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Islamic Mortgage building insurance
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newbuyer75
Posts: 2 Newbie
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
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
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Comments
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I've not come across this before.
What are the conditions?
Has your solicitor given you any advice on the matter?0 -
Their main point is that the bank must be noted as the first loss payee
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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 interestI 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.0
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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.0
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