Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
13th December 2011
Sharia compliant Buy to Let Purchase Plan
The Islamic Bank of Britain has introduced a Sharia compliant Buy to Let Purchase Plan. Similar to Sharia compliant regular home purchase products the basis is that the property is owned by the lender until the last payment is made. During that time the lender makes their profit by charging a rental to the residents. The source of the funds is also fully Sharia compliant.
The bank gave the following product information:
- Minimum deposit of 25%.
- Variable rate product with a rental rate currently of 5.49% with an arrangement fee of 1%.
- Can be used to finance up to five properties with advances between £70,000 and £500,000 each property.
- Ability to make additional payments and repay in full with no early settlement charge
- to be offered direct and through intermediaries