The bank’s client gains access to the large amount of money necessary for buying property, without breaking any of the tenets of sharia law. Interest for a 5 year fixed rate mortgage %. Sharia law comes from a combination of sources including the qur'an. Mortgages are a quarter of monthly earnings. Aftab siddiqui is the british head of ihilal, a dubai- based finance house that helps banks market home loans that comply with the sharia.

Muslims must be sure that the mortgage complies with sharia islamic law. He welcomes the hsbc home finance package, saying that muslims with mortgages often live with "a sense of guilt. Sharia- compliant finance in the uk is on the cusp of a boom, as muslims focus increasingly on equities. To read more about mortgage advice, click here. A mortgage was something i could not contemplate. But about 70 per cent use conventional mortgages, hsbc estimates.

As a muslim, dr akhteruzzaman also needed a product compliant with sharia law. The condition whereby the current market value of a house is worth less than the amount outstanding on a mortgage. All aspects of a muslim's life are governed by sharia.