Islamic Bank diversifies Sharia compliant range with rent-only product

Line Spacing+- AFont Size+- Print Forward to a friend
Islamic Bank diversifies Sharia compliant range with rent-only product

Islamic Bank of Britain, the UK’s only wholly Sharia compliant retail bank, has diversified its Sharia compliant Buy to Let Purchase Plan product range with the launch of a rent only BTLPP.

IBB’s BTLPP is a variable rental rate product available to landlords, of any faith, with a deposit of 35% at a rental rate of 5.49%. Other features include:

- The ability to make additional acquisition payments, without penalty, subject to a minimum amount of £4,000

- No early payment charge for clearing the finance in full

- An administration fee of 1% (a minimum fee of £995 applies)

- Minimum property finance of £30, 000, maximum finance of £500, 000 and minimum property value of £90, 000

Commenting on the launch Imran Pasha, Head of Sales and Service, Islamic Bank of Britain said:

“IBB launched its Sharia compliant Buy to Let Purchase Plan in November 2011 and we have seen a healthy demand for the product since then. The recent launch of the rent only BTLPP is the natural next step for the Bank.”

He also explained how the launch could benefit IFAs by saying, “The new BTLPP also represents a major opportunity for intermediaries looking to develop their business in the ethical and Sharia property finance market. There is a growing demand from landlords for Sharia compliant property finance. With a rent only product from IBB, IFAs can recommend a product that provides them with an affordable way to access it. IBB also offers financial incentives for the IFA who can refer successful leads. With a competitive procuration fee, which is currently matching the figures offered by other home finance providers for fully packaged cases, now is a good time for IFAs to consider working with IBB.”

No Comments

This Article Has No Comments Yet

But you can be first to leave a comment

Latest from Property Reporter

New home registrations up 14%

Are homes with water meters pouring money down the drain?

FTB property transactions at eight-year high

Land Registry: House prices up 1.7% in July


Latest from Commercial Reporter

Connect launches BTL range for Marsden

Tilney Bestinvest acquires financial planning firm

Commercial Trust adopts MortgageBrain Classic

Shawbrook releases SLA figures


Latest Comments

A cooling of the London market is welcome and it is pleasing to see a strong recovery across the regions. It does look like confidence is continuing to increase.

view article

In July, sales may have slipped back slightly month-on-month, but we need to remember that the market was working overtime in June to regain ground lost before the election.

view article

Increased fears of an imminent base rate hike have acted as a catalyst for the remortgage market, causing many borrowers to consider moving onto fixed rates mortgages, buoying activity.

view article

Compared to this time last year, when buyers were faced with annual house price rises of 10.2%, conditions are looking far more affordable.

view article

A record low for repossessions and the falling number of loans in arrears have been two of the big success stories for mortgage borrowers in the post-recession era.

view article

The fact that nine out of 12 regions in the UK experienced a decline in new vendor instructions highlights the need for the Government to address these supply side issues, in order to put the brakes on...

view article

While a couple of high street lenders have recently increased their rates, the vast majority are offering record-low deals and there are still plenty of competitive products for borrowers to snap up.

view article

The post-election recovery in the housing market continues apace with lending to first-time buyers, home movers and landlords all up on the previous month.

view article

I have never believed in coincidences, and neither do the banks and intermediaries that are reinventing themselves to ensure they remain at the centre of customer expectations and decision making.

view article
becky scanlon
becky scanlon 03 Aug 2015

Service is so often overlooked from a business development point of view, there is always a tenancy to focus on strategy for continued growth and business development. We have tried to remember to put

view article

Good advice makes a huge difference to people when they are navigating their choices on savings and retirement, but the rules today have not kept pace with people's needs.

view article

There are a number of significant changes that have far reaching consequences and see the most radical change to insurance law for more than 100 years.

view article

In The Spotlight

In the Spotlight with Simon Badley, IRESS

We spoke to Simon Badley, Managing Director at IRESS, about how technology can help intermediaties cope with regulatory change, and the integration between platforms and software. Read more

Features

30 years of finance: is change overdue?

[SPECIAL FEATURE: As Melanie Whiting, Mortgage Manager at Norton Finance, celebrates 30 with the company, she discusses the changes in the industry and the need for regulation in an ever changing environment.] Read more

Latest Tweets

Subscribe To Our Mailing List