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Murabaha Articles

 

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The Islamic Sharia Law prohibits the payment of interest. On a conventional mortgage, the borrower needs to pay interest. Mainstream financial institutions are changing to accomodate the Muslims.

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Two million Muslims in the UK face an ethical dilemma if they want a mortgage or a loan. Conventional mortgages and loans all require the payment of interest and "riba" as interest is called under Islamic law, is forbidden by the Koran.

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If you're Muslim and are concerned about financial products that comply with Sharia Law, there are more and more options available to you today. The first Islamic bank in the UK, the Islamic Bank of Britain, opened its headquarters in Birmingham in 2004, offering a range of products and services such as pensions, mortgages and loans.

 
 
 

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