Mayfair Bridging looks to add Sharia product

Mayfair Bridging is looking to add a Sharia bridging loan product to its range, the lender announced today.

It said it is in consultation with a number of Muslim clerics with regards to implementing a Sharia based bridging loan.A spokesman for the company said that a Muslim population of 2m and a growing Islamic mortgage market meant there was high demand for the product.Yasin Patel, said: “There are many Muslim property investors and businesses which can benefit directly by using a Sharia based bridging loan.“Islam forbids dealing with Riba (interest) and most conventional bridging loans available are interest bearing.”

“Early indications show that the Sharia product would mean Mayfair Bridging purchasing the property and charging rent to client and sharing the profit on exit.”

The firm aims to launch the product in early 2009.

 

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