UK mortgage market receives lifeline with launch of Home Purchase Plan from Islamic Bank of Britain
On July 13, 2008 · In Britain, Dhimmitude, Islam, Sharia Compliant, Shariah Finance, Shariah Law
New product is based on the Islamic financing principles of Ijarah and Diminishing Musharaka
Islamic Bank of Britain (IBB) has launched the Home Purchase Plan (HPP), which it billed as ‘the mortgage alternative’, enabling customers to purchase their homes in an ethical and Shari’ah compliant manner. As fears rise of the mortgage market’s decline, and lenders withdraw many of their products, IBB said it was bucking the trend by entering the market, providing customers with an ethical way of meeting their home purchase and re-mortgage needs.