It is forbidden under Sharia Law to pay or receive interest, therefore it has typically been difficult for British Muslims to purchase or re-mortgage property due to their faith.
In 2002, the UK government made Sharia-compliant mortgages available in the UK, this lead to many large banks offering this new form of finance.
If you are buying a property and require a mortgage or are re-mortgaging, our team of solicitors who are experts in Shariah-compliant finance can provide invaluable legal advice.
A Will is important as it provides an opportunity to set out your final wishes with regards to your money, possessions, and funeral arrangements. By setting out your wishes helps avoid potential family disputes and ensures that your assets are inherited by the right individuals. However, making a Will is particularly important to British Muslims, as the UK is a non-Islamic country and their assets will not be distributed in line with Islamic legislation if they die without a Will (dying intestate).
The significance of inheritance planning in Islam is clear, as outlined by the following four duties that must be carried out when a Muslim dies:
To be Sharia-compliant, a loan must be a fair agreement between the borrower and lender that allows the lender to still make money without any interest being paid by the borrower. The Islamic Mortgages offered by Sharia-compliant banks generally take one of the following three forms:
