British bank comes with Islamic mortgages
Spent: 2 July 2003 08.43 LONDONS - the British bank
starts HSBC halfway this month with offering mortgages and payment
accounts which correspond with the Islamic laws. Customers who
want that, must no pay interest or to receive, what has been
prohibited according to sharia-wetgeving of Islam. HSBC hope be
with the new products the approximately two millions Moslems in Great
Britain of service, but also others can use of it. The bank is
the first large British bank which introduces the ' Islamic '
mortgages. Moslems had ignore so far sharia-wetten, live in a
time pay or mortgages request at the Arab banks which operate in Great
Britain. HSBC have considered a financing construction where the
bank in name buys a house of a customer for the mortgages and that
lets for a determined period, of generally 25 years. The house
purchaser pays then monthly hiring instead of a payment sum plus
interest. According to HSBC a Moslem pays nearly the same amount
such as at an ordinary mortgage, only the financing construction is
differently. (c) DUTCH PRESS AGENCY
Source "British bank comes with Islamic mortgages": nu.nl
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