UK to encourage Islamic mortgages

UK - Moves by the UK Treasury and the Bank of England to encourage Islamic mortgages, investments and current accounts in Britain may be under way.

With the number of well-to-do British Muslims growing, many are avoiding buying homes.

That is because it is against Islamic law to borrow or lend at a rate of interest.

Now it has emerged that at least three leading banks are preparing to launch special home loans that get round the problem by avoiding charging interest.

But they need the Treasur

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