Interest Free Loan

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Comments

  • a4a
    a4a Posts: 313 Forumite
    Zeus28 wrote: »
    Whats the link Nebulous 2 ? I am really keen on getting an interest free loan. If anyone can help that would be much appreciated. Thanks.

    Who wouldn't be !

    In fact, because of religious reasons, I'd like a loan that is not only interest free but repayment free without penalty of any sort. I think its called a gift. Could someone recommend a lender that dishes these out!

    :-)
  • DevCoder
    DevCoder Posts: 3,361 Forumite
    First Anniversary First Post Combo Breaker
    As already mentioned, there is a few banks that do sharia mortgages and also loans.

    It normally involves the person buying a precious metal (but not normally gold or silver, the majority Ive seen have been palladium). This is bought and then sold at maturity date of the "loan". The buy price is either inflated or more commonly the sell price is inflated as its deemed to have "tracked" against the true price of the metal.
  • Zeus28
    Zeus28 Posts: 71 Forumite
    Can you name the banks please so I know which ones to contact ?
  • DevCoder
    DevCoder Posts: 3,361 Forumite
    First Anniversary First Post Combo Breaker
    It depends on how much you are looking to borrow, sharia loans (outside of specialist banks) tend to fall under the Wealth Management umbrella, so banks such as lloyds, barclays, natwest offshore etc would probably be able to help but under their Wealth umbrella. You could also look at banks such as Deutsche, Soc Gen and BNP Paribas.

    I see its a 10K loan, this might fall under the minimum amount for Wealth Management banks but its worth asking.
  • Swampy3k
    Swampy3k Posts: 187 Forumite
    First Anniversary Combo Breaker
    Zeus this might be something you have to research yourself, not many people are in your position so not many could comment on it for you, before we know it you'll be asking us to apply for you...
  • DevCoder
    DevCoder Posts: 3,361 Forumite
    First Anniversary First Post Combo Breaker
    Davie-G wrote: »
    Zeus this might be something you have to research yourself, not many people are in your position so not many could comment on it for you, before we know it you'll be asking us to apply for you...

    People famliar with Sharia law and the financial instruments that encompass them would be in a good position to comment on the subject. Its becoming quite popular in the UK amongst the Wealth Management business as they look to expand and diversify.

    Some of the posters on here work at banks, investment firms or are well versed in Islamic and Sharia law so Im not sure why their advice would be invalid.
  • Lioness_Twinkletoes
    Lioness_Twinkletoes Posts: 1,573 Forumite
    Zeus28 wrote: »
    Can you name the banks please so I know which ones to contact ?

    The Lord helps those who help themselves.

    Ask someone in your church/mosque/tent in the back garden or Goggle it.
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
    Name Dropper First Anniversary First Post
    edited 18 April 2014 at 7:28PM
    Zeus28 wrote: »
    Can you name the banks please so I know which ones to contact ?

    Ask other people of the same religion what they would do.
  • dealer_wins
    dealer_wins Posts: 7,334 Forumite
    Pixie5740 wrote: »
    I know that you can get mortgages compliant with sharia law and that one Islamic bank in the UK has found a way round the student loan system that is more in keeping with the principles of Sharia law

    Keep this quiet, but it is interest but called something different. shushhhhhhh
  • Nebulous2
    Nebulous2 Posts: 5,105 Forumite
    First Anniversary Name Dropper First Post
    Zeus28 wrote: »
    Whats the link Nebulous 2 ? I am really keen on getting an interest free loan. If anyone can help that would be much appreciated. Thanks.

    Sorry - I made a mistake and didn't add it to the last post.

    http://www.ansarfinance.com/

    Here's another.

    http://www.rhb.com.my/islamic_banking/quicklinks/faq.html

    As I said I know nothing about any of them, I simply found them on a google search.
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