The loan was provided to clients who were completing a large transaction in south London and requested that the documentation and form used respected Islamic financial principles.
With the assistance of BloomSmith's legal team at Fladgate — which is experienced in sharia-compliant products — the real estate VAT lender was able to provide the required funds.
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“We have a team with a strong reputation, and it is easy to forget why until we are asked to do something out of the normal course of our business to date,” said Nigel Smith, founder and director at BloomSmith.
“It is only then that you realise why that reputation exists.
“Hopefully, providing the VAT on our sharia platform will now become part of our normal course of business for UK and overseas investors alike.”