Great experience in Islamic Finance including ‘mortgages’
The basis for all Islamic finance lies in the principles of Sharia (or Islamic Law) which is taken from the Quran and from the example of Prophet Muhammed (peace be upon him).
Unlike a conventional mortgage the Islamic Bank of Britain Home Purchase Plans (HPP) are based upon the Islamic finance principles of a Co-ownership Agreement (Diminishing Musharaka) with a lease (lijara). Rather than interest, the monthly HPP payment is made up of two elements, an acquisition payment and a rental payment. Once all the acquisition payments have been made the property is transferred to you.
By understanding the principles our lawyers can work with you to buy property the way you wish to.