The Islamic Bank of Britain (IBB) has launched a dedicated website for mortgage advisers and IFAs which offers Sharia compliant home purchase plans and commercial property finance.
The website aims to enable advisers to re-sell IBB’s Sharia compliant products, with registered intermediaries able to submit leads and applications to the bank online, track the progress of deals and access printable copies of product literature.
Registration to the site is free and subject to compliance checks. However, only agents who are Financial Services Authority (FSA) regulated for the home purchase plan can use the full application and tracking service.
Intermediaries can introduce business to IBB in two ways: the referral of basic customer contact details, which pays a 0.2 per cent procuration fee for completed business; or a completed online client application, which pays a procuration fee of 0.35 per cent.
Advisers are also offered support from regional sales consultants who can guide agents through the application process and explain how IBB’s products differ from conventional finance products. The bank also has a dedicated helpline for intermediaries.
Sultan Choudhury, the commercial director at the IBB, said: « Our unique position, as the UK’s only Islamic Retail Bank, has meant we have remained largely insulated from the credit crunch. « As a result, British consumers are increasingly considering products such as the home purchase plan. »
Source: FT Adviser, December 16, 2008