Sir, A number of UK banks now provide Sharia-compliant mortgages, which is good news for practising Muslims who want to buy a home. But where is the real difference?
Instead of charging interest, the bank agrees to purchase the property and then rent it to the mortgagee until such time as legal ownership can be transferred. By this time, the bank will have earned the same amount as it would have by charging interest, and the purchaser will have paid as much.
It reminds me of the time I visited an Amish community in the US. Landline telephones were prohibited, as the Amish believe that the devil may enter a house by way of the wires. They all, therefore, use mobile phones.
KATHERINE SCHOLFIELD
London W8