Traditional financial law services charge or include some form of interest when it comes to a loan of any type. For Muslims it is against Islamic law to pay or receive interest, this has been a huge problem. In recognisisng this problem, many financial law services have come up with a solution. These financial law services have teamed up with some of the biggest household banks to provide an Islamic compliant mortgages. This alternative way of mortgages has given birth to a new and unique form of financial law services within the sector.
One of the most popular Islamic mortgage providers is Amnah which has joined forces with HSBC. As a result of recognising a new form of mortgage, the financial law services sector has undoubtedly expanded and provided a host of opportunities to the financial law services.
Islamic Bank of Britain is another front runner within the financial law services in providing Islamic mortgages and other types of loans.
Ahli United Bank is also another well established Islamic mortgage provider within the financial law services sector.
The growth of this new form of mortgages has been commended by the Financial Services Act where it reported that there has been a steady growth in the niche area of the financial services sector.
What is striking about this success is that unlike in conventional financial law services where it is dominated by males across the board, Islamic finance has seen women excel in this area.
Saudi Arabia is the clear winner where women largely head the authorities that regulate Islamic financial law services.
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