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
Amazingly flexible: Learning to read in your thirties profoundly transforms the brain
26.05.2017 | Max-Planck-Institut für Kognitions- und Neurowissenschaften
Fixating on faces
26.01.2017 | California Institute of Technology
Whispering gallery mode (WGM) resonators are used to make tiny micro-lasers, sensors, switches, routers and other devices. These tiny structures rely on a...
Using ultrafast flashes of laser and x-ray radiation, scientists at the Max Planck Institute of Quantum Optics (Garching, Germany) took snapshots of the briefest electron motion inside a solid material to date. The electron motion lasted only 750 billionths of the billionth of a second before it fainted, setting a new record of human capability to capture ultrafast processes inside solids!
When x-rays shine onto solid materials or large molecules, an electron is pushed away from its original place near the nucleus of the atom, leaving a hole...
For the first time, physicists have successfully imaged spiral magnetic ordering in a multiferroic material. These materials are considered highly promising candidates for future data storage media. The researchers were able to prove their findings using unique quantum sensors that were developed at Basel University and that can analyze electromagnetic fields on the nanometer scale. The results – obtained by scientists from the University of Basel’s Department of Physics, the Swiss Nanoscience Institute, the University of Montpellier and several laboratories from University Paris-Saclay – were recently published in the journal Nature.
Multiferroics are materials that simultaneously react to electric and magnetic fields. These two properties are rarely found together, and their combined...
MBM ScienceBridge GmbH successfully negotiated a license agreement between University Medical Center Göttingen (UMG) and the biotech company Tissue Systems Holding GmbH about commercial use of a multi-well tissue plate for automated and reliable tissue engineering & drug testing.
MBM ScienceBridge GmbH successfully negotiated a license agreement between University Medical Center Göttingen (UMG) and the biotech company Tissue Systems...
Pathogenic bacteria are becoming resistant to common antibiotics to an ever increasing degree. One of the most difficult germs is Pseudomonas aeruginosa, a...
19.09.2017 | Event News
12.09.2017 | Event News
06.09.2017 | Event News
20.09.2017 | Life Sciences
20.09.2017 | Power and Electrical Engineering
20.09.2017 | Physics and Astronomy