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.
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: