Home Finance Plan Launch
Islamic Bank of Britain Plc
09 June 2006
IBB/113 9 June 2006
Islamic Bank of Britain launches Home Finance Plan
Islamic Bank of Britain has today launched a new Home Finance plan aimed at
providing a halal alternative to conventional mortgage products for British
Muslims.
The Home Finance plan is based upon the principles of partnership (Musharakah)
and leasing (Ijara) which is 100% halal and fully compliant with Islamic law.
All properties financed under the plan will be held in the bank's name with the
customer holding a beneficial interest until the final monthly payments have
been received, at which point the property deeds are transferred to the
customer.
The Home Finance plan is available for a maximum term of 25 years and the
minimum payment from the customer is 10% of the purchase price. The plan is
available to people aged over 18 who are either employed or self employed.
Finance can be obtained for new purchases and re-financing from existing
mortgages. There is also a self-certification option for the self-employed, and
a buy to let option for landlords.
Ashraf Piranie, finance director of Islamic Bank of Britain explains: 'In the
past, many in the Muslim community had to resort to either compromising their
faith or attempting to raise funds to buy property. The new Home Finance plan
will give British Muslims a real choice in line with their religious
principles.'
ENDS
Issued on behalf of Islamic Bank of Britain by McCann Erickson PR. McCann House,
Highlands Road, Shirley, Solihull, B90 4WE
For further information please contact Tom Leatherbarrow on 07808 905467