DeVere Mortgages and Al Rayan Bank partner on Sharia-compliant home loans

DeVere Mortgages and Al Rayan Bank have entered into a strategic partnership to offer Sharia-compliant mortgage alternatives for expats in the UK.

The move follows Devere reports of an average 55 per cent week-on-week increase in mortgage enquiries since the Brexit vote, with the majority of these applications from residents of Qatar, the United Arab Emirates, Saudi Arabia, Kuwait, Bahrain, and Oman (GCC countries).

Devere Mortgages managing director Mike Coady says: “We have seen growing demand from our Group’s 80,000 clients around the world for Sharia-compliant mortgages.

“The tie-up with Al Rayan Bank will add real value to our core market, which is Muslim and non-Muslim buyers based overseas who are looking to purchase property in Britain.”

Al Rayan Bank chief executive Sultan Choudhury says the partnership will focus on British expats “who, for a variety of reasons, can find it difficult to obtain home finance in the UK whilst they are working overseas.”