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High cash flow in Muslim mortgages

15/02/2007

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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