Islamic Bank of Britain is hosting an information evening in Birmingham aimed as improving people’s understanding of Sharia-compliant home finance.
IBB, soon to be renamed Al Rayan Bank, is holding the event following its launch of the UK’s only Sharia-compliant Home Purchase Plan (HPP) backed by the Government’s Help to Buy scheme.
The event takes place at Islamic Bank of Britain, 394 Coventry Road, Small Heath, from 7.30–9pm.
The evening will consist of a presentation explaining how the Help to Buy Guarantee Scheme works and how customers can take advantage of it to buy their home in a Sharia-compliant way.
This will be followed by an informal presentation about IBB’s forthcoming name change.
Umar Ali, manager at IBB Small Heath branch, said: “Having worked directly with the Government to adapt its Help to Buy mortgage guarantee scheme to include HPPs, IBB is delighted to be the first provider to take advantage of the initiative.
“We know from experience that some customers, especially first time buyers, struggle to raise a deposit greater than 10 per cent of the property value, but can afford the necessary monthly payments.
“IBB’s new product has been designed to meet their needs and we are very pleased to be putting the reality of home ownership within the reach of many more individuals.
“The forthcoming information evening will explain how customers can take advantage of the scheme and I expect the event to be very well attended.”