IslamicFinance.de

The first home purchase plan approved by the Financial Services Authority (FSA) for the mainstream UK market is the genie out of a modern day bottle. It shows that the religious principles underlying Islamic products are important in the ethical and social finance marketplace and that Islamic principles can stimulate and improve the finance products being expanded to meet these challenging times in the residential domestic market.
Natalie Elphicke, head of structured housing finance, partner, international law firm Stephenson Harwood, states that the following characteristics apply equally to an approved Islamic home finance plan as they do to a new conventional purchase plan designed for a housing association in the north east of England: risk sharing, not profiting unjustly or unfairly, not charging excessive charges.