Mortgages: Islam:Written question - 229779

Q
(Greenwich and Woolwich)
Asked on: 07 March 2019
Treasury
Mortgages: Islam
Commons
To ask the Chancellor of the Exchequer, how many high street banks offer Islamic mortgage services.
A
Answered by: John Glen
Answered on: 14 March 2019

The Government is committed to the availability of Islamic finance in the UK to ensure that no one is denied access to competitive financial products for reasons of faith.

Sharia-compliant home purchase plans are enabled by regulations overseen by the Financial Conduct Authority (FCA). They are currently offered by four UK banks.

Beyond the requirements set out in the FCA regulations, decisions around the pricing and availability of individual mortgage loans remain commercial decisions for lenders, and the Government does not seek to intervene in these decisions.

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