New Shariah-compliant mortgage for landlords

 

NEW SHARIAH-COMPLIANT MORTGAGE FOR LANDLORDS
Article date: 05/10/2005 : 16:44:24

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.

Alison Pallett, head of consumer lending at Bristol & West, explained: "Until recently Britain's Muslims have not had a real choice in how they invest their money in keeping with their faith.

"We have found that our Muslim customers have a particular interest in owning property and by offering a buy to let product which complies with Islamic law, we'll be opening up many more possibilities for them."

The product is available directly or customers can use accredited IFAs and certain braches of Lloyds TSB.
 
 
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