A range of home and buy-to-let financial products were launched by alburaq in a 2004 partnership with Bristol and West and in accordance with Shariah law, allowing the British Muslim community to have added freedom in their abilities to own and invest property without compromising their faith and principles.
The laws prohibit the practice of earning money from money which means the payment of interest known as Riba is not allowed and for a product to be classed as Shariah compliant, it must operate without earning or charging interest.
Keith Leach, head of alburaq at ABC International Bank plc says: We are now seeing the UK market developing very quickly. At the moment the volume of Islamic mortgage business is only a small percentage of the total mortgage figure in the UK, but base don our current trends we are predicting significant growth over the next two years.
Although the product itself differs from the standard mortgage which will accrue interest to be paid back by the borrower over time, the criteria are the same as Bristol and Wests conventional mortgage range and benefit from the enhancements and improvements which the lenders have made.
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