Expat-focused mortgage broker deVere Mortgages has partnered with Al Rayan Bank to offer its sharia-compliant mortgage alternatives.
deVere saw a 55% week-on-week increase in mortgage enquiries after the EU referendum, with most applications coming from people in Qatar, the United Arab Emirates, Saudi Arabia, Kuwait, Bahrain, and Oman (GCC countries).
Mike Coady, managing director of deVere Mortgages, said: “We have seen growing demand from our group’s 80,000 clients around the world for sharia-compliant mortgages.
“We have been consistently impressed by the products and services delivered by Al Rayan Bank, and we look forward to expanding together as a result of this partnership.
“The tie-up with Al Rayan Bank will add real value to our core market, which is Muslim and non-Muslim buyers based overseas who are looking to purchase property in Britain.”
Al Rayan Bank, which calls its mortgage alternatives ‘home purchase plans’, has itself increased its expat financing by 141% since 2013.
Sultan Choudhury (pictured), chief executive of Al Rayan Bank, said: “I am delighted to announce the strategic partnership between Al Rayan Bank and deVere Mortgages.
“As one of the world’s leading independent financial consultancies, deVere Mortgages will help us to reach an even wider group of people who are looking for ethical, Sharia compliant home and property finance.
“We will focus in particular on British expats who, for a variety of reasons, can find it difficult to obtain home finance in the UK whilst they are working overseas.
“We identified the expat market as an underserved sector some time ago, targeting resource towards it accordingly. As a result we have experienced significant growth in this area of our business.”