What is a Islamic Mortgage?Islamic Mortgages are made specifically for those of you who are Muslims, under Islamic law, a Muslim cannot earn or pay interest and this is exactly why these Mortgages are made, to cater for those of you who are Muslims, the payment methods on these Mortgages are Shariah compliant. In 2003 the rules for the Isamic Mortgages were changed, until that year these Mortgages were not so popular due to the fact that was a double payment of stamp duty involved and this made them tax inefficient. However; this rule has since been removed and now stamp duty is only paid once. Since then the market for these Mortgages has grown much in size. The good thing about these Isamic Mortgages is that you do not need to be a Muslim in order for you to apply for one. |
