Our purchaser has an Islamic mortgage

crisp

i understand that the buyer assigns the property to the bank between exchange and completion. Can I expect the time between exchange and completion the same as a standard mortgage or will there be delays? thanks

sara2323

nomoneytoday wrote:

It's fine. Due to islamic law you cannot lend or borrow, so this is a way for people to buy property

I'm told that in Islamic law it's fine to lend and borrow as long as there is no interest involved i.e. you don't pay interest or receive interest from your savings. Something about having to work for your money.
Though really have no idea how the islamic mortage system works..