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alburaq is the brand name through which ABC International Bank offers Shariah-compliant banking products in the UK, particularly specialising in home and property finance. Since its launch less than three years ago, alburaq has built up one of the widest varieties of innovative Shariah-compliant home finance products available anywhere.
alburaq's range includes products specifically designed for Muslim professionals (doctors, dentists, accountants, lawyers etc) who can obtain finance on more favourable terms in recognition of their low risk profile and current and future earning capacity. Products are also available to help the self-employed who may find it difficult to prove their income in the usual way. Known as 'self-certification' (and not to be confused with 'sub-prime' mortgages), the self-employed can now take full advantage of their income, which may be derived from a variety of sources (businesses and property etc), without having to provide substantiating evidence.
"Home finance is one area in particular where the UK can justifiably lay claim to be at the forefront of Islamic finance, not just in non-Muslim majority countries but globally," says Keith Leach, Head of alburaq. "The UK Government's commitment to see Islamic finance prosper was exemplified in 2003 by the change in Stamp Duty laws. This and other subsequent changes to primary legislation have set down a marker that demonstrates just how serious the intent is within Government to see the UK become a place where Islamic finance is taken seriously and allowed to compete on a level playing field with other more conventional modes of finance. What's more, the recent regulation of Islamic mortgages by the Financial Services Authority has seen Islamic home finance become treated as though a mainstream product".
The buy-to-let market in the UK has grown spectacularly in recent years and alburaq has specialist products that allow investors to obtain finance of up to 85% of the property's value based upon and paid from rental income generated by the property, rather than only relying on the client's personal income. Buy-to-let now accounts for 30% of alburaq applications.
alburaq also recognises that many non-UK residents seek to own property in the UK both as a holiday home and also as an investment. The bank provides not only the financial services, but help with finding the right property and tax advice. |
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