Bristol & West and ABC International Bank have launched a buy-to-let mortgage for the country’s two million Muslims.This is the latest in a range of home finance products offered by the two banks, designed specifically to comply with Sharia, Islamic law. While the product’s structure differs from conventional interest-based mortgages to ensure compliance with Sharia law, it is accessible and competitive as its criteria is similar to B&W’s conventional buy-to-let mortgage range. Alison Pallett, head of consumer lending at B&W, says: “Until recently Britain’s Muslims have not had a real choice in how they invest their money in keeping with their faith. Our Muslim customers have a particular interest in owning property and by offering a buy-to-let product which complies with Islamic law we’ll be opening up many more possibilities for them.” The partnership between the two banks aims to provide customers with a combination of ABC’s expertise in Islamic banking and Bristol & West’s experience in the UK mortgage market. The product is devised, guided and marketed by ABC through its London subsidiary, while Bristol & West provides all product support, process expertise and financial resources. Lloyds TSB is offering Alburaq Islamic Home Finance in a growing number of branches, as part of an Islamic financial services pilot. The bank is also offering an Islamic current account. Paul Sherrin, head of Islamic Financial Services at Lloyds TSB, says: “Lloyds TSB has established itself as one of the main high street providers of banking services for Muslims, with its Islamic current account and Alburaq’s home finance. “We’ve fulfilled a need for these services but with the addition of buy-to-let mortgages from these two banks, we’ll be able to cater for even more customers.”
BM Solutions has announced David Wood of Castle Mortgages, in Milton Keynes is the winner of the luxury break to Sandy Lane, Barbados. David was picked at random from all brokers who have submitted cases on the one minute mortgage application system since January.Martin Reynolds, head of sales at BM Solutions took David out to […]
Specialist lender Rooftop Mortgages has been appointed to the lending panels of Burns Anderson and Mortgage Broking Services through its Rooftop Direct arm. Rooftop Direct is specifically targeted at those network members who prefer to submit direct to the lender. The first such arrangement with Sesame came into effect on September 1.Jonathan Naylor, managing director […]
The Exchange has entered into a strategy partnership with Just Retirement, the annuity and equity release specialist.
GMAC-RFC today announced the appointment of Daniel Cashen as product development manager. Cashen will be reporting to John Wright, head of product development in the sales and marketing team. Godfrey Blight, sales and marketing director, says: Daniel has joined the team at an exciting time. Our new range of excellent rate products has just been […]
Head of the Portfolio Research and Consulting Group, James Beaumont says his group is dedicated to providing a bespoke service and an analytical review of model portfolios.
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