The Middle East has largest Islamic mortgage financiers

Mon, 28 Nov 2011
The Middle East is home to many of the world's leading Islamic mortgage financiers, it has been noted.

Oliver Agha, partner at Agha and Company/Agha and Shamsi, said the region needs to demonstrate to others how Islamic finance is carried out successfully, Gulf Daily News reports.

The industry figure pointed out there needs to be clearer property regulations that are suited to Islamic mortgage rules and help to develop the concept further.

Alex Gemici, managing partner at Greenstone Equity Partners, claimed the Middle East has vast potential for development in the home financing field, adding: "We foresee phenomenal growth for the sector in the coming years."

The two experts were speaking after participants in the Middle East and North Africa Mortgage and Affordable Housing Congress suggested the industry in the region is set for double-digit growth in the near future.

According to the members, developers need to place more emphasis on affordable housing as opposed to properties that cannot be purchased by the majority of people.

The comments come after chief executive officer at Sakana Holistic Housing Solutions R Lakshmanan had earlier observed Golf Cooperation Countries are likely to push forward the Islamic mortgage market.
Salaam-u-Allaikum
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