A website has been launched to advertise Shariah compliant mortgages and financial products from UK lenders and financial institutions.
Islamic law dictates that money mustnt produce money, only to be produced by effort and work. This is why interest, or Riba, is forbidden and accordingly mortgages are not allowed.
IslamicMortgages.co.uk will allow the UKs two and a half million Muslims to get onto the property ladder by showing all available Islamic law Shariah mortgages.
Nusrat Janjua, marketing director of Islamicmortgages.co.uk, says: Although, the situation has changed over the last two years, with the emergence of HSBC Amanah, Alburaq and the Islamic Bank of Britain, we still have a situation of a lack understanding of what is out there in the market place and how Shariah compliant these products are. We hope the website will be able to shed light on the Islamic financial industry.