Bristol & West has used the help of Arab Banking Corporation (ABC) to devise new mortgage products being launched to Muslim customers in the UK looking for Sharia law-compliant financial services.
ABC, jointly owned by the governments of Kuwait, Abu Dhabi, and Libya, has guided the development of the two products being launched, and will be responsible for marketing through its London-based UK subsidiary.
B&W will provide product support, processing and financial backing.
Development of the new mortgage products has taken 18 months of talks with ABC.
Availability will be pushed through new branding – alburaq – and a website dedicated to the new business.IFAonline
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