Islamic Bank diversifies Sharia compliant range with rent-only product

Line Spacing+- AFont Size+- Print Forward to a friend Mortgages
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

High LTV rates cut at Halifax

Consumer confidence at highest level since July

Limited edition mortgages launched by Accord

London agent warns of potential Labour disaster


Latest from Commercial Reporter

BM Solutions cuts rates on fixed BTL range

Ezbob & Everline secure £30m investment

Our part in the loan referral scheme

Paradigm secures BTL exclusives from Precise


Latest Comments

Nicholas Grange-Bennett

I rember this guy at school, he was a few years below me. I was a House Prefect at the time and had to protect him from a bullying situation. I guess this would a bit out of my league now.

view article

It is encouraging to see that gross lending has climbed by 7% in the year to March, as the market begins to pick up after a slow start to the year.

view article

Buy-to-let is the real lending success story, seeing a huge improvement in terms of deals available, rates and relaxing of criteria since the downturn.

view article

TISA is working to develop the digital passport and we anticipate that a prototype will be ready later in the year. Financial services lags behind other industries in the use of technology to meet consumers’...

view article

After a quiet winter – where the number of monthly property transactions dropped below 100,000 for four consecutive months – it is encouraging to see that the growth observed by HMRC in February has been...

view article

Insurers rates are keener than ever as they scramble for market share in light of strong results in the face of lower claim levels. In an increasingly competitive market brokers have a significant role...

view article

Surveyors are reporting that transactional activity and buyer enquiries largely flat lined in March as consumer demand begins to pull back in the run up to the general election.

view article
Freelancer Financials
Freelancer Financials 14 Apr 2015

Excellent article Peter, especially for mortgage firms that are expanding and need to restructure their firms to cope with the increased business volumes. Do you keep taking more advisers that handle...

view article

Whether the specialist expertise is in house or in some cases outsourced, in today’s world advisers wearing too many hats does not deliver the best outcome for them, their clients or the businesses they...

view article

The blinkered desire for an all encompassing European compliance agenda will be the cause of actual and real hardship and store up problems for the future.

view article

The decision to hold rates in March was unanimous and in advance of today’s meeting it seemed most unlikely that the economic news and data over the past month would have been sufficient to support a change...

view article

Until the new tax rules on savings interest are introduced in April 2016, people should look to maximise the benefits of their tax free ISA allowance, which is now £15,240 for the current tax year as the...

view article

In The Spotlight

In the Spotlight with Harpal Singh, Broker Conveyancing

We spoke to Harpal Singh, Managing Director of Broker Conveyancing, about a post-MMR industry and the greater recognition of conveyancing as an opportunity for advisory firms. Read more

Features

shutterstock_125681588.jpg

Looking back or looking forward - MMR, one year on

It has been one year since the much-discussed Mortgage Market Review landed upon the UK mortgage market, amid varying degrees of concern about its effects on homebuyers and lenders alike. Read more

Latest Tweets

Subscribe To Our Mailing List