Friday, September 22, 2006

Britain's Financial Services Agency (FSA) to open licensing process for Islamic mortgages

"Authorisation process for the new home finance activities", Financial Services Agency (UK) Press Release, September 22, 2006

Applications to become licensed for Islamic leasing home purchase plans (Ijara) begins November 6 and runs until April 6, 2007. According to the press release frin the FSA, "After 6 April 2007, when the new regimes start, it will be illegal for any firm that is not FSA authorised or an Appointed Representative of an authorised firm to carry on [...] Ijara home finance business."

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