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Home finance for Muslim professionals
6th Feb 07
From today, alburaq, the leading provider of Islamic home finance in the UK, is launching a new product specifically designed to cater for the needs of Muslim Professionals. For Muslims, Interest, known as Riba in arabic, is forbidden, and alburaq provides Home Financing which is structured to be compliant with Islamic guidelines, also known as ‘Shariah’ This new offering will be followed by other Islamic financial products later this year, including a savings product and commercial property finance.
‘We are constantly reviewing our products and striving to offer attractive new options that meet the needs of our Muslim clients, whilst maintaining the strictest level of Shariah compliance. In addition we would anticipate this offering to have an appeal to non-Muslims as well,’ said Keith Leach, Head of the alburaq at ABC International Bank plc.
The product will provide customers with finance for up to 99% of the value of their chosen property, and the payments will be discounted for three years (under current pricing equivalent to 5.99%pa). alburaq will allow the following income multiples – five times the income for individual (sole) applications, and four and a half times the combined income for applications made in joint names.
The maximum amount of finance is £400,000 and, along with a free valuation, the arrangement and some solicitors fees are refunded. The scheme is open to Medical Doctors, Dentists, Opticians, Pharmacists, Veterinary Surgeons, Teachers, Barristers, Solicitors, Accountants, Actuaries, Architects and Chartered Surveyors.
alburaq’s Shariah compliant home-finance and buy-to-let finance schemes have generated considerable attention from the Muslim community since launch. With traditional interest-based mortgages out of the question for many, the only choice for home ownership has been either going against the faith, or avoiding a mortgage altogether.
