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Home Purchase Plan - The Mortgage Alternative
The IBB is the market leader with its Home Purchase Plan. The IBB’s Home Purchase Plan has been approved by the Bank’s Sharia Supervisory Committee and is available to Muslim and non-Muslim customers as an alternative to a conventional mortgage.
How does it work?
The Home Purchase Plan is based on the accepted and widely used Islamic financing principles of Ijara (leasing) and Diminishing Musharaka (reducing partnership).
For example, the bank may contribute 60% and you 40% of the purchase price. Over a period of up to 30 years, you will make monthly purchase installments through which the Bank will sell its share (60%) of the home to you. With each installment paid, the Bank’s share in the property diminishes while your share correspondingly increases.
The key features are listed below, with calculators available from the menu on the left, as well as a secure online Agreement in Principle which allows you to proceed to an online application form.
Before you complete the form below, please ensure you can satisfy the following criteria:
- You are aged 21 years or over, and under 65
- You are a resident of the UK or have indefinite leave to remain in the UK
- The property to be financed is in England or Wales and will be your main residence
- You are in full time employment or if self employed have 2 years accounts
- You have never been declared bankrupt or had a CCJ
- Minimum property value of £100,000 and a minimum finance value of £70,000
- You must have a deposit of 40% or more
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