Lloyds TSB extends Islamic banking
We've researched the top mortgage sites saving you time & money.
www.openwebshopper.com
Your Mortgage brings you breaking news, tips and information on every aspect of mortgages in the UK. ... Mortgage best buys and tools. Use our unique range of free mortgage ...
www.yourmortgage.co.uk
For loans secured by mortgages, such as residential housing loans, and lending practices ... A mortgage is the transfer of an interest in property (or the ...
en.wikipedia.org
Lloyds TSB has revealed that its corporate and structured finance property teams have completed the Shariah compliant purchase of the Sanctuary Buildings in London's SW1.
The company says that the £140 million landmark deal to a consortium including Taib Bank (Bahrain) and Dominion Asset Management (Hong Kong, represented in the UK by Pelham Associates) was conducted in compliance with Islamic law.Shariah law forbids both the payment and receipt of interest, known as Riba. The debt provided by Lloyds TSB Corporate was in addition to the funds provided by the investors through a Sukuk issue and the use of an innovative Musharaka structure.
Bill Croudace of Lloyds TSB Corporate said he believed there was "tremendous potential" in providing such bespoke services.
"The Muslim community represents a significant proportion of the UK commercial property market but for a long time there has been little funding choice for deals to be struck under Islamic principles," he said.
"We are already a big player in the Islamic financial services arena and this is a market we are keen to develop," he added.
© Copyright
We're Up-to-Date with Lowest Mortgage and Remortgage Rates. Find the Best Deal & Save Money today.
www.moneysupermarket.com
Find the best mortgage & remortgage rates and find mortgage calculators with London & Country mortgage brokers. Find expert and free advice on mortgages...
www.lcplc.co.uk
Related Articles
- Cahoot sets up mortgage trial - 7th October, 2005
Internet bank cahoot has announced that it is offering a set of mortgages, only available by telephone, in association with parent company Abbey.
The trial fixed rate, tracker and flexible mortgages will carry on until early next year and if the trial is successful then cahoot intends to produce its own independent mortgages, which should be available online as well as by telephone... - New re-mortgaging offer from Yorkshire Building Society - 13th October, 2005
Yorkshire Building Society (YBS) has launched a two-year mortgage specifically for people who are changing their mortgage but not moving house.
The mortgage has a fixed interest rate of 4.39 per cent and customers will receive a free re-mortgaging legal service and free accident, sickness and unemployment cover for the first six months... - Nationwide lowers its mortgage reservation fees - 12th October, 2005
In an effort to encourage people to have longer-term secure mortgage payments, Nationwide Building Society is lowering its reservation fees for its five and ten year fixed rate mortgages.
From this Friday the reservation fee for these mortgages will be £199, reduced from £389... - New study reveals many young people can not afford mortgages - 11th October, 2005
Latest research shows that more than one million young people do not have enough money for even the cheapest homes in their area.
The research indicates that over 1.25 million people under 40 in England, Scotland and Wales have incomes too high to receive housing benefit if they live in rented housing, but too low to afford a mortgage on even the cheapest two or three bedroom homes... - Buy-to-let market encouraged by good mortgage deals - 10th October, 2005
More inventive and competitive mortgages are the main reason for the improvement in the buy-to-let market, according to more than half of buy-to-let intermediaries questioned.
The results from Mortgage Trust’s October Buy-to-Let Intermediary Forecast also pointed to strong rental demand and improved overall confidence in the housing market for the increase in landlords buying property... - Stable interest rates could please mortgage holders - 5th October, 2005
Analysts are predicting the Bank of England will once again leave UK interest rates steady.
If their predictions are borne out October will be the second month running with interest rates constant at 4.5 per cent... - RICS launches property auction guide - 7th October, 2005
The Royal Institution of Chartered Surveyors (RICA) has released a new guide to selling property at auction in order to simplify the increasingly popular process.
The top 20 UK auctioneers have reported a 16 per cent rise in the number of properties sold at auction during 2004... - House prices on the increase - 6th October, 2005
The housing market seems to be picking up as property prices increased by 1.2 per cent in September....
- Large growth in buy-to-let mortgage activity - 13th October, 2005
Landlords have stepped up their buying activities as a Mortgages Direct study shows a 50 per cent increase in their mortgage activity in September.
This means buy-to-let investors make up 12 per cent of people wanting to get a mortgage, reports the financial website in2perspective.com... - New Shariah-compliant mortgage for landlords - 5th October, 2005
The mortgage market has developing increased variety with the launch of a new buy to let product for Muslim consumers.
Bristol & West and the Arab Banking Corporation have jointly developed a mortgage suitable for Muslim landlords.
While the product is in compliance with Shariah rulings on interest, Bristol & West reports that it possesses similar criteria to conventional mortgages and so remains competitive...