Are Islamic mortgages FSA Compliant?

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Are Islamic mortgages FSA Compliant?

From April 6th 2007, the taking out of an Muslim mortgage will gain official protection from the Financial Services Authority (FSA). The mortgage conduct of business (MCOB) rules will apply to regulated mortgage contracts which will now include Home Purchase Plans (Muslim Mortgages).This new regulation builds on the FSA’s financial inclusion agenda, protecting purchasers interested in borrowing to finance a home purchase in a way acceptable under Muslim law. The FSA Authorisation means those taking out an Muslim Mortgage should expect that the person advising them should be “fit and proper and appropriately resourced with staff competent to undertake this business, Consumers should obtain clear, concise and consistent information about a firm's services and products on offer (including appropriate risk warnings) so they can make an informed choice” Consumers should get good quality advice and be sold suitable products which take account of their circumstances and needs, and If things go wrong, consumers are able to obtain redress, if appropriate. These new rules apply to both the Ijara and the diminishing Musharaka methods of Muslim mortgage. The other way of buying a home acceptable under Muslim law is the Murabaha, which has been regulated since October 2004 under the mortgage regime.

Sharia Mortgages Frequently Asked Questions

What is the role of a Sharia Mortgage?	How Long is the mortgage process ?
Are Sharia mortgages FSA Compliant?	Which Lenders offer Sharia Mortgages?
Bristol and West - mortgage criteria	What is the Stamp Duty liability ?
Ahli United Bank - criteria	Who owns the property ?
Lloyds TSB - sharia mortgage criteria	Can the rent payments change?
Bank of Ireland Sharia -criteria	Can I get a commercial properties?
Islamic Bank of Britain -criteria	Will the Bank require Life Assurance,?
HSBC - sharia mortgage criteria	Is a Sharia Mortgages more costly?
UNB - sharia mortgage criteria	Buy To Let, Right To Buy or Key Worker?
Can I get Sharia Home Insurance?	Who gains when property prices go up ?

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