This site uses cookies. For more information, please see our Privacy and Cookie Notice. If you dont agree to our use of cookies, please navigate away from this site now.
JANUARY 12, 2017 | BY A & S Property

Sharia compliant BTL mortgage range launched in Scotland

Buy-to-let landlords north of the border are being offered an alternative to conventional, interest-bearing, property finance products, following the launch of Islamic buy-to-let property finance in Scotland.

Al Rayan Bank, the only wholly Sharia compliant retail bank in Scotland, this week announced that they will be offering customers a range of Sharia compliant buy-to-let purchase finance deals, with borrowing rates starting from 2.99%.

Landlords can take advantage of occupancy payment rates at 2.99% with a 35% deposit and from 3.39% with a 25% deposit, fixed until 31 December 2018.

As an Islamic bank Al Rayan Bank does not use any interest-bearing products to finance customers’ properties, but rather uses the savings deposits from its customers, managed in accordance with ethical, Sharia principles.

Buy-to-let landlords turning to Al Rayan Bank for finance will acquire property in Scotland the Islamic finance principle of co-ownership (Musharaka), purchasing the property together with the Bank, as partners, rather than in the form of a loan which is repayable with interest.

Sultan Choudhury, Al Rayan Bank CEO, commented: “We’re delighted to continue the momentum of our successful launch in Glasgow with the announcement of buy-to-let purchase plans for Scotland.

“Islamic buy-to-let property finance is an important addition to the Scottish market and will provide landlords with a practical alternative to conventional, interest-bearing, property finance products; one that will not compromise their values or faith.”


Article courtesy of Landlord Today | Sign up for Landlord Today newsletter | Get this news on YOUR site!