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What are Business Sharia Mortgages ? Frequently Asked Questions Loans Help - Loans Products

What are Business Sharia Mortgages?

Islamic Business Mortgages are made specifically for those of you who practice the rules of Islam in the UK. Under Islamic law, a Muslim should not earn or pay riba (interest). To cater for this,the Islamic Scholars and the Banking world has got together to create products are are in line with Islam. In 2003 the rules for the Islamic Mortgages were changed, until that year the Islamic Mortgages were not popular due to the fact that was a double payment of stamp duty involved and this made them tax inefficient. However; this rule has since been removed and now stamp duty is only paid once. Since then the market for the Islamic Business Mortgage has grown at a steady pace.There are only a limited number of Mortgage lenders in the UK market who are currently offering the Islamic Business Mortgage schemes. Currently in the UK all Islamic Business Mortgages are given either under the Muskaraka method or the Ijara method.The Musharaka method involves an agreement with the lender to buy the business asset according to a certain ownership percentage. And a fee is charged for the overview of the business, ie sleeping partner.The other option is the Ijara agreement this is a 'lease to own' contract, what happens here is that you find the asset that you wish to buy,you will then contact your lender and advise them of the price of the property, they then act on your behalf by purchasing the asset under an agreement called “Promise to Purchase”. The asset will belong to the lender, and you will be given the right to use it , you will pay a lease charge for the use of the asset, until you have paid the agreed amount in total, afterthat the asset is transferred to you.. The business loan being structured in this way means that there are no interest payments on the asset and Islamich Law is not broken by you or the lender. Deposits for the business Islamic Mortgage varies from 25% to 40% of the borrowing amount depending on the lender you choose. The minimum requirements needed are 3 years accounts and the amount be borrowed is based on your affordability, backed with a comprehensive business plan.

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