Your Home - The Sharia compliant home finance option

Yes. We have been certified as Sharia compliant by a panel of scholars with the Islamic Council of Europe.

As per the Islamic Council of Europe's certification, regular reviews of the product will be performed as part of a Sharia audit.

Your Home has been certified as Sharia compliant by the Islamic Council of Europe.

The Islamic Council of Europe are the recognised leading body for providing guidance and solutions based on Islamic principles. The team of qualified scholars and industry experts provide a wide array of experience and skills, working together to produce internationally recognised rulings, issue Sharia Compliance certification to leading corporations and advise on government matters.

The Islamic Finance Committee consists of renowned Islamic scholars and judges, as well as experts with backgrounds in risk management, technology, financial markets, trading, audit and philanthropy just to name a few.

The panel’s collaboration and consensus ensures that all judgements, rulings and authorisations are robust and impactful.

The Part Buy Part Rent scheme is a very straightforward and clean method of purchasing a property that essentially is based on yourself and Heylo having shared ownership of a joint asset (a property). You only pay for usage of the property that doesn't belong to you through rent, and if you choose to buy more of the property, the rent will decrease in line with your ownership until eventually you own 100% and no rent is due.

What makes this so simple from a Sharia perspective is that no lending is involved, you aren't borrowing money which you have to pay back. This scheme allows you to grow your home ownership at your rate.

This type of structure classically was called a diminishing musharakah, which simply means a diminishing partnership.

An Islamic mortgage (in the UK currently), whilst using similar language, is not too different to a conventional mortgage in its money flows and repayment structure. An Islamic Mortgage offers part ownership and part rental. However, with this arrangement, you’re obligated to purchase more of the house.  This obligation makes the structure of the whole process almost identical to a conventional mortgage.

Launched in 2014, Heylo’s long-dated horizon funding model has created one of the largest shared ownership programmes in the UK. With over 8,000 shared ownership homes, offering a number of different routes to make home ownership possible. Heylo's mission is to provide the highest standards of service for our continually growing pool of new house buyers.