Mohammed Rose, a lawyer at City firm, Norton Rose, has predicted an upsurge in Islamic mortgages and savings products.
Our View
Muslim law precludes Muslims from receiving or paying interest. There are currently two types of mortgage available in the UK for deferred sale finance (Murabaha Mortgage) and lease to own (Ijara Mortgage) form a select range of providers.
As providers become more sophisticated products wise, it is inevitable that they will offer both investing and borrowing products that cater for a multi-racial and multi-religioned cosmopolitan society.