Non Muslims turning to Islamic mortgages

Mon, 20 Feb 2012
People from all religions are turning their attention to the benefits to be had through Islamic mortgages.

MSN Money reports that an increasing number of non-Muslims are looking to take up the home loan option due to the competitive rates on offer, while sharia-compliant savings accounts are also becoming more common in the UK.

Many individuals are considering Islamic finance products because of the attractive returns on offer, in addition to the alternative philosophy behind them.

As part of an Islamic mortgage deal, the bank and the borrower will often both put money forward in order to purchase a dwelling as a partnership, with the property then rented out to the person taking out the deal and the two parties sharing the cash made.

According to the news provider, some of the sharia-compliant accounts that pay out the most include those from the Bank of London and The Middle East.

Earlier in the month, Arab News reported that London is currently in contention to become the centre of the Islamic finance world, with Kuala Lumpur, Dubai, Saudi Arabia and Bahrain also jostling for position.
Salaam-u-Allaikum
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