Partnership Announced by Islamic Bank of Britain and Legal and General

Legal and General and Islamic Bank of Britain have announced a partnership that sees IBB's Islamic mortgage product, the Home Purchase Plan (HPP), available from Legal & General.

Ahlul Bayt News Agency ; The news closely follows IBB's announcement of a £20million capital injection from founding shareholder, Qatar International Islamic Bank.

With IBB now available from Legal & General, the Bank's full range of Sharia compliant HPP is available to all the Club's intermediaries.

Through a simple web-based registration Appointed Representatives (ARs) and Directly Appointed brokers (DAs) can begin developing a specialised Islamic finance offering based on the Bank's Sharia compliant mortgage alternative. 

ARs and DAs can earn competitive procuration fees aided by support from the Bank's Intermediary team who will be on hand to guide them through IBB's Islamic mortgages. IBB also has an intermediary helpline and the only dedicated intermediary Islamic finance website in the UK.

IBB's Home Purchase Plan is a mortgage alternative which offers home finance without the use of interest.  Innovative and 100% Sharia compliant, the HPP allows customers to purchase their home in partnership with the Bank on a leasing (Ijara) and diminishing partnership (Musharaka) agreement. Rental rates start at 3.99% (for its fixed rate product) and all products carry a low arrangement fee of only £299. 

Commenting on the tie-up, Sultan Choudhury, Commercial Director at IBB said:

“There is a growing demand amongst UK home-buyers for competitive, Sharia compliant home finance as an alternative to conventional mortgages.  This partnership between Legal & General and IBB gives Mortgage Club intermediaries access to a wider choice of products, an additional revenue stream and the ability to extend their offering across a diverse range of communities.

"Working with Legal and General marks a significant step forward for the Bank's plans to expand its reach.”

Martyn Smith, Head of Mortgage Products at Legal & General also commented:

“This relationship between IBB and Legal & General gives our brokers the opportunity to tap in to more potential customers and gain a real competitive edge.  We pride ourselves on being ahead of the game by offering competitive and innovative products.  We welcome IBB and look forward to a mutually beneficial partnership.”

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