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Islamic Mortgages .co.uk information website is the leading resource for all those looking for Islamic Finance solutions. We provide a comprehensive analysis of all Shariah Law compliant Islamic mortgage products available within the UK. 40,000 Muslim families/households take out conventional mortgages every year (new mortgages and remortgages); of these, Muslims pay each year approximately £4 billion in interest on house mortgages alone.

This may be multiplied many times to include interest paid out in business loans, personal loans, overdrafts, hire purchase etc. Why continue to do this, when there are real Shariah compliant alternatives in the UK; we can help guide you through thus and inshahallah give you a ‘riba’ free peace of mind.

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Islamic Finance News

UK Islamic Mortgages worth Billions

There are still many obstacles to clear:

The FSA does not regulate Ijara mortgages, financiers continue to face adverse capital weighting treatment of Ijara finance plans. As a result Islamic mortgages are still not as competitive as traditional mortgages. This is something must be addressed.

There is still a lack of customer awareness and understanding of Islamic mortgages.
Islamic mortgages prohibit the customer from receiving housing benefit.
They are preventing individuals from purchasing under the right to buy scheme.
Finally, the lack of compliant Muslim insurance products on the market makes these mortgages less appealing.

New changes however are on their way to resolve some of these problems. The introduction of the UK parliamentary Regulation of Financial Services Bill is likely to make Ijara mortgages a reality; lenders are optimistic of the change in capital weighting. The ODPM is looking to integrate Islamic mortgages into the right to buy scheme. And finally, as more lenders enter the market it should make it more competitive, drive down costs, making the Islamic Mortgage comparative competitive with conventional mortgages.

Source for statistic - 'UK Islamic Mortgage 2005' - published July 2005 by Datamonitor.

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