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November 21, 2009    

Islamic Bank Home Purchase Plan available from mortgage brokers

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by Gill Montia

Islamic Bank of Britain (IBB) has announced that its Home Purchase Plan is now available via brokers belonging to The Mortgage Times intermediary network.

The Sharia’a-compliant lender is intent on increasing its share of the mainstream mortgage market and claims it can offer low rates and fees.

The bank funds its lending from its own deposits which are invested according to Islamic law, and welcomes applications from all faiths.

Its mortgages consist of two elements: a rental element, whereby the homeowner pays rent on the bank’s share of the property and an acquisition element through which the borrower purchaser the bank’s share in the property.

IBB’s commercial director, Sultan Choudhury, says: “Working together with intermediaries from The Mortgage Times network we can reach out to a wider audience of ethically minded customers who are looking for competitive financial products.”

According to Mortgage Times spokesman, Richard Stokes, “More and more of our brokers are requesting details of the Home Purchase Plan which is appealing to both Muslims and non-Muslims alike.”

Earlier this year, IBB was named the UK’s Best Islamic Financial Institution in the Global Finance magazine awards.

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Tags: Home Purchase Plan, Islamic Bank of Britain, lender, Mortgage Times, Sharia’a