The term Shariah refers to Islamic law as revealed in the Qur'an and through the example of the Prophet Muhammad (peace be upon him). The authority of Shariaha is drawn first and foremost from the specific guidance laid down in the Qur'an. The second major source is the Sunnah, which translates as the Way and refers to the way in which the Prophet Muhammad (peace be upon him) lived his life. This is based on Ahadith, which is a collection of everything that Prophet Muhammad (peace be upon him) said, did, or approved of. Another important source is Qiyas, which involves the interpretation and analysis of existing law to suit modern-day situations.
The Shariah advisory panels / supervisory committee's listed below are experts in the interpretation of Islamic law and its application in modern day financial institutions. They are world leading scholars representing a wide spectrum of the Islamic faith and they ensure that Shariah compliance is at the heart of the mortgage products and services that are offered. The role of a Shariah advisor is to give moral, legal and religious authority for all the financial and operational aspects of an Islamic product. The lenders and their mortgages are guided by the Shariah knowledge of these eminent scholars (who have helped the lenders meet the strict Islamic code and standards).
Alternatively, you may decide to consult your local Imam or Mufti directly but please remember that they are not Independent Financial Advisors ("IFAs") and they should not be advising you on which mortgage product you should choose. There are many IFAs listed in the Yellow Pages and you may wish to consider speaking to an IFA before making your decision.
More details about the experts used by each lender are given in their biographies.
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.
