Under Islamic Law, all forms of interest are forbidden. Therefore, buying a property was a difficult task for those Muslims who sought to borrow money without compromising their faith. That was until Shariah mortgages were introduced in 2002. With a Shariah mortgage, the bank or lending institution can still make money but not in the form of interest. Instead they charge a rent whilst they own a share of the property.
When it comes to buying a property with Islamic Finance, your Solicitor will need to liaise with the lenders own solicitor and this is where a significant amount of work is involved. Luckily for us however, we already work with many Islamic lenders have a great understanding of how they work.
We have experts who have full knowledge of Shariah Law and how to deal with Shariah Finance to make sure you purchase or remortgage your home with complete ease.