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 available in the market.
“Although the situation has changed over the last two years, with the emergence of HSBC Amanah, Alburaq, and the Islamic Bank of Britain, we still have a situation of a lack understanding of what is out there in the market place and how Shariah compliant these products are,” Nusrat says.
“To resolve this problem, we have made this website the UK’s leading online resource for Islamic mortgages, both residential and commercial, and Islamic finance.
“The website is endorsed by many of the UK’s Islamic finance providers.” For more information, visit www.islamicmortgages.co.uk
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Scott Sinclair on 020 7034 2636 or email [email protected].IFAonline
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till