A Yorkshire conveyancing firm is now one of the North of England’s leading advisors on Islamic Finance, after handling more than £50million worth of Sharia compliant home sales and purchases in the last 12 months alone.
LCF Residential, which is the conveyancing arm of leading Yorkshire law firm LCF Law, is now preparing to host an hour-long seminar in partnership with Al Rayan Bank for anyone interested in buying a home using Sharia compliant finance.
Al Rayan Bank is the UK’s largest Sharia compliant retail bank and it recently opened a Bradford office. The seminar will be held on Thursday 19th July 2018 at 4pm at LCF Residential’s Bradford office.
LCF Residential has been advising on Sharia compliant finance for more than six years and now handles hundreds of home sales and purchases every year, on behalf of Muslim clients and expats, who often find it difficult to secure mortgages with traditional lenders. The company is also now a preferred conveyancing firm with several leading Sharia compliant banks including Al Rayan and Gatehouse.
Liz Webster, of LCF Residential, said: “In recent years Sharia compliant finance has seen huge growth in the UK and has become much more mainstream. Unlike conventional mortgages, Islamic banks operate without interest and a key point is that the money itself has no intrinsic value. This prevents Muslims benefitting from lending or receiving money through the payment of interest, known as Riba. With Sharia finance, the bank effectively buys the property and then leases it back, until a certain date, when it hands over ownership.
“Sharia compliant finance is also popular with UK residents who are living and working abroad, which means they can often struggle to borrow from high street lenders. However, there’s a common misconception that this type of finance is extremely complicated, but we’ve worked hard to streamline the process in recent years.
“This seminar is for anyone considering buying a home and wanting a better understanding of Sharia finance, how it works and the wide range of products that are now available. There will be short presentations from Hassnain Sajjid of Al Rayan Bank and myself, as well as the opportunity to speak to other guests and ask questions.”