Islamic Finance – a brief overlook of the market
In Islam – a religion followed by more than 2 billion people, it is prohibited on dealing in interest. This prohibition has led to the development of a range of mortgage products that enable Muslims to obtain a mortgage without comprising their beliefs. The mortgage product satisfies principles consistent with Islamic laws (Sharia).
Some critics have labelled the purchase instalments with the capital instalments repaid under a loan and the rent paid to the lender as being equivalent to finance, but they fail to understand the legal relationship between the parties is more like landlord and tenant.
Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The overall cost for comparison is 7.1% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. There may be a fee for the mortgage advice. The precise amount will depend on your circumstances, but we estimate it will be 1.5% of the loan amount with a minimum fee of £500 added on to the loan.
Mayfair Consulting Limited is an Appointed Representative of The Mortgage Times Group Limited, 279 Tottenham Court Road, London , W1T 7RJ , which is authorised and regulated by the Financial Services Authority no. 303007.
