LMS has partnered with Alburaq, a Shariah compliant financial services provider, to offer specialist advice on Islamic home finance schemes.
Alburaq launched home and buy-to-let finance for the UK’s two million Muslims last year but some customers have experienced delays with their conveyancing as many law firms are unfamiliar with the requirements of Islamic financial schemes.
LMS are one of the UK’s leading conveyancing panel managers and have established a panel of experienced expert law firms to handle Shariah compliant home finance.
Keith Leach, senior manager at Alburaq, says: This is a significant partnership for our customers as it enables them to cut the conveyancing time and cost by up to a third.
We realise that the legal work involved in Shariah compliant home finance is very different and some customers have experienced challenges finding good quality legal advice.
alburaq’s Shariah compliant home and buy-to-let finance schemes have generated t interest from the Muslim community since launch, and with traditional interest based mortgages out of the question for many, the only choice for home ownership has been either going against the faith, or avoiding a mortgage altogether.
alburaq also provide the Islamic Bank of Britain and Lloyds TSB with Shariah compliant home finance products .
Dominic Toller, director of marketing and new business at LMS, says: We have developed a panel of specialists in providing legal advice to the Muslim community to address the difficulties that are often experienced in finding a suitably experienced and efficient law firm.
Whether a customer wishes to organise the sale, purchase or refinancing of a property we can make sure that our customers receive the best possible advice and the best service available.