We welcome the announcement from Sajid Javid that the Government’s Help to Buy mortgage scheme can now also be used by providers of Home Purchase Plans.
This move will provide more consumer choice and enable those living in the UK who want and need sharia compliant finance to access the scheme. It will also be instrumental in reinforcing London’s role as the western hub for Islamic Finance.
The fact that the Government is amending rules to enable banks to purchase Government guarantees shows a commitment to provide support for those in UK who want to use sharia compliant products. This will also enable the UK Islamic Finance industry to grow and shows the credentials the UK has developed in Islamic Finance.