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FSA authorise Pink for Islamic funding

Pink Home Loans has been given full authorisation from the FSA to deal with Home Purchase Plans, otherwise known as Islamic Funding.

Islamic Finance is widely reported to be growing both globally and in the UK. In the current climate, where some of the largest institutions are reviewing their lending levels, the Islamic financial world is growing sharply; conservative estimates are around 10 to 15 percent per annum. This is largely due to the principles behind Islamic Finance, which have to be in line with Islamic Law (Shariah).

Neil Hoare, Sales and Marketing Director at Pink Home Loans comments: “We are delighted to be one of very few networks within the UK to have been granted permission by the FSA to deal with Islamic Finance. At the end of 2007 the FSA signalled its support for developing the UK as a European Centre for Islamic Finance and we are pleased to be able to support its growth by offering the specialist sector to our network members and their clients.”

Rashid Khaliq, Director of Islamic Financial Solutions in Glasgow, is one of Pink’s appointed representatives who is authorised to deal with Islamic Funding. In collaboration with Islamic Bank of Britain (IBB), they are to launch the first Home Purchase Plan in Scotland. Khaliq comments: “Islamic Finance is an exciting place to be just now. With products in the top quartile of the whole market, the prospects look good. We are looking to provide our services throughout the UK and are pleased to be working with Islamic Bank of Britain to help lay the foundation of IBB’s Home Purchase Plan in Scotland.”

Mariam Bhamla, Senior Sales Manager at Islamic Bank of Britain comments: “Our aim is to provide an alternative financial avenue for Muslims who wish to keep in line with their beliefs and also for non-Muslims who may have a more ethical approach to life. This fits with the Islamic view of not investing in, or using money from interest, alcohol, armaments or tobacco. We are delighted to be working with Islamic Financial Solutions and Rashid Khaliq to offer Home Purchase Plans in Scotland.”