Islamic mortgages for none UK residents

ABC International Bank plc

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.

Main financing Terms

Amount:

Purpose:

New purchase or refinance

Purchaser:

Individuals, Trusts or Companies, onshore or offshore.

Payment term:

Financing Technique:

Diminishing Musharaka & Ijara.

Tthis follows the principles of a partnership whereby the bank would contribute say - 65% to the purchase price of the property and the client would pay the remainder.
The bank would then agree to sell its share to the client with payment spread over a period of time up to 25years.
While the bank is selling its share the client will occupy the property under a lease and pay rent to the bank.
We can fix the rent for varying periods, say for 6 months.
This gives the client the flexibility to pay lump sums early or of course the client can make full payment at anytime without penalty or cos

Other:

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

Arrangement fee:

Depends on value circa, up to 1% of the financed sum.

Other costs:

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).

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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.

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The entire product range offered on this website is Shariah compliant. However, from time to time we will promote relevant none Halal products where no Islamic / Halal alternatives exist. Your home is at risk if you do not keep up monthly payments due under an Islamic / Halal mortgage agreement (your lease and / or diminishing ownership agreement).