From today, alburaq, the leading provider of Islamic home finance in the UK, is launching a new promotion their latest discounted Shariah compliant home finance product.

Recognising the recent industry wide rises in mortgage payments, alburaq is introducing the new deal offering their largest ever discount equating to an effect rental rate of 5.99%

Key Features

• Available for purchases and refinance
• Discounted until September 2008 (with a rent review in March 2008)
• Finance of up to 95% (subject to income)
• 4.5 x sole income + second income or 4 x joint income
• Minimum finance - £15,001 (£25,001 refinance)
• Maximum amount of finance
  

  £15k - £300k	95%
  £300k - £500k	90%
  £500k - £750k	85%
  £750k - £850k	80%
  £850k - £1m	75%
  £1m - £2m	70%
  £2m	60%

• Free valuation
• Offer available for a limited period

“Recent increases in the cost of mortgages in the UK impacts Islamic finance as well as conventional mortgages, placing an increasing strain on household budgets. Our new discount is designed to keep payments lower till September 2008 and includes a free valuation. Our discounted products have proved extremely popular and this is the biggest discount we have provided yet,” said Waqar Ahmed, Sales and Marketing officer at alburaq.

alburaq’s Shariah compliant home-finance and buy-to-let finance schemes have generated considerable attention from the Muslim community since launch and the fast growing Islamic mortgage market is predicted to grow to over £1 billion by 2009. 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.

“This is great news for customers and especially those looking to establish a foothold on the property ladder. The promotions demonstrate our continued commitment to keep our Islamic financial products innovative and accessible” said Waqar Ahmed Sales and Marketing officer at alburaq.

The alburaq range of home finance products is available either directly or through selected IFAs. alburaq home finance products are also accessible through the Islamic Bank of Britain and LloydsTSB.

Customers can obtain further information by contacting the alburaq helpline on 0800 587 88 66 (free phone) or by clicking www.alburaq.co.uk