Islamic Bank of Britain is pleased to announce the launch of our Home Purchase Plan. Islamic Bank of Britain’s Home Purchase Plan has been approved by the Bank’s Sharia’a Supervisory Committee. It is available to Muslim and non-Muslim customers as an alternative to a conventional mortgage.
If the property is in England or Wales continue reading below.
If the property is in Scotland please click here.
How does it work?
The Home Purchase Plan is based on the accepted and widely used Islamic financing principles of Ijara (leasing) and Diminishing Musharaka (reducing partnership).
For example, the bank may contribute 60% and the customer 40% of the purchase price. Over a period of up to 30 years, the customer will make monthly purchase instalments through which the Bank will sell its share (60%) of the home to them. With each instalment paid, the Bank’s share in the property diminishes while the customer's share correspondingly increases.The key features are listed below, with calculators available from the menu on the left, as well as a secure online Agreement in Principle which allows the customer to proceed to an online application form.
The key features are listed below, with calculators available from the menu on the left, as well as a secure online Agreement in Principle which allows the customer to proceed to an online application form.