Lloyds TSB has launched an Islamic retail mortgage product for British Muslims. It is one of a range of financial services that Lloyds plans to launch for the Muslim community in the UK – many of whom have taken a traditional, interest-based mortgage or choose not to buy their own homes for religious reasons. The home finance offer follows Lloyds’ launch in February 2005 of an Islamic current account and complies with Islamic law (Shariah), which forbids both the payment and receipt of interest, known as Riba. Instead of lending money for a property, the bank will buy the home, contributing up to 90 per cent of the purchase price. The customer will pay the remaining percentage upfront and would repay the outstanding sum over an agreed term, together with a rental payment.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.