Al Rayan Bank partners with top mortgage broker
Al Rayan Bank, the UK’s oldest and largest Islamic Bank, has partnered with Alexander Hall, one of the UK’s largest mortgage brokers.
Alexander Hall, the sister company of Foxtons estate agents has been added to Al Rayan Bank’s panel of mortgage brokers and will be working with the Bank to increase awareness of its home finance proposition amongst the Muslim community and mainstream audiences alike.
Alexander Hall will be operating across two areas of the bank’s existing business, referring UK domestic Islamic home finance enquiries, as well as enquiries from expats in GCC countries who are looking to invest in UK property from overseas.
Maisam Fazal, Chief Commercial Officer at Al Rayan Bank, said: “We’re anticipating a strong level of business from Alexander Hall this year. Their 25 years’ experience in the sector and position as one of the top mortgage brokers in the UK means we’re looking forward to fostering this relationship, and increasing awareness of Islamic home finance to mainstream audiences in both the UK and abroad.”
Greg Cunnington, Director of Lender Relationships and New Homes at Alexander Hall, said: “One of our responsibilities is to search the market and provide the widest choice of providers as possible for our clients, and it is important to us that we are able to source suitable options for all of them. Islamic home finance products provide opportunities for those looking to acquire a home that cannot use non-Islamic home finance products. Al Rayan Bank is a leader in this space, being one of the largest providers of Islamic home finance in the UK, and we look forward to growing our already strong relationship.”
Al Rayan Bank was the first Islamic bank to offer Sharia-compliant Islamic mortgage alternatives – Home Purchase Plans or HPPs - to the UK market. As an Islamic bank, Al Rayan Bank’s HPPs do not involve interest, instead the Bank and customer purchase the property together as partners with each owning a share. Over time, the customer increases their share in the property whilst paying rent on the portion still owned by the Bank. At the end of the term, when the finance has been settled, ownership transfers to the customer.