This offer is available to all HSBC UK current account customers. Habib Bank 5. Qatar Islamic Bank 3. Halal Mortgages 11. HSBC has closed its Islamic finance operations in 2012. Please note that it doesn’t include any fees you might be charged in addition to interest. The Ruling on the Permissibility of Financing Properties using Islamic Ijara Mortgages (as implemented by HSBC and other banks in 2004) Many people have enquired about the permissibility under shari'ah of the so-called Islamic ijara mortgages recently announced by banks such as HSBC. [1] Islamic mortgages are available from a number of banks in the UK. Sadly, none of these banks provide Islamic products in the UK anymore. HSBC’s total UK mortgage portfolio is in excess of £70bn. HSBC is the only high street bank to offer an Islamic mortgage service, but smaller specialist banks such as Ahli United Bank, Alburaq, Islamic Bank of Britain have Sharia products. Bank’s Name 1. 3 EIIB (European Islamic Investment Bank) 4 HSBC Bank. Back to 'Charges and overdrafts' 3. Riyad Bank 7. HSBC Holdings is to scale back its global Islamic banking operations and stop offering products in the UK as part of a wider restructuring. Islamic Bank of Britain 2. Since then, we’ve seen the larger mainstream banks dip in and out of Islamic finance. 1 Islamic Bank of Britain. 2 Qatar Islamic Bank. The bank makes its profit from the difference between the price it pays for the property (including related transaction costs) and the amounts received in installments from its client. HSBC itself has been under scrutiny by various governments around the world for money laundering activities. Saudi American Bank (UK) Ltd 9. In 2012, it was fined a record £1.2bn ($1.7bn) for … Islamic Banks Lists S.No. HSBC Bank 6. This type of scheme, with some minor modifications, is used in the United Kingdom by HSBC Amanah Finance, Ahli United Bank and United National Bank. This is how all UK banks must show interest rates on their overdrafts, to make it easier for you to compare one bank’s overdraft with another. Dallah Al Baraka 10. EIIB (European Islamic Investment Bank) 4. The United Kingdom is home to a number of Islamic Banks, as well as a number of window operations offered through conventional banks and is positioned as the leading Western Hub for Islamic Finance with the widest breadth of auxiliary services covering Sukuk structuring, Accounting, Auditing, Education and Consulting. Under Islamic mortgages the bank technically buys a property which is rented to the customer on a 25-year term until sufficient payments have … National Bank of Pakistan 8. Islamic law prevents Muslims from paying or receiving interest. Sharia Compliant Banking Providers in the United Kingdom. Last year international banking giant HSBC suddenly closed the bank accounts of several prominent British Muslims. Islamic Finance in the UK. 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