openPR Logo
Press release

Islamic finance still active as the credit crunch deepens

01-05-2009 01:13 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Junaid Bhatti

/ PR Agency: Ballencrieff House
Halal Banking Revolution goes from strength to strength

Halal Banking Revolution goes from strength to strength

The last month has seen a further deterioration in the UK economy, with a deepening recession, banking bail-outs and big-name retailers going bust. However, one sector of the market still active is Islamic Finance which is now both cheaper and more accessible. Most recently, alburaq, the UK’s most innovative Islamic “mortgage” provider, has responded to interest-rate cuts by improving its range of Shari'ah-compliant Home Purchase Plans.

“Our new product range means our new customers now have products priced from the equivalent of 5.49% on their home finance,” explains Keith Leach, Head of alburaq. He continues: “The new year could bring even lower rates for our customers. If rates continue to fall as predicted, from March 09 many of our customers could be paying a rate equivalent to 4.5% or less.

In addition to the improving prices, there are plenty of other advantages for those choosing alburaq’s Islamic alternative. Recently, banks have been criticised for varying margins; imposing collar rates and reducing the range of mortgage products they offer.

“Collar rates” have made the headlines recently as many mortgage holders have discovered to their cost that their mortgage payments will not fall inline with the general drop in rates.

alburaq works very differently, as Leach explains: “When applying for a mortgage, the public would be well-advised to study carefully what margin will be applied, for how long it is guaranteed and whether there is a ‘collar’ rate. One of the distinguishing features of our products is that we fix our margins so these are clearly known from the outset and we don’t have a ‘collar’ on our rates. In addition, we don’t tie-in our customers for when we offer incentives, like fees assisted or cashback offers. We also allow unlimited overpayments, which isn’t always available with other Islamic or conventional mortgages.”

Leach continues: “Unlike many of the UK banks, we continue to offer a full range of products and we are still offering buy-to-let finance – which has almost disappeared from the conventional market.”

Full details and terms for alburaq’s Shari'ah-compliant products are available by visiting www.alburaq.co.uk or by calling (freephone) 0800 587 88 66.

Notes to editors:

Interviews with alburaq are available on request. The company should always be referred to as “alburaq” – without any capitalisation.

About alburaq

alburaq is the UK’s most innovative provider of Shari'ah-compliant Islamic Home Finance, and has launched a wide range of products for the Halaal Mortgage market.

Alburaq is a brand name belonging to ABC International Bank plc (a subsidiary of the Arab Banking Corporation), a major Middle-Eastern banking group in which government agencies of Kuwait, Abu Dhabi and Libya have significant share-holdings. ABC was founded in 1980, and is headquartered in Manama, Bahrain. The Group has a well-established international network including offices in Paris, Milan, Frankfurt, London and of course the Arab world. ABC Group is one of the largest banks in the Arab world, with assets totalling approximately US$33 Billion (December 2007).

Islamic banking is a faith-based system of financial management, which derives its principles from the Shari'ah – Islamic ethics derived from three sources:

• The Holy Qur’an
• The Hadith (sayings of the Prophet Muhammad) and
• The Sunnah (practices and traditions of the Prophet Muhammad)

For Muslims, giving or receiving interest (known as “Riba” in Arabic), is strictly forbidden. All of alburaq’s products are free of from Riba, and operate in accordance with Shari'ah principles. Prior to launch, all alburaq products are reviewed by a Shari'ah Supervisory Committee (SSC), composed of respected Islamic scholars. Products are only launched once their structure and associated contracts have been approved by the SSC.

Name: Ballencrieff House
Press Contact: Junaid Bhatti
Address: Holborn, London, WC1N 3XX, United Kingdom
Telephone: +44 7980 586 243
Email: junaid@ballencrieff.net

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Islamic finance still active as the credit crunch deepens here

