A website detailing mortgage and financial products compliant with the Islamic faith has been launched.
Islamicmortgages.co.uk lists details of all products from the leading lenders and financial institutions in the UK which fit with Islam's Shariah law. Previously, many of the country’s 2.5 million Muslims were unable to get on to the property ladder as only interest-based mortgage deals were available, which is forbidden by Shariah. According to Islamic law, money doesn't produce money, but hard work and effort. This is why interest (Riba) is forbidden and, accordingly, mortgages are not allowed. Nusrat Janjua, the website’s marketing director, says there are not enough similar products ...
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