Alburaq introduces discounted Islamic finance

The discount equates to an effective rental rate of 5.99 per cent

Available for purchases and refinance

• , key product features are as follows:
• Discounted until September 2008 (with a rent review in March 2008)
• Finance of up to 95 per cent (subject to income)
• 4.5x sole income + second income or 4x joint income
• Minimum finance - £15,001 (£25,001 refinance)
• Free valuations

Waqar Ahmed, sales and marketing officer at alburaq said: “Recent increases in the cost of mortgages in the UK has impacted Islamic finance as well as conventional mortgages, placing an increasing strain on household budgets.

“This is great news for customers and especially those looking to establish a foothold on the property ladder. The promotions demonstrate our continued commitment to keep our Islamic financial products innovative and accessible."

Alburaq’s Shariah compliant home-finance and buy-to-let finance schemes have generated considerable attention from the Muslim community since launch and the fast growing Islamic mortgage market is predicted to grow to over £1 billion by 2009.

With traditional interest-based mortgages out of the question for many, the only choice for home ownership has been either going against the faith, or avoiding a mortgage altogether.