Legal & General has partnered with Islamic Bank of Britain (IBB) to offer two new mortgage products available to intermediaries.
The Home Purchase Plan is IBB’s Sharia compliant Islamic mortgage product and is a mortgage alternative, which offers home finance without the use of interest.
It allows customers to purchase their home in partnership with the bank on a leasing (Ijara) and diminishing partnership (Musharaka) agreement.
To those intermediaries interested in developing their Islamic finance IBB offers full support which includes a dedicated intermediary team, website and helpline.
Legal & General Mortgage Club mortgage products head Martyn Smith said that he is delighted to welcome IBB as a partner, who are specialists in the field of Islamic Mortgages. This means that brokers have the opportunity to extend their offering and as a result be able to help more customers.