UK - Islamic fund house opens in UK offering suite of Shariah products

www.international-adviser.com - A new fund house has launched in London offering Shariah compliant funds in a Ucits structure to UK investors. Oasis Crescent, which has its new office in the Knightsbridge area of London, has been managing Islamic and conventional funds for more than 15 years, with £2.5bn (€3bn, $4bn) of assets under management, and operating within Europe for more than ten.
The company said the Islamic investment market in the UK is currently “under £1bn” but has the “potential to be between £120bn and £160bn".  (source)

UK - FINANCE - Islamic Bank of Britain launches Sharia compliant B2L mortgage alternative

mortgagestrategy.co.uk - Islamic Bank of Britain has entered the buy-to-let mortgage market with the launch of its Sharia compliant buy-to-let purchase plan.

Landlords of any faith looking for ethical and Sharia compliant finance can access IBB’s buy-to-let purchase plan with a deposit of only 25%.

To mark the launch IBB have also announced a promotional procuration fee of 0.5% gross, payable on referrals that drawdown prior to March 31 2012. (source)

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 - UK plugs tax loopholes for Islamic mortgages

By MUSHTAK PARKER | ARAB NEWS

Published: Apr 3, 2011 22:53 Updated: Apr 3, 2011 22:53 

The UK Treasury is fast-tracking a number of laws in the Finance Bill 2011 to plug several tax avoidance loopholes including those related to high-end stamp duty land tax (SDLT) in commercial property transactions — both conventional and alternative (Islamic) real estate transactions. 

The loophole includes the use of offshore vehicles to avoid paying full stamp duty tax on property transactions, normally in excess of 500,000 pounds up to a few millions of pounds.(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)