12 Oct

Islamic mortgages growing in popularity

Islamic mortgages growing in popularity

Demand for Islamic mortgage products is continuing to rise, it has been claimed.

Emile Abu Shakru, media relations manager at Lloyds TSB, said that two years ago Shariah-compliant products were available in just five of the mortgage provider's branches.

However, with demand having since gone "through the roof", the mortgages are now available in all the company's outlets, he said.

The new products have meant an end to the prospect of having to rent their homes in perpetuity which was common among Muslims resident in the UK, he added.

"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," Mr Abu-Shakra said.

A recent report from Datamonitor predicted that the Islamic mortgage market will grow by 47 per cent annually and will be worth £1.49 billion by 2009.


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