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Mortgages: Islam

Question for Treasury

UIN 95971, tabled on 24 November 2022

To ask the Chancellor of the Exchequer, if he will conduct a review of the availability of mortgages which comply with Islamic law.

Answered on

29 November 2022

There are a broad range of mortgage products available on the market, including products that comply with Islamic law. Those wishing to take out a Sharia-compliant mortgage may wish to shop around and speak to a specialist mortgage broker in order to find the best possible product for them.

It is also worth noting that the UK is the leading western hub for Islamic finance, with more institutions offering Islamic financial services in the UK than anywhere in Europe or North America, including four fully licenced Sharia-compliant banks.

Answered by

Treasury