The Treasury has announced plans to extend tax changes to Sharia-law compliant finance. The government had previously ensured the introduction of Sharia-compliant financial products, such as ISAs and child trust funds, and used the Budget to extend relief from multiple stamp duty land tax for individuals or businesses using Sharia-compliant mortgages. Sharia-compliant arrangements for hire purchases and investments have also been approved.
Our view
Muslims are not allowed to pay or receive interest, so different financial methods are used to ensure that folowers of Islam can still invest and also purchase property and not go against any belief.