UK - BANKING - Abu Dhabi Bank in the UK likely to offer Islamic mortgages

Islamic-mortgage.co.uk - The Abu Dhabi Islamic Bank has revealed it is to open its first branch in the UK this November.

And Islamic mortgages are likely to form a significant part of the lender's offerings, as it has announced a greater focus on home loans in the future, Mortgage Strategy reports.  (source)

UK - Sesame partner with Islamic Bank of Britain

Sesame partner with Islamic Bank of Britain for Islamic mortgage alternative.

Sesame Network members will have access to the full range of IBB’s Sharia compliant mortgage alternative, the Home Purchase Plan.  As part of the tie-up, intermediaries will be able to submit fully packaged applications or referrals to IBB. (full story)

UK - Islamic law used to dodge stamp duty

SHARIA law is being used by house buyers posing as Muslims to dodge stamp duty, it was revealed yesterday.

A scheme, brought in by Labour in 2005, allows followers of Islam to buy property without paying the tax.

Paying interest is banned under Sharia law, so Muslims are allowed to buy a house and then sell it on to an offshore financial company. (full story)