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Senior Partner
Senior Partner, Solicitor
Category: Law
Satisfied Customers: 13325
Experience:  Solicitor with more than 30 years experience
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If My company lends money to individuals at a loan to value

Customer Question

If My company lends money to individuals at a loan to value of say 50% with a non recourse clause charging 3% interest per annum, would this be considered sharia compliant?
Submitted: 3 years ago.
Category: Law
Expert:  Senior Partner replied 3 years ago.
In order to determine whether something is Sharia compliant you need to get it approved by the local sharia council. Sharia law is not of course recognised as art of the law in the uk but my understanding is that interest is always non compliant and it needs to be structured in another way.