New Lloyds TSB mortgage for Muslim market
www.moneynews.co.uk > Mortgages > New Lloyds TSB mortgage for Muslim market
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Money News |
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New Lloyds TSB mortgage for Muslim market
Tue 22nd Mar 2005
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The product adheres to Islamic law by involving no system of interest.
Under the terms of the scheme the bank will purchase a percentage of the property. The customer then buys back from the bank over an agreed period of time whilst paying a monthly rental fee.
The scheme will be available from selected branches in London, Luton and Birmingham and adds to the bank's Muslim current account launched last month.
Mark Austin, from Lloyds TSB's Islamic Financial Services, said: "Finding the money for a new home can be tough at the best of times, but Britain's Muslims face an even more difficult dilemma.
"With traditional interest based mortgages out of the question for many, the choice has tended to be between going against the faith, or avoiding a mortgage altogether.
"Our research tells us that three quarters of the country's Muslims want banking services that meet the needs of their religion and this new home finance product should help bring a new generation of homeowners onto the property ladder," added Mr Austin.
Related News : Mortgages |
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Related News : LloydsTSB |
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