Lloyds TSB Islamic mortgage demand "through the roof"
www.moneynews.co.uk > Mortgages > Lloyds TSB Islamic mortgage demand "through the roof"
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Money News |
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Lloyds TSB Islamic mortgage demand "through the roof"
Thu 11th Oct 2007
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The bank revealed that in the space of a couple of years, mortgages that are compliant with Sharia law have gone from being available in just five branches to every branch in the country.
Emile Abu-Shakra, media relations manager at Lloyds TSB, said that the mortgages are not restricted to those of the Muslim faith.
"It's obviously designed for the rules of Islamic law, but absolutely anyone could get one," he explained.
"There has been interest from other sort of religious groups. You don't need to be Muslim at all to get one of these."
Under Sharia law, making money by charging interest is disallowed.
In a recent report, Datamonitor predicted that the Islamic mortgage market will grow by 47 per cent a year, reaching £1.4 billion by 2009.
Related News : Mortgages |
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Related News : LloydsTSB |
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