Demand for Islamic mortgages
The demand for Islamic mortgages has “gone through the roof” according to one lender.
Lloyds TSB says that demand for the packages, which adhere to the principle of Sharia Law that says people must not make money from money i.e. charging interest, has increased significantly.
Emile Abu-Shakra, Lloyds TSB media relations manager, said: “We certainly had, during the course of my time here, people who were literally renting their whole lives.
“One customer was about mid fifties and had been renting from the start because he couldn’t see that there were any options.”
He also pointed out that although the deal is targeted at Muslims, home owners of any creed could take it up.
“It’s obviously designed for the rules of Islamic law, but absolutely anyone could get one,” explained Abu-Shakra.
Figures released by Datamonitor suggest the Islamic mortgage market could be worth £1.8 billion by 2009.
October 12 , 2007