I think I'll start this answer by addressing some of the hostility in the comments (and one of the answers) to your proposed conduct. As an opening observation it is worth noting that this religious practice potentially applies both ways to Muslim men and women, forbidding either of them to shake hands with a member of the opposite sex. There have been legal cases involving Muslim women who have eschewed shaking hands with male colleagues in the workplace for this same religious reason (see e.g., here). So even from a Western-egalitarian perspective, while the practice involves differential treatment of men and women in individual cases, it "balances out" in a holistic sense.
It is also worth pointing out that Western countries also have norms about what physical touching between members of the opposite sex is appropriate in professional settings, and these norms also distinguish between the sexes in some cases. If you doubt this, just think for a moment about what kind of touching of a man in his chest area would be considered innocuous (e.g., a friendly slap on the pectoral muscle), and now think about whether you could do the same with a woman. So really, while some specifics differ, I find it quite laughable that some consider the OP's proposed conduct to be offensive.
Getting to the substance of your matter, universities as institutions tend to be quite accommodating of religious differences in cultural practices. Some universities have even adopted an explicit "Muslim handshake rule" in their policies to explicitly state that this practice is allowed, and is not in breach of other policies (see e.g., here). So at an institutional level, you will probably find that there is general support for the fact that some religious people will not want to touch members of the opposite sex, including shaking hands with them. At an individual level, when dealing with other students, there is going to be a lot of variation, and some small minority of people might find this offensive. I doubt it will be many, but that will depend on the culture at your university. If you are looking for a way to "soften the blow" for people who find this practice strange or offensive, you could consider substituting an alternative method of greeting that does not involve touching (e.g., a nod of the head, a bow, etc.). I'll leave it to you to determine what alternative greeting is consistent with your religious practices and preference. As for dealing with other men, I disagree with the other answer that suggests that you should cease shaking hands with women and men altogether. I don't think that is necessary, so you should feel free to continue shaking hands with other men if that is your preference.
Although he didn't end up mentioning it in his answer, I quite like Buffy's original suggestion that you could print up small cards explaining this practice and hand them to people in the event that they show signs of offence to your practice. This is a practice that has been used successfully in other cases where a person has an individual practice or disability that they think might cause offence to others. (A recent example was shown in the movie The Joker, where he uses cards to explain a disability that causes him to laugh uncontrollably.) The other nice thing about the card idea is that it helps to teach other students explicitly about your cultural practices. Students are at university to learn, so if they learn a little bit of information about Islam at the same time, that is a little educational bonus.
Finally, you should be careful with citing Islam as a blanket reason for your practice, since there are evidently many Muslims who do not use this practice. Thus, if you decide to specify the religious basis for this practice then I think you should be a bit more specific, or just say that your particular type/sect/practice of Islam forbids it.
