View more on these topics

Islamic deals from website

Glasgow-based broker firm Select Finance Consultants has launched the first UK website devoted to Islamic mortgages. is an online financial intermediary dedicated to providing mortgages to UK Muslims who wish to own their own homes or refinance existing conventional mortgages. The site includes product information, enquiry forms, 24-hour online accessibility and can refer visitors to a customer call centre.

The website has two lenders on its panel – Ahli Bank, which provides Manzil home purchase plans following the Islamic financing principles of Ijara and Murabaha, and United National Bank, which offers an Islamic mortgage enabling clients to purchase a property without incurring interest. Ijara is based on a lease-to-own, interest-free model making it compliant with the Riba provision of Sharia, while Murabaha is based on a deferred sale finance concept.

Tariq Mahmood, managing director of SFC and proprietor of the site, says: “The thinking behind the website is to cater for Muslims and create demand. This niche market is growing considerably as second and third generation Muslims wish to get back to their roots and secure Sharia-compliant products.”

But Peter Watson, managing director of Bristol-based Watson Financial Management which offers Islamic finance advice, says: “I get more journalists calling me about Muslim products than I do actual clients. Bristol has an above average population of Muslims so if the market is dead here you can imagine how it is in other areas.”

Watson adds that the products&#39 success will be limited as many Muslims tend to stick to conventional mortgages.


B&W extends adverse range

Bristol & West Mortgages has extended its adverse credit range to provide greater variety and improved rates and benefits. The extended range was launched on October 21 and, while remaining easy for brokers and customers to understand, now provides them with significantly more choice. All adverse products start with a one-year discounted base rate tracker. […]

igroup launches second phase of regulatory support programme

igroup is this week launching the second phase of its regulatory support programme for intermediaries. Two CEO regulatory forums are being held to help introducers understand why FSA regulation is their biggest deal, and what they can do to smooth their path to authorisation. The first of the forums takes place at Rickmansworth, Hertfordshire on […]

Consumers&#39 Association disappointed with Treasury review

The Consumers&#39 Association has branded the Treasury&#39s review of the Financial Services and Markets Act 2000 as “disappointing” and “a wasted opportunity”. Mick McAteer, senior policy adviser at the CA, says: “What a wasted opportunity.  The review is very disappointing, with absolutely no recognition of the collapse in consumer confidence and the need for regulation […]

Payments to rise as proportion of income

Economists warn that mortgage payments could rise as a proportion of take-home pay by almost one-third. Nationwide&#39s October 2003 House Price Index suggests that if the base rate rises next week, as many analysts expect, payments as a proportion of take-home pay will rise to between 29% and 32%, compared with 27% now. The report […]

Dividend slump? Not if you look globally

By George Boyd-Bowman, Manager of the Neptune Global Income Fund Recent research has indicated that global dividend growth will slump by as much as 50 per cent in 2016. As collapsing commodities hit high-profile dividend payers, George Boyd-Bowman explains why the US and Japan are his top picks for income growth in 2016. Click here […]


News and expert analysis straight to your inbox

Sign up