Abu Dhabi Bank in the UK likely to offer Islamic mortgages

Fri, 14 Oct 2011
The Abu Dhabi Islamic Bank has revealed it is to open its first branch in the UK this November.

And Islamic mortgages are likely to form a significant part of the lender's offerings, as it has announced a greater focus on home loans in the future, Mortgage Strategy reports.

The outlet is to be located at the One Hyde Park development in London and developments will progress further once the institute obtains its banking license.

Phillip Manning, UK chief executive officer at Abu Dhabi Islamic Bank, which currently has in excess of 60 branches, noted the lender will begin by offering current accounts, with other areas - such as Islamic mortgages - to follow later.

The industry figure explained the ideal way to do this will be via brokers, adding: "Clients will undoubtedly ask for mortgages at some point but you need to have significant demand to justify setting up a division, so this is some way in the future."
Salaam-u-Allaikum
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