YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP PAYMENTS ON YOUR ISLAMIC HOME FINANCE
About Islamic Home Finance
Lloyds TSB has teamed up with ABC International Bank (ABC) and Bristol & West plc to offer you alburaq – Islamic Home Finance. This partnership means you’ll have a great team working for you. You’ll get personal service from our home finance consultants while ABC International Bank and Bristol & West will provide all the technical expertise and support, plus the home finance itself.
alburaq was designed by ABC and has been reviewed and approved by both the ABC Shariah Committee and our Shariah Committee. So you can be doubly sure that it’s Shariah approved.
The contracts will be between you and Bristol & West. They use the alburaq name in their ongoing communication with you.
We provide what is called a “Non Advice” service to you for alburaq – Islamic Home Finance. You won’t receive advice or a recommendation from us when discussing Islamic Home Finance. But we may ask some questions to help you narrow down your selection and we will be happy to provide details to you. You will then need to make your own choice about how to proceed.
About the finance available to you
You can take Islamic Home Finance for between 7 and 25 years. And you can pay off the balance of the purchase price from Bristol & West at anytime. Settlement fees will apply.
Property value - owner occupied | Amount of finance available |
|---|---|
£15,001 to £500,000 | 90% of property value |
£500,001 to £750,000 | 85% of property value |
£750,001 to £850,000 | 80% of property value |
£850,001 to £1,000,000 | 75% of property value |
£1,000,001 to £2,000,000 | 70% of property value |
£2,000,001 or above | Please speak to an Islamic Home Finance Consultant |
About your application
You must be at least 18 years old to apply for Islamic Home Finance. Before agreeing to finance your property, Bristol & West will want to satisfy check your application. This will include assessing your ability to afford the payments and, normally, valuing the property. Bristol & West may monitor or record phone calls with you in case they need to check they have carried out your instructions correctly and to improve their quality of service.
About insurance
Because Bristol & West are the legal owners of the property, they are responsible for arranging the building insurance. These costs are transferred to you as part of your monthly payments.
Details about the people we work with
alburaq is a registered trade mark of ABC International Bank plc and the brand name under which Islamic Home Finance products are provided by Lloyds TSB. Bristol & West plc is ABC’s appointed provider of Islamic Home Finance and is authorised to use the alburaq brand name under license.
ABC International Bank plc is authorised and regulated by the Financial Services Authority | Registered in England No. 2564490 VAT Registration No. 577 7416 94 | A member of the Arab Banking Corporation Group headquartered in Bahrain. alburaq is the brand name under which Islamic Home Finance products are provided.
Bristol & West plc is regulated and authorised by the Financial Services Authority (FSA) in respect of Investment, Mortgage and Insurance mediation activity and follows the Banking Codes. A copy of the code is available on request. Registered in England No. 2124201. Registered Office: Bristol & West plc, One Temple Back East, Temple Quay, Bristol BS1 6DX.
View information about Islamic Home Finance.
