Islamic Mortgages Popular

13/04/2007

Recently Islamic mortgages have become a popular product within the property market. The product has now become legalised this leaving Muslim homeowners with the same protection as every other UK homeowner.

Alburaq the mortgage provider have associated with the Financial Services Authority – FSA in taking part in Islamic mortgage firms and the Muslim consumers about what position they are in today.

In conjunction with the Arab Banking Corporation, Keith Leach, main head of alburaq said the new scheme means a highly positive step which shows the growing advantages of Islamic mortgages – where the company feel that the value of this will grow over 1 billion pounds 2009 period.

He spoke: "As a result of the legislation Muslim homeowners are now afforded the same regulatory protection as every other mortgage holder in the UK, giving them both peace of mind when taking out an Islamic mortgage and confidence that these products are here to stay."

Mr Leach ended by commenting that the FSA must be "congratulated on implementing regulation in such an appropriate way".

Lloyds TSB, Bristol & West and HSBC have brought forward new products, which regulate within the Islamic law. These are just a few financial service providers and more to come.

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