High cash flow
in Muslim mortgages
Shariah the financial services provider
in the last six months has justified nearly £100 million
worth of mortgage deals, as for continued progression this will
reach nearly £1bn in two years to come.
Alburaq launched a choice of buy-to-let
and home financial products in 2004. He has connection with Bristol
and West and conjunction with Shariah law, this has caused the
British Muslim people to gain extra freedom in their sources to
invest and own property without any further decision making.
There are different types of laws with
Islamic mortgages and one states the practice of making a living
from money which means the payment of interest, Riba, should not
be in connection and the product should be justified as Shariah
compliment, it should work without charging or earning interest.
Head of alburaq, Keith Leach at ABC
International Bank plc commented; “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.”
However the product is different from
the average mortgage which has interest to be met each month by
the borrower over a time span, the steps are the same as Bristol
and West’s mortgage deal.
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