Sharia Mortgage Brokers

If you’re a devout Muslims looking for a Sharia-compliant alternative to a traditional western mortgage in the UK, it can be difficult to find suitable property finance options available to you.

At Echo Finance we have access to all of the Sharia-compliant lenders who offer Islamic mortgages (home purchase plans) to Muslims living or investing in the UK market. So whether you’re looking to buy your own home or purchase investment property, we can match you with the right Islamic finance lender for your needs.

What Home Finance options are available to Muslims in the UK?

In Islamic law, the creation of wealth must be based on fair trade, so making money from money (charging interest - or Ribba) goes against Sharia law. Because many Muslims consider all RIbba to be haram, Islamic mortgages are not actually mortgages at all, they are home purchase plans (HPP). This form of lending doesn’t involve charging any interest, so is, therefore, considered to be Sharia-compliant.

HPP can still be used to purchase both residential and investment properties, just like any other mortgage, but they work differently.

Which option is right for you?

There are 3 types of halal home purchase plan that you can use instead of a traditional mortgage, and the type you need will depend on why you want to borrow the money:

Diminishing Musharaka: This is typically used to buy a residential home where you plan to live. The lender buys the property on your behalf, but you repay their stake in the property (how much you borrowed) each month, and this amount reduces over time, as their share reduces. So you gradually buy the property from them until you own it in full

Murabaha: This type of purchase plan that is often used to buy investment properties, like buy-to-let homes that you intend to let out for profit. In this case, the lender buys the property on the client’s behalf and sells it back to them at a higher cost. This is paid over time in monthly instalments.

Ijara: This means lease, so essentially you are leasing the property from the lender, with an agreement to pay rent over the HPP term, and then a final lump sum at the end of the term to repay the loan. This typically has lower monthly payments, but as the final lump sum is often paid by selling the property, it’s mostly used for buy-to-let investment properties, rather than residential purchase.

Do I need a Sharia mortgage broker?

You won’t necessarily need to speak to an adviser who specialises in Islamic finance to get a sharia mortgage, as any of our brokers can refer you to a suitable Sharia-compliant lender.

However, if you’d prefer to speak to somebody with a good understanding of how home purchase plans work before we refer you to a lender, we have an experienced broker who would be happy to answer your questions.

Speak to our Sharia Mortgage Experts

If you have any questions about Islamic home finance, our Sharia Mortgage Expert, Abdul Hamid, would be happy to explain how they work before referring you to the most suitable Sharia-compliant lender for your needs.

Abdul has completed CISI Level 3 Certificate in Islamic Finance (IFQ), which is a globally recognised qualification covering Islamic commercial law, banking products, Sukuk (bonds), Takaful (insurance), and Islamic asset management.

He was also the first person to operate an agency for the Islamic Bank of Great Britain. Back in 2012, they began offering Sharia-compliant retail financial products, including Sharia-compliant mortgage alternatives, savings accounts, personal and business banking, as well as pensions and investment products.

Ask to speak to Abdul directly when you make an enquiry. Abdul can offer this information in Urdu, Punjabi and English.

If you would like to have your Islamic finance discussion in Gujarati, our broker Shenaz Uzman-Hamid can also help you. Shenaz can also provide this advice in English and Urdu. ask to speak to her when you make an enquiry if you would prefer your information in any of these languages.

Multi-lingual Advisers

Whether you’re looking for a traditional western mortgage or a Sharia-compliant HPP, the process can be complex. Important details can easily get lost in translation if the discussion is not in your native language. Speaking to a broker who speaks in your preferred language can give you a clearer understanding of the whole process.

For any of our Muslim customers who speak a South Asian language and would prefer to ask about their mortgage options in their mother-tongue, we have a number of advisers available who can speak Urdu, Punjabi, Gujarati and Hindi.

Here are a list of our multi-lingual advisers who may be able to help you:

Urdu speakers

• Abdul Hamid: A senior mortgage & protection adviser with over 15 years’ experience whose areas of expertise include mortgages, protection insurance and wills and estate planning

• Aman Chopra: A senior mortgage & protection adviser who has been working in the industry for over two years and can assist with all of your mortgage and protection insurance needs

• Shenaz Uzman-Hamid: A mortgage and protection adviser with us, who can also speak Gujarati and help with Sharia mortgage questions in both languages, or English

Punjabi speakers

• Turesh Kajla: A senior mortgage & protection adviser who has been with Echo Finance for over a year, and can advise on mortgages and protection insurance

• Abdul Hamid: A senior mortgage & protection adviser with over 15 years’ experience whose areas of expertise include mortgages, protection insurance and wills and estate planning

• Aman Chopra: A senior mortgage & protection adviser who has been working in the industry for over two years and can assist with all of your mortgage and protection insurance needs

• Inder Ghai: A senior mortgage & protection adviser with over 18 years’ experience, who can help with all of your mortgage and protection insurance requirements

Hindi speakers

• Aman Chopra: A senior mortgage & protection adviser who has been working in the industry for over two years and can assist with all of your mortgage and protection insurance needs

• Inder Ghai: A senior mortgage & protection adviser with over 18 years’ experience, and can help with all of your mortgage and protection insurance requirements

Gujarati speakers

• Shenaz Uzman-Hamid: A mortgage and protection adviser with us, who can also speak Urdu and help with Sharia mortgage questions in both languages, or English

Please note: If you require specialist advice in areas such as commercial mortgages, we have advisers available for this and our multilingual brokers will liaise with them to help them support you.

Speak to a Sharia mortgage broker today

If you need help with Sharia home finance, we have brokers on our team who understand exactly how this form of lending works and your needs as a member of the Muslim community.

Get started here to begin a free, no-obligation chat with a mortgage advise who can explain how Sharia home finance works and match you with a lender who provides it.