Bristol and West launch Muslim mortgages

06 October 2005
Bristol & West and the Arab Banking Corporation (ABC) today announced that it is offering a new Islamic Sharia compliant buy-to-let mortgage.

The mortgage is the latest in a range of new products designed to comply with Riba, whereby the payment and receipt of interest is forbidden.

Head of consumer lending at Bristol & West, Alison Pallett, said: "Until recently Britain's Muslims have not had a real choice in how they invest their money in keeping with their faith.

"We have found that our Muslim customers have a particular interest in owning property and by offering a buy-to-let product which complies with Islamic law, we'll be opening up many more possibilities for them."

The range of products, known as the alburaq range, are also available through Lloyds TSB and selected Islamic Home Finance consultants.

Bristol and West also offer an Islamic Sharia compliant current account.

The competitiveness of the alburaq range has been further boosted by a recent price review by Bristol & West.

The products have been devised for Bristol & West in conjunction with the Arab Banking Corporation.

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