Muslim Mortgages
Muslim Mortgages (also known as Islamic mortgages) are a form of mortgage especially for those of the Islam faith.
Under Islam, charging of interest or paying interest is forbidden, which means that traditional mortgages can not be used.
A Muslim mortgage solves this by the bank or building society buying the property and leasing it back to the customer at a slightly higher-than-market rate, thus avoiding the payment of interest.
An example of a muslim mortgage is offered by West Bromwich building society.
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