Islamic Bank of Britain launches fixed rate Islamic mortgage product

Islamic Bank of Britain launches fixed rate Islamic mortgage product

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The UK’s first Islamic fixed rate mortgage has been launched with the aim of offering ethical property finance in direct competition with conventional lenders.

The new product from the Islamic Bank of Britain is a direct bid to win a bigger share of the UK’s mainstream mortgage market, the bank confirmed.

‘We are throwing down the gauntlet to conventional banks with this new fixed rate Home Purchase Plan,’ said Sultan Choudhury, Commercial Director at Islamic Bank of Britain.

The bank is offering a rate of 3.99% with an arrangement fee of £299 and claims it is one of the most competitive offers currently available in the UK home finance market.

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