Press Releases...
In the past, many of the UK's 2.5 million Muslim's were unable to get onto the property ladder as the only available mortgages involved interest-based transactions which are forbidden by Islamic law - Shariah. Money doesn't produce money, but money has to be produced by effort and work. This is why interest (Riba) is forbidden and accordingly mortgages are not allowed.
Nusrat Janjua, Marketing Director, said: 'Although, the situation has changed over the last two years, with the emergence of HSBC Amanah, Alburaq, and the Islamic Bank of Britain; we still have a situation of a lack understanding of what is out there in the market place and how Shariah compliant these products are.'
Nusrat Janjua continued: 'to resolve this problem, we have launched a new website, making www.Islamicmortgage.co.uk the UK's leading online resource for Islamic mortgages (residential and commercial) and Islamic finance. The website is endorsed by many of UK Islamic finance providers.'