Sesame teams up with Islamic Bank of Britain

11 April 2011 | By Tessa Norman

Sesame has teamed up with Islamic Bank of Britain to give its network members access to the full range of IBB’s Sharia compliant mortgage alternative, the Home Purchase Plan.

As part of the tie-up, intermediaries will be able to submit fully packaged applications or referrals to IBB.

HPP gives consumers the option of home finance without the use of interest, allowing them to purchase a house in partnership with the bank on a leasing and diminishing agreement.

Rental rates start at 3.99%, for IBB’s fixed rate product, and all deals come with an administration fee of £299.

Rob McCoy, senior product and communications manager, says: “The tie-up with IBB is great news for Sesame network members.

“Advisers can tap into new markets with IBB’s Home Purchase Plan, offering customers a competitive, ethical and Sharia compliant mortgage alternative.

“We welcome IBB and look forward to a mutually successful partnership.”

Simon Walker, head of sales at IBB, says: “Working with IBB, Sesame network members can expand their product range to incorporate the IBB’s Home Purchase Plan and start targeting an additional diverse range of potential customers.

“The HPP offers competitive rent rates and provides a Sharia compliant and ethical alternative, and with the ability to submit fully packaged applications or refer clients to IBB, Sesame advisers now have a real opportunity to develop their business in a new way.”

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