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Halal’ Personal Finance is another first from Islamic Bank of Britain

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Points of Essence:

  • Islamic Bank of Britain now offers the sole Shariah compliant unsecured personal finance in UK.
  • This financing will operate under the Islamic principle of Murabaha with deferred payments to generate cash funds between £1,000 and £20,000.

Islamic Bank of Britain, the UK’s only totally Islamic British bank, has launched a Sharia’a compliant personal ‘loan’ facility, making it the only provider of ‘Halal’ unsecured finance in the UK.

The new unsecured facility allows customers to generate cash funds between £1,000 and £20,000 using the Islamic principle of Murabaha with deferred payments. The end result is that consumers can get a finance facility similar to a conventional loan but in accordance with the Muslim faith which prohibits the use of interest.

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Written by Suapi Shaffaii

August 25, 2008 at 2:54 am