News-ID: 63626 • Views: 1639

More Releases from Junaid Bhatti

Arab Invasion at American Publishing Event
For the first time in its history, America’s biggest publishing event has dedicated its efforts to promoting Arab literature. Book Expo America (BEA) 2009, held this week in New York, featured more than 600 representatives from the Muslim world, and also introduced more than 300 Arab-language children’s books to the North American market. “This is the first time that BEA brings such a large regional focus to its attendees, and we
Campaigners welcome new Forced Marriage legislation
The introduction of new legislation to protect victims of forced marriages has been welcomed by charities campaigning to eradicate the practice. Under the new laws individuals and the Police can apply for a Forced Marriage Protection Order which prevents families from seizing passports or intimidating victims into travelling abroad. In addition, the Order could force families to reveal a missing victim’s whereabouts to Police. Kelly Kaur, who runs the Throughcare Housing
Muslim Lord Mayor honours British Military
The Lord Mayor of Birmingham, Councillor Abdul Rashid, has recently been active in honouring British servicemen and women. In the last month he has overseen the city’s largest ever enlistment ceremony, inspected the troops at a military parade and taken charge of HMS Daring – the Royal Navy’s fastest and most powerful vessel! At the beginning of September, the Lord Mayor was present as 47 Midlands teenagers swore allegiance to Queen
Novelist’s anger at “censorship” by national Muslim Writers project
“This is not the second coming of the Satanic Verses!” author asserts. Dr. Max Malik, a former recipient of the Muslim Writer of the Year Award, has expressed his anger and deep dismay following the censorship of his debut novel “The Butterfly Hunter”. The Muslims Writers Awards, which claims to be a non-religious initiative, chose not to submit the controversial novel to the project’s independent judging panel for this year’s awards. Dr.

All 5 Releases


More Releases for Islamic

Islamic Finance Market Is Thriving Worldwide with Dubai Islamic Bank, Citibank, …
Global Islamic Finance Market Report 2020 is latest research study released by HTF MI evaluating the market, highlighting opportunities, risk side analysis, and leveraged with strategic and tactical decision-making support. The study provides information on market trends and development, drivers, capacities, technologies, and on the changing investment structure of the Global Islamic Finance Market. Some of the key players profiled in the study are Citibank, HSBC Bank, Dubai Islamic Bank,
Islamic Financing Market Is Booming Worldwide | Al Rajhi Bank, Abu Dhabi Islamic …
Latest Study on Industrial Growth of Global Islamic Financing Market 2019-2025. A detailed study accumulated to offer Latest insights about acute features of the Islamic Financing market. The report contains different market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends
Islamic Fashion Becomes Effortless Thanks to SHUKR Islamic Clothing
While the competition for Islamic clothing is strong, SHUKR Islamic Clothing continues to distinguish itself by showing Muslim women they do not have to substitute modesty for style. The rise of hijab fashion bloggers and Muslim targeted clothing trends raises a question many modest dressers (Muslims especially) have been struggling with: are modesty and beauty able to co-exist? Thanks to SHUKR Islamic Clothing, one of the leading names in creating
SHUKR Introduces New Winter Islamic Clothing Collection
SHUKR Islamic Clothing, a company that combines Western fashion with Islamic modesty, is excited to promote its new Winter 2017/ 2018 collection SHUKR Islamic Clothing, a leading producer of modest and Islamic clothing for Muslims in the West, has recently announced its Winter collection has been released. SHUKR , one of the first Islamic Clothing companies that caters to Muslims in the West, has always separated itself from competitors by
3rd Annual Asia Islamic Banking Conference
Supported by the Malaysia International Islamic Financial Centre (MIFC), the 3rd Annual Asia Islamic Banking Conference is a platform that shall bring together 80 Islamic Banking experts. Scheduled on 10-11 July 2012 at the Prince Hotel & Residence, Kuala Lumpur, Malaysia, this summit aims at highlighting prominent trends of Islamic banking in the Asian region. With key speakers like Badlisyah Abdul Ghani (Head of Group Islamic Banking Division) CIMB Group, Dr.
3rd ANNUAL ASIA ISLAMIC BANKING CONFERENCE
Islamic Banking at crossroads: Robust Development or Stagnation under the crisis Southeast Asia is still looking for the right format of Islamic Banking. Where the Malaysian government is fully supportive of Islamic banking; the central bank in Indonesia is still developing the right policies to build a proper infrastructure for the Islamic financial instrument. The Strategic development and continues awareness campaign and training of Islamic banks to gain understanding of