The study, which was funded by the Economic and Social Research Council through a grant to the University of Kent, has also revealed that Muslims generally opt for conventional mortgage products, choosing to work to pay off their mortgage more quickly than the standard term in order to avoid the payment of too much interest (in Sharia law, the payment or receipt of interest on loans is forbidden).
The reasons for this include difficulties in accessing Sharia-compliant products, problems in negotiating with vendor’s solicitors, higher initial costs and issues to do with building up equity in the course of a mortgage.
However, the research has found strong evidence for a greater role for Sharia-compliant financial products, such as mortgages, and the option for using Sharia law to resolve financial disputes.
Peter Taylor-Gooby, Professor of Social Policy at the School of Social Policy, Sociology and Social Research, University of Kent and Director of SCARR, said: ‘There has been much debate about how the institutions of Sharia are compatible with UK traditions. This work shows that many Muslims are flexible between Sharia and interest-based mortgages and that there is a ready market for Sharia products alongside the established products.’
The research, which is part of a broader project investigating how religious values influence attitudes to financial risk, was carried out by Deborah Quilgars and Anwen Jones at the Centre for Housing Policy, University of York, and David Abbott at the Norah Fry Research Centre, University of Bristol.
The study is part of an Economic and Social Research Council Priority Network on Risk in Social Contexts directed by Professor Peter Taylor-Gooby at the University of Kent.
Further details of the research are available at: www.kent.ac.uk/scarr/publications/QuilgarsJonesAbbottWP22.pdf
Karen Baxter | alfa
Illinois researchers researchers find tweeting in cities lower than expected
21.02.2018 | University of Illinois College of Engineering
Polluted air may pollute our morality
08.02.2018 | Association for Psychological Science
The more electronics steer, accelerate and brake cars, the more important it is to protect them against cyber-attacks. That is why 15 partners from industry and academia will work together over the next three years on new approaches to IT security in self-driving cars. The joint project goes by the name Security For Connected, Autonomous Cars (SecForCARs) and has funding of €7.2 million from the German Federal Ministry of Education and Research. Infineon is leading the project.
Vehicles already offer diverse communication interfaces and more and more automated functions, such as distance and lane-keeping assist systems. At the same...
A research team led by physicists at the Technical University of Munich (TUM) has developed molecular nanoswitches that can be toggled between two structurally different states using an applied voltage. They can serve as the basis for a pioneering class of devices that could replace silicon-based components with organic molecules.
The development of new electronic technologies drives the incessant reduction of functional component sizes. In the context of an international collaborative...
At the LASYS 2018, from June 5th to 7th, the Laser Zentrum Hannover e.V. (LZH) will be showcasing processes for the laser material processing of tomorrow in hall 4 at stand 4E75. With blown bomb shells the LZH will present first results of a research project on civil security.
At this year's LASYS, the LZH will exhibit light-based processes such as cutting, welding, ablation and structuring as well as additive manufacturing for...
There are videos on the internet that can make one marvel at technology. For example, a smartphone is casually bent around the arm or a thin-film display is rolled in all directions and with almost every diameter. From the user's point of view, this looks fantastic. From a professional point of view, however, the question arises: Is that already possible?
At Display Week 2018, scientists from the Fraunhofer Institute for Applied Polymer Research IAP will be demonstrating today’s technological possibilities and...
So-called quantum many-body scars allow quantum systems to stay out of equilibrium much longer, explaining experiment | Study published in Nature Physics
Recently, researchers from Harvard and MIT succeeded in trapping a record 53 atoms and individually controlling their quantum state, realizing what is called a...
25.05.2018 | Event News
02.05.2018 | Event News
13.04.2018 | Event News
25.05.2018 | Event News
25.05.2018 | Machine Engineering
25.05.2018 | Life Sciences