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The Financial Services Authority has set out its plans for the future regulation
of home reversion (HR) plans and home purchase plans (HPPs), also known as
Islamic mortgages.
HPPs, also involving sale and lease arrangements, are one of the two methods of
financing home purchase that are acceptable under Islamic law.
The other is the Murabaha, which is already regulated under the FSA's mortgage
regime.
The proposals are designed to ensure that people who wish to take out HRs and
HPPs enjoy consumer protection comparable to that already in place for the
equivalent products, and seek to ensure that firms offering these products are
competent to undertake the business and offer consumers clear, concise and
consistent information about the services and products on offer.
Source:
Getting Paid
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