Islamic Bank of Britain signs up AMPD
The news comes just weeks after IBB’s announcement of a £20million capital injection from founding shareholder, Qatar International Islamic Bank.
IBB’s Home Purchase Plan (HPP) allows those consumers seeking a mortgage, home finance without the use of interest. Innovative and 100% Sharia compliant, the HPP allows customers to purchase their home in partnership with the Bank on a leasing (Ijara) and diminishing partnership (Musharaka) agreement. Rental rates start at 3.99% (for its fixed rate product) and all products carry a low arrangement fee of only £299.
Commenting on the tie-up, Simon Walker, head of sales at IBB said: “Islamic Bank of Britain’s Home Purchase Plan (HPP) will give AMPD’s members an alternative mortgage product which is transparent and easy to use, competitive enough to square up to conventional mortgages and has the leading edge of being an ethical product.”
Liz Campion, director at AMPD also commented, “As specialist distributors AMPD is always looking at ways to diversify its product range and deliver value to members. Working with Islamic Bank of Britain to offer the Home Purchase Plan is therefore a natural progression for AMPD allowing us to widen our members’ product offering now to include Sharia compliant home finance.”