View more on these topics

L&G forms partnership with Islamic bank

Legal & General and Islamic Bank of Britain have announced a partnership that will see the bank’s Islamic mortgage products made available to the club’s intermediaries.

The news follows IBB’s announcement of a £20m capital injection from founding shareholder Qatar International Islamic Bank.

L&G’s intermediaries can begin developing a specialised Islamic finance offering by registering online, which will then allow them access to the bank’s mortgage range, including the Sharia compliant home purchase plan product.

The HPP allows customers to purchase their home in partnership with the bank on a leasing and diminishing partnership agreement. Rates start at 3.99 per cent and all products carry an arrangement fee of £299. 

The bank’s intermediary team are available to support and guide intermediaries through IBB’s Islamic mortgages. The bank also has an intermediary helpline and a dedicated intermediary Islamic finance website.

IBB commercial director Sultan Choudhury says: “There is a growing demand amongst UK home-buyers for competitive, Sharia compliant home finance as an alternative to conventional mortgages.  This partnership between Legal & General and IBB gives Mortgage Club intermediaries access to a wider choice of products, an additional revenue stream and the ability to extend their offering across a diverse range of communities.   Working with Legal and General marks a significant step forward for the Bank’s plans to expand its reach.”

L&G head of mortgage products Martyn Smith says: “This relationship between IBB and Legal & General gives our brokers the opportunity to tap in to more potential customers and gain a real competitive edge.  We pride ourselves on being ahead of the game by offering competitive and innovative products.  We welcome IBB and look forward to a mutually beneficial partnership.”

Recommended

41

Aegon cuts 100 jobs and shuts 6 regional sales centres

Aegon is to cut over 100 jobs and close half of its 12 regional sales centres in a restructure of the business. The provider says it is to cut 142 roles and create 36 new positions leading to a net reduction of 106 jobs. It says the restructure is due to the changing work practices […]

10

Sesame senior management hires ahead of platform launch

Sesame Bankhall Group has recruited Intrinsic and Positive Solutions directors as part of a senior management reshuffle as the firm looks to set up its own investment platform. This week’s Money Marketing reveals the move which will see the platform developed in partnership with another company and unveiled later this year. The group has created […]

Bank holds rate and £200bn QE level

The Bank of England has held base rate at 0.5 per cent for the 19th month in a row and has also held its quantitative easing programme at £200bn. RBS head of group economics Stephen Boyle says it is right to keep monetary policy loose even if the recovery is slowing. He says: “The Biritsh […]

Multi-manager chief Cheeseman quits F&C as funds go to Thames

F&C head of multi-manager Dean Cheeseman is to leave the firm as his retail range passes over to Thames River Capital. F&C manages £600m of multi-manager funds within its retail range, which will pass across to Thames River co-heads of multi-manager Gary Potter and Robert Burdett, subject to regulatory approval. This would see Potter and […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment