Bristol & West

Bristol & West (Al Buraq Islamac Home Finance)

Arab Banking Corporation launches Islamic home loan with Bristol & West One of the foremost banks in the Arab world, Arab Banking Corporation (ABC), has entered into an agreement with one of the UK’s leading mortgage providers to launch an Islamic home finance scheme tailored to the needs of the Muslim community in the UK. Through its London subsidiary, Bristol & West (Al Buraq Islamac Home Finance)
ABC will market the product under an Islamic brand name, Al Buraq, that will also be used to market financial services in the Arab world. Financing for the product and full back-office support services will be provided by Bristol & West (B&W), part of the Bank of Ireland Group.
Bristol & West (Al Buraq Islamac Home Finance) The agreement will bring together Bristol & West’s expertise in the UK housing market and ABC’s authority within the world of Islamic finance to create a competitive and flexible product that will adhere strictly to Islamic law.
Bristol & West (Al Buraq Islamac Home Finance) The initial Al Buraq home finance packages are expected to be available within the next three months. In essence, they will enable the customer to become the co-owner of a home alongside B&W, with future payments structured to buy out B&W’s share while also paying rent for occupation of the property. No direct loan is involved, enabling the customer to comply with the strict Islamic prohibition on payments of interest.

Bristol & West The net cost of an Al Buraq package will be broadly comparable to the cost of an equivalent mortgage, thanks in part to last year’s Budget which exempted co-ownership schemes along these lines from the need to pay double Stamp Duty. The UK has a large and growing Muslim community, with many households likely to opt for a financing package that will comply with their religious beliefs. Keith Leach, a senior manager at ABC said: “We are very excited to be working with Bristol & West to launch the Al Buraq brand and home finance product in the United Kingdom. I believe our arrangement will offer customers the best of both worlds, marrying our experience and knowledge of Islamic finance with the Bristol & West’s undoubted reputation as a leading provider of home finance." Julie Blunden, head of market development at Bristol & West said: “Working with Arab Banking Corporation has given us a valuable insight into the financial needs of the Muslim community. This agreement furthers our aim of ensuring that home ownership is accessible and affordable for anybody who wishes to purchase their own property”

Bristol & West (Al Buraq Islamac Home Finance)

Any Purpose Loans £100 to £100,000 We have one of the shortest application forms on the internet today. When you complete our short form and submit it to us, we search a large number of reputable UK Loan Lenders to find you the very latest loan deals and best interest rates available today. We even have exclusive Loan Lenders that you will not find anywhere else. Apply today with confidence. Instant acceptance with many of the Loan Companies we use. Get started now…….
	Required

Reason for loan
Amount of Loan
First Name
Last Name
Title
Date of birth
Employment
House number/name
Postcode
Telephone number
E-mail address
Type YES to agree to the terms of use.		Privacy statement

	Terms and Conditions - click here	SpiderwebZ