Forum for Science, Industry and Business

Sponsored by:     3M 
Search our Site:

 

Uptake on Sharia mortgages and products limited according to new research directed by University of Kent

21.07.2008
New research from the Social Contexts and Responses to Risk Programme (SCARR), directed by the University of Kent, has revealed that there has been a limited uptake on Sharia compliant mortgages and financial products in the UK.

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
Further information:
http://www.kent.ac.uk/news

More articles from Social Sciences:

nachricht Illinois researchers researchers find tweeting in cities lower than expected
21.02.2018 | University of Illinois College of Engineering

nachricht Polluted air may pollute our morality
08.02.2018 | Association for Psychological Science

All articles from Social Sciences >>>

The most recent press releases about innovation >>>

Die letzten 5 Focus-News des innovations-reports im Überblick:

Im Focus: Attoseconds break into atomic interior

A newly developed laser technology has enabled physicists in the Laboratory for Attosecond Physics (jointly run by LMU Munich and the Max Planck Institute of Quantum Optics) to generate attosecond bursts of high-energy photons of unprecedented intensity. This has made it possible to observe the interaction of multiple photons in a single such pulse with electrons in the inner orbital shell of an atom.

In order to observe the ultrafast electron motion in the inner shells of atoms with short light pulses, the pulses must not only be ultrashort, but very...

Im Focus: Good vibrations feel the force

A group of researchers led by Andrea Cavalleri at the Max Planck Institute for Structure and Dynamics of Matter (MPSD) in Hamburg has demonstrated a new method enabling precise measurements of the interatomic forces that hold crystalline solids together. The paper Probing the Interatomic Potential of Solids by Strong-Field Nonlinear Phononics, published online in Nature, explains how a terahertz-frequency laser pulse can drive very large deformations of the crystal.

By measuring the highly unusual atomic trajectories under extreme electromagnetic transients, the MPSD group could reconstruct how rigid the atomic bonds are...

Im Focus: Developing reliable quantum computers

International research team makes important step on the path to solving certification problems

Quantum computers may one day solve algorithmic problems which even the biggest supercomputers today can’t manage. But how do you test a quantum computer to...

Im Focus: In best circles: First integrated circuit from self-assembled polymer

For the first time, a team of researchers at the Max-Planck Institute (MPI) for Polymer Research in Mainz, Germany, has succeeded in making an integrated circuit (IC) from just a monolayer of a semiconducting polymer via a bottom-up, self-assembly approach.

In the self-assembly process, the semiconducting polymer arranges itself into an ordered monolayer in a transistor. The transistors are binary switches used...

Im Focus: Demonstration of a single molecule piezoelectric effect

Breakthrough provides a new concept of the design of molecular motors, sensors and electricity generators at nanoscale

Researchers from the Institute of Organic Chemistry and Biochemistry of the CAS (IOCB Prague), Institute of Physics of the CAS (IP CAS) and Palacký University...

All Focus news of the innovation-report >>>

Anzeige

Anzeige

VideoLinks
Industry & Economy
Event News

2nd International Conference on High Temperature Shape Memory Alloys (HTSMAs)

15.02.2018 | Event News

Aachen DC Grid Summit 2018

13.02.2018 | Event News

How Global Climate Policy Can Learn from the Energy Transition

12.02.2018 | Event News

 
Latest News

Basque researchers turn light upside down

23.02.2018 | Physics and Astronomy

Finnish research group discovers a new immune system regulator

23.02.2018 | Health and Medicine

Attoseconds break into atomic interior

23.02.2018 | Physics and Astronomy

VideoLinks
Science & Research
Overview of more VideoLinks >>>