Islamic mortgage provider wants eurozone solution

Mon, 05 Dec 2011
European leaders need to make sure they do not repeat the mistakes of the past if they want to avoid another debt crisis, one Islamic mortgage provider has stated.

Ahmad Mohamed Ali, the president of the Islamic Development Bank, told Arab News that some of its member countries - including Turkey, Morocco, Tunisia and Algeria - are being negatively affected by the current situation.

He added he is hopeful policymakers within the EU will be able to find the right solution to problems.

Mr Ali was speaking at the opening of the Saudi-Spanish Center for Islamic Economics and Finance, which will look to offer improved Islamic finance education.

The specialist continued by saying the development of the project will help Europeans "have a more intimate knowledge of Islamic economics and finance and of what is going on in the Muslim world".

It comes after the Islamic Bank of Britain introduced a new Sharia-compliant deal that can be accessed by people of any religious denomination.

In order to qualify, those looking to purchase homes need to have a 25 per cent deposit and pay a small procuration fee.
Salaam-u-Allaikum
Speak to us!
Speak to an Islamic mortgage specialist - free and easy.