Bristol & West welcomes Islamic mortgage trend

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Bristol & West welcomes Islamic mortgage trend

Bristol & West has welcomed the introduction of new legislation extending the protection of the Financial Services Authority (FSA) to Islamic mortgages.

Specially-adapted deals that comply with Sharia law are becoming increasingly popular among British Muslims, prompting a number of mainstream lenders to start offering them.

Bristol & West, which is partnered with specialist Islamic mortgage provider alburaq, said FSA protection would help drive further growth in this product area.

"This is a real step forward for the industry and recognition of the growing market in Muslim finance in the UK," said Alison Pallett from Bristol & West.

"We are delighted that this new legislation mirrors our already high standards and we see our partnership with alburaq growing stronger and stronger."

New regulations affording Islamic mortgages FSA protection came into force on April 6th.

The regulator has won plaudits from providers and consumers for consulting widely before introducing the new framework.

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