Shariah mortgage planned under the 'alburaq' brand

Following launch of the first Islamic mortgage by HSBC Armanah Home Finance last year, B&W is entering the fray with's ABC's London branch under the Islamic brand name alburaq - a name which is familiar to most Muslims as the winged steed that took the Prophet Mohammed from Jerusalem to Heaven - by providing the financing and back office support to the operation. Products will be priced comparably to existing UK-based flexible mortgage products but will follow Shariah’ law – preventing the payment of any interest - and does not therefore represent a direct loan to the consumer. Instea...