HSBC Islamic mortgage to hit high street

It will allows customers to lease the property from HSBC over a typical mortgage period as a Sharia law product, but review the "rent" payments every six months. Under the HSBC Amanah Home Finance scheme, HSBC will buy the property and lease it to the customer, who pays monthly payments of rent and payments towards the purchase price. This matches the literal definition of existing mortgages which sees the property deeds owned by the bank or lender until the total purchase sum and interest is fully paid. Because Muslims are not allowed to pay or receive interest under Sharia law, s...