This new system is replacing mortgages for home buyers in the UK
Young Muslims in the UK are increasingly looking to purchase their own homes, and in the last few years, Shariah-complaint Home Purchase Plans (HPPs) have become especially popular. But it isn’t Muslims alone who are signing on for these.
Keith Leach, Chief Commercial Officer at Al Rayan Bank, told My Salaam, “Not all our customers are Muslim; the growth in our customers in recent years has been among non-Muslim customers. The products have attracted a wide range of customers. People are drawn to Islamic finance increasingly as it’s seen as an ethical alternative to traditional banking.”
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Alicia Buller