Islamic home ownership a reality (despite SST)

Embargo: For Immediate Release - January 18, 2008

Islamic home ownership is now a reality for the Muslim community (despite what the Sunday Star Times thinks)…

In a recent article [“Insurance knockback for Argosy” – Sunday Star Times 13/1/08] the paper reported that “Sub-prime mortgage lender Argosy Property Finance, which brought the country its first Islamic mortgage, has stopped making loans after its insurer pulled the plug”.

This is not correct; in fact Argosy have NEVER written an Islamic Home Loan.

Managing Director of Moorhouse Mortgages, Louise Ledger says:

“We have fielded quite a number of calls from concerned Muslims on our Muslim Community Free Call number [0508 786 786] fearful that Islamic funding is no longer available in New Zealand ”.

For the record, Global Home Loans and it’s sister company, Moorhouse Mortgages are the ONLY companies in New Zealand to have a Fatwa, (an Islamic religious ruling) from FIANZ (The Federation of Islamic Associations of New Zealand Inc) that its Manzil Islamic Home Ownership Package is Halal, or approved and in accordance with Islamic religious principles.

And unlike Argosy, we actually have Muslim client’s on our books!”

ENDS

ABOUT - Moorhouse Mortgages Limited was formed in August 2006 as a specialist developer of niche market mortgage products. Louise Ledger is the Managing Director.

ABOUT – Global Home Loans Limited is an independent mortgage lender and has been in business since August 2000 specialising in all types of mortgage lending. With clients right around New Zealand and overseas the company has enjoyed strong support from the country’s Mortgage Broking community. Louise Ledger is the Managing Director.

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