Islamic home finance provider Alburaq has announced the launch of a set of improved criteria for their home finance products.
The changes include increasing finance up to a maximum of 95% of the value of their chosen property, raising the term of finance up to retirement age and allowing student lets on buy-to let finance packages.
Keith Leach, head of Alburaq at ABC International Bank plc said: ‘It is very important for us to be providing the best possible products that meet the needs of our Muslim clients, whilst maintaining the strictest level of Shariah compliance. The changes are clear evidence that Islamic finance is every bit as flexible as ‘conventional’ forms of finance and is by no means a cottage industry.”
Alburaq has also launched a text message service to help keep customers in touch with their applications. The free service will give customers regular updates on the application process and will cover key milestones from the application being received right thought to completion.