ABC is able to consider applications made by non-UK residents from the GCC region for the acquisition of property in the UK. ABC is highly experienced in such transactions and are one of the leading providers of Islamic finance both in the Middle East and in the UK.
ABC only offer Shariah compliant property finance (not interest based), usually based on the principles of Musharaka and Ijara . ABC have their own independent Shariah board and all products are approved by our scholars.
We can provide finance of up to 65% of the property value.
Mnimum finance is £500,000.
New purchase or refinance
Individuals, Trusts or Companies, onshore or offshore.
Term up to 25 years (depending on client’s age) but usually 15 years early payment is possible without penalty
Diminishing Musharaka & Ijara.
For investment / buy-to-let properties, ABC usually require the forecast rental income from the property to exceed the bank's rent payments by 30% (130% income cover). Personal Guarantees may be required for corporate SPV purchases
Depends on value circa, up to 1% of the financed sum.
Valuation fee 0.1% plus VAT Solicitor fees approx 0.4% of value
(Please treat the above as a guide only and criteria will vary depending on individual circumstances).
The Qur'an (2:276) says: "Allah has permitted trade and forbidden usury" and in 2:278 reminds the Muslims: "O ye who believe, keep your duty to Allah and relinquish what remains (due) from interest, if you are believers."
As a prospective purchaser of Islamic mortgages, we believe that you need to understand the issues which exist, question the authority of the Fatwa's which have been made and look to see what is right for the eyes of Allah.