Islamic mortgage applications launched online
An online service named Econveyancer, has enabled intermediaries to select and initiate Islamic mortgages online. The firm are in the process of creating a group of solicitors, that will manage Islamic mortgage applications daily.
This will be available nationwide and will target on law firms who understand the requirements of Shariah.
A recent survey carried out indicated that there was more than two and a half million Muslims and 100,000 small and medium proportion of Muslim businesses throughout the UK. The Islamic Banking Corporation suggested that the UK Islamic mortgage market may be worth over £1 billion by 2009 and the FSA state that Islamic backing is developing worldwide by about 10% - 15% each year and is valued at approximately £250 billion Worldwide.
“There is growing demand for Islamic home finance and we want to ensure intermediaries have access to a specialist panel of conveyancers who understand the specific requirements of Islamic law. We intend to develop further specialist services of this nature in future, added Vanessa Blount.
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