Sesame Network members will have access to the full range of IBB’s Sharia compliant mortgage alternative, the Home Purchase Plan. As part of the tie-up, intermediaries will be able to submit fully packaged applications or referrals to IBB.
The link-up allows intermediaries to offer Islamic home finance immediately, targeting customers looking for home finance, without the use of interest, and based on an ethical, alternative banking system.
Brokers can earn competitive procuration fees and will receive full support from the Bank’s intermediary team. IBB also has an intermediary helpline (0121 456 7842) and the only dedicated intermediary Islamic finance website (www.ibbintermediaries.com) in the UK.
IBB’s HPP allows consumers the option of home finance without the use of interest. Innovative and 100% Sharia compliant, the HPP allows customers to purchase their home in partnership with the Bank on a leasing (Ijara) and diminishing partnership (Musharaka) agreement. Rental rates start at 3.99% (for its fixed rate product) and all products carry a low administration fee of only £299.
Rob McCoy, Senior Product and Communications Manager commented:
“The tie-up with IBB is great news for Sesame Network members. Advisers can tap into new markets with IBB’s Home Purchase Plan, offering customers a competitive, ethical and Sharia compliant mortgage alternative. We welcome IBB and look forward to a mutually successful partnership.”
Simon Walker, Head of Sales at IBB said:
“Working with IBB, Sesame Network members can expand their product range to incorporate the IBB’s Home Purchase Plan and start targeting an additional diverse range of potential customers.
"The HPP offers competitive rent rates and provides a Sharia compliant and ethical alternative, and with the ability to submit fully packaged applications or refer clients to IBB, Sesame advisers now have a real opportunity to develop their business in a new way.”
