: "Award"
buyer: "DEPARTMENT FOR EDUCATION"
published: "2024-10-31"
---

# Project_8769 ASF Sharia Secretariat Supervisory Board con_26061

Buyer: DEPARTMENT FOR EDUCATION  
Current stage: Award  
OCID: ocds-b5fd17-c9b5efa8-7966-4825-ad56-05509b3a8717

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## Summary

The Department for Education has completed the procurement process titled "Project_8769 ASF Sharia Secretariat Supervisory Board con_26061," classified under financial and insurance services. The tender involved the provision of specialist advice on the development of a Sharia-compliant alternative student finance (ASF) product. The procurement utilised an open procedure method and was awarded on 30th September 2024, with a contract value of £174,000, covering services to be delivered from 30th September 2024 to 28th September 2026. The project supports various regions including the United Kingdom, British Overseas Territories, Channel Islands, Isle of Man, Europe, and the Rest of the World.

This tender provides significant opportunities for businesses specialising in financial services, particularly those with expertise in Islamic finance. The deployment of ASF products aims to socially and economically advance student finance options in the UK. Small and Medium-sized Enterprises (SMEs) with an understanding of Takaful principles could find this contract beneficial for showcasing their proficiency in the niche area of Sharia-compliant finance solutions, potentially leading to further business growth through government contracts and partnerships.

## Notice

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.

## Key Details

| Field | Value |
| --- | --- |
| Publication source | Contracts Finder |
| Latest notice | https://www.contractsfinder.service.gov.uk/Notice/e362a0ee-31d6-4171-9304-74ca8bfa00e4 |
| Notice type | Award Notice |
| Procurement type | Standard |
| Procurement category | Services |
| Procurement method | Open |
| Procurement method details | Open procedure (above threshold) |
| Tender suitability | SME |
| Awardee scale | Large |
| All stages | Award |

## Dates

| Field | Value |
| --- | --- |
| Publication date | 31 Oct 2024 |
| Submission deadline | 5 Apr 2024 |
| Future notice date | Not specified |
| Award date | 29 Sep 2024 |
| Contract period | 29 Sep 2024 - 28 Sep 2026 |
| Recurrence | Not specified |

## Values

| Field | Value |
| --- | --- |
| Tender value | £174,000 |
| Lots value | Not specified |
| Awards value | £174,000 |
| Contracts value | Not specified |

## Status

| Field | Value |
| --- | --- |
| Tender status | Complete |
| Lots status | Not specified |
| Awards status | Active |
| Contracts status | Not specified |

## Buyer

| Field | Value |
| --- | --- |
| Main buyer | DEPARTMENT FOR EDUCATION |
| Locality | LONDON |
| Post town | South West London |
| Postcode | SW1P 3BT |
| Country | England |
| ITL 1 | TLI London |
| ITL 2 | TLI3 Inner London - West |
| ITL 3 | TLI35 Westminster and City of London |
| Local authority | Westminster |
| Electoral ward | St James's |
| Westminster constituency | Cities of London and Westminster |
| Delivery location | Not specified |

## Supplier

| Field | Value |
| --- | --- |
| Number of suppliers | 1 |
| Supplier names | UKIFC |

## CPV Codes

### Divisions

- 66 - Financial and insurance services

### Codes

- 66000000 - Financial and insurance services

## Release History

- 31 Oct 2024 at 15:43 - Award - Award Notice - https://www.contractsfinder.service.gov.uk/Notice/e362a0ee-31d6-4171-9304-74ca8bfa00e4

## Documents

- https://www.contractsfinder.service.gov.uk/Notice/e362a0ee-31d6-4171-9304-74ca8bfa00e4
  31st October 2024 - Awarded contract notice on Contracts Finder
- https://www.contractsfinder.service.gov.uk/Notice/Attachment/95fb62a3-32a1-4702-8b82-fb7e0c6e3b90
  n/a

## Provenance

This Markdown file is an alternate public rendering of the D3 Tenders contract record. The canonical page is https://d3tenders.com/contract/?ocid=ocds-b5fd17-c9b5efa8-7966-4825-ad56-05509b3a8717. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-b5fd17-c9b5efa8-7966-4825-ad56-05509b3a8717.json.