Sunday, September 17, 2006

UK Financial Services Agency introduces new regulation of Islamic mortgage market

"New housing market protections for consumers", AWD Moneyextra, September 16, 2006

After public consultation earlier this year and subject to Parliamentary approval, beginning April 6, 2007, the Financial Services Agency will regulate more Shari'ah-compliant mortgage products. The regulation will affect equity release plans, where homeowners can withdraw equity from their homes, and ijara (leasing where the bank purchases the house and leases it to the homeowner for a fixed amount of time before the title is transfered to the buyer).

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