CEO claims Islamic mortgages have wide appeal

Mon, 17 Oct 2011
Islamic mortgages are increasingly used by non-Muslims in certain parts of the world.

This is according to Mr Lakshmanan, chief executive officer of Sakana Holistic Housing Solutions, who recently spoke about the issue at the Cityscape Global Focus Forums held in Dubai.

He suggested there are now certain markets where Islamic finance products can be found on an equal basis to other options, meaning those searching for home loans have greater choice at their disposal.

"The industry has also witnessed increasing number of non-Muslims availing Islamic mortgages reflecting inclusive approach of Islamic finance," the official noted.

Mr Lakshmanan warned it is essential for economies to ensure they have a well-developed mortgage market in order for their housing sectors to grow.

The Abu Dhabi Islamic Bank recently revealed it will open its first UK branch this November, with Islamic mortgages likely to form a significant part of its offerings.

Its outlet will be located at One Hyde Park and the organisation is now awaiting its banking license before developments can progress further.
Salaam-u-Allaikum
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