Our interest is to meet exacting Shariah Standards
Islamic mortgages are alternatives for conventional interest charging mortgages. They are based on Islamic faith, following the principles of Sharia Law and it has been very predominant in the main market in the UK. It contemplates avoiding Interest completely, but envisages earnings through investment and genuine trading. The Islamic lending therefore participates in the financial venture, promoting the business by sharing the risks involved too.
The Sharia compliant Islamic mortgage / Home Purchase Plans are mainly of three kinds:
Diminishing Musharaka - The Bank will buy the property in their name and you share in the property increases as you pay off the mortgage
Muraba - The Bank will the buy the property in their name and sell it back to you on a deferred basis.
Ijara - The Bank will buy the property and grant you a Lease. Upon completion of the Lease term, the bank transfers the ownership to you.
An Islamic mortgage requires extensive knowledge as to the mechanics involved and Islamic finance are pretty much complex than conventional mortgages which is a niche area. Our team of solicitors have extensive knowledge on all the above products and have competently dealt with such products on a routine basis.
Our services include
- Expert advice on your Home Purchase Plan.
- Checking the legal title and the Lease documents
- Registration at HM Land Registry
At Renaissance Solicitors we provide a stress free and professional service from the very beginning including expert advice on your Home Purchase Plan, Checking the legal title and the lease documents, Registration at HM Land Registry and much more. We can reassure you that your matter will be dealt with by professional solicitors with a wealth of experience in this field. Therefore, if you are somebody that is thinking of refinancing, mortgaging or buying a property, our legal team will assist you every step of the way ensuring that the advice we offer adheres to the Islamic faith.
What should I do now?
For initial advice, a quotation or to arrange a meeting with one of our conveyancing solicitors,
please contact us on 020 8521 1100.