Sharia law-compliant home finance

Islamic bank partners with mortgage adviser

Islamic bank Al Rayan has partnered with deVere Mortgages to offer Sharia law-compliant home finance to expats living in the Middle East looking to purchase UK property.

The announcement follows a reported 55% week-on-week increase in mortgage enquiries received by deVere since the EU referendum.

The majority of applications came from expats living in areas such as Qatar, the United Arab Emirates and Saudi Arabia.

Mike Coady, managing director of deVere Mortgages, said: “We have been consistently impressed by the products and services delivered by Al Rayan Bank, and we look forward to expanding together as a result of this partnership.

“The tie-up with Al Rayan Bank will add real value to our core market, which is Muslim and non-Muslim buyers based overseas who are looking to purchase property in Britain.”

In September, Al Rayan bank announced that it was expanding with a new office in Bradford, while last week, an Islamic finance specialist told Bridging & Commercial that Brexit could be an opportunity for further growth.

Mike explained that deVere had received growing demand for Sharia law-compliant mortgages from the group’s 80,000 customers.

Meanwhile, the firm has experienced a 141% rise in expat financing since 2013.

Sultan Choudhury, CEO of Al Rayan Bank, added: “I am delighted to announce the strategic partnership between Al Rayan Bank and deVere Mortgages.

“As one of the world’s leading independent financial consultancies, deVere Mortgages will help us to reach an even wider group of people who are looking for ethical, Sharia-compliant home and property finance.”

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