West-Midlands-based Sharia-compliant Al Rayan Bank has boosted its staff in order to expand its mortgage business through mortgage advisers.
Sagheer Malik, senior sales manager at the bank, said: “The growth of the intermediaries channel is a key focus of the bank, and raising awareness of Islamic home finance among the general mortgage intermediary market is an important part of the process.”
It comes as the bank appointed Saalik Haleem as intermediary specialist. Mr Haleem, who is based at the bank’s operational headquarters, has been tasked with boosting the 13 per cent intermediary share of the bank’s mortgage business and creating new relationships with mortgage advisers across the UK.
He has worked in Islamic finance for several years, specialising in the areas of advisory and Islamic investments, specifically Sharia-complaint Oeic/unit trusts.
Paul Dorward, mortgage adviser of South Yorkshire-based Pad Financial, said: “This is a fairly niche area and there is a need to raise awareness and expand the offering to intermediaries all over the country.
“Having sourced such mortgages for clients, the lack of choice for intermediaries is the main problem. At present Al Rayan, Islamic Bank of Britain and occasionally Allied Bank will offer them.”