UK: LAUNCH DIFFICULTIES FOR MONEYSUPERMARKET
Article Abstract:
Moneysupermarket launched an Internet mortgage auction site 7 August 2000 in the UK. The new service requires mortgage lenders to bid for business from people looking to obtain mortgages. However, high initial demand for the service has resulted in a number of customers not receiving the three best mortgage offers within the 48 hour time span promised by Moneysupermarket. It is thought that demand for the service has been driven by the novelty of mortgage lenders bidding against each other to provide the best mortgage terms. The demand has resulted in Moneysupermarket increasing staff numbers.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 2000
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Borrow in good faith
Article Abstract:
The Islamic Investment Banking Unit, part of the United Bank of Kuwait, has launched the Ijara Plan, a re-mortgage product allowing Muslims to move away from an interest-paying mortgage contract with a high street lender. The plan involves the bank purchasing the house from the owner, paying off the mortgage with the original lender and then renting the house back to the client. In this way, the client does not break Muslim law, which states that the payment or receipt of interest is illegal.
Comment:
Ijara plan begun so Muslims can circumvent Muslim law against payment or receipt of interest
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1999
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UK: HOUSE PRICES SET TO RISE IN 2000
Article Abstract:
House prices in the UK are set to rise by 11% in 2000 due to a rise in both income and employment, with 1.58mn houses predicted to be sold, according to a survey by the Halifax. Regional variations will narrow in 2000 although London house prices will continue to rise steeply. Over the past 70 years, house prices have increased dramatically with an average house costing GB [pound]600 in the thirties now selling for around GB[pound] 81,000.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1999
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