Sharia Law
Conventional mortgages are interest-bearing, this conflict with Islamic Principles, and therefore prohibited by Shariah law. This has presented difficulties for the finance industry to cater for the 1.8 million muslims living in the UK.
Conventional mortgages are interest-bearing, this conflict with Islamic Principles, and therefore prohibited by Shariah law.This has presented difficulties for the finance industry to cater for the 1.8 million muslims living in the UK.
With the introduction of Halal Mortgages in the UK, Muslims now have a choice. They can purchase homes or refinance existing mortgages using Halal Mortgages. Halal mortgages are structured differently than conventional interest bearing mortgages, so they are Shariah compliant and are inline with Islamic principles.
In accordance with Islamic Sharia'a, there are two ways to help you finance the purchase of your home
The HALAL MORTGAGE TYPES
Manzil Murabaha Plan
and the Manzil Ijara Plan
In Arabic Manzil means home. We provide the Muslims in the UK with an alternative to an interest mortgage so that you can buy mortgage, remortgage or buy to let in accordance with the Islamic Sharia'a.
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.
