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Islamic Mortgage building insurance

Hello! I am planning to get an Islamic mortgage with a bank, and they have a lot of conditions for the building insurance that I am not sure which insurance company can actually meet.
At the same time the bank cannot advise on insurance companies, so it is catch-22.
Have any of you had Islamic mortgages, and which insurance companies or brokers did you use?
many thanks

Comments

  • dacouch
    dacouch Posts: 21,636 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I've not come across this before.

    What are the conditions?

    Has your solicitor given you any advice on the matter?
  • Their main point is that the bank must be noted as the first loss payee




  • dunstonh
    dunstonh Posts: 119,883 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    From memory, the buildings insurance is ok as long as it is paid annually and not monthly. Monthly involves a credit agreement and frequently has interest. So, that bit is not allowed. Most insurers can name the lender as having an interest
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • rudekid48
    rudekid48 Posts: 2,382 Forumite
    Part of the Furniture 1,000 Posts
    Google "Takaful home insurance UK"and you will find Sharia compliant policies that are available.
    All matter is merely energy condensed to a slow vibration, we are all one consciousness experiencing itself subjectively, there is no such thing as death, life is only a dream, and we are the imagination of ourselves.
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