Last year international banking giant HSBC suddenly closed the bank accounts of several prominent British Muslims. Islamic mortgages are available from a number of banks in the UK. Sharia Compliant Banking Providers in the United Kingdom. They ran this under its Amanah Finance brand. [1] Islamic Banks Lists S.No. HSBC’s total UK mortgage portfolio is in excess of £70bn. Sadly, none of these banks provide Islamic products in the UK anymore. HSBC Bank 6. Back to 'Charges and overdrafts' 3. Dallah Al Baraka 10. This offer is available to all HSBC UK current account customers. Islamic Bank of Britain 2. Halal Mortgages 11. This type of scheme, with some minor modifications, is used in the United Kingdom by HSBC Amanah Finance, Ahli United Bank and United National Bank. Riyad Bank 7. Under Islamic mortgages the bank technically buys a property which is rented to the customer on a 25-year term until sufficient payments have … Habib Bank 5. Since then, we’ve seen the larger mainstream banks dip in and out of Islamic finance. HSBC itself has been under scrutiny by various governments around the world for money laundering activities. Islamic law prevents Muslims from paying or receiving interest. Bank’s Name 1. EIIB (European Islamic Investment Bank) 4. 2 Qatar Islamic Bank. National Bank of Pakistan 8. The bank makes its profit from the difference between the price it pays for the property (including related transaction costs) and the amounts received in installments from its client. 3 EIIB (European Islamic Investment Bank) 4 HSBC Bank. The Ruling on the Permissibility of Financing Properties using Islamic Ijara Mortgages (as implemented by HSBC and other banks in 2004) Many people have enquired about the permissibility under shari'ah of the so-called Islamic ijara mortgages recently announced by banks such as HSBC. HSBC has closed its Islamic finance operations in 2012. HSBC Holdings is to scale back its global Islamic banking operations and stop offering products in the UK as part of a wider restructuring. Islamic Finance in the UK. This is how all UK banks must show interest rates on their overdrafts, to make it easier for you to compare one bank’s overdraft with another. HSBC is the only high street bank to offer an Islamic mortgage service, but smaller specialist banks such as Ahli United Bank, Alburaq, Islamic Bank of Britain have Sharia products. In 2012, it was fined a record £1.2bn ($1.7bn) for … Anna Meisel and Peter Oborne reveal how the decision was made. Please note that it doesn’t include any fees you might be charged in addition to interest. 1 Islamic Bank of Britain. Bahrain Middle East Bank 12. Qatar Islamic Bank 3. 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