StrideUp said it aims to cater to Muslims who, due to their faith, seek alternatives to traditional interest-based financial products. The company offers a Home Purchase Plan (HPP), designed to facilitate homeownership without compromising religious principles.
“Our recent study has confirmed the importance of Shariah-compliant finance products for the Muslim population,” said Sakeeb Zaman (pictured), chief executive at StrideUp. “A key differentiator of Islamic finance versus conventional products is the absence of interest – which is prohibited in Islam. Most Muslims see it as a more ethical option which aligns with their values, and our research points to these products as being highly regarded in the community.
“However, the biggest barrier to greater take-up is the lack of available information about home purchase plans, so brokers have an important role to play in helping their Muslim clients access the products they need to buy a new home or refinance their existing property.”
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