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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