Your Home - The Shariah compliant route

Your Home is proud to be certified as Sharia compliant as of August 2021.


Through Your Home you can buy a home in a way that does not involve paying interest or having a mortgage.

 

Essentially you will buy a property in partnership with Your home so we will co-own the property with you.  You will pay us rent on the part you don’t own and based on your circumstances you can increase your share, by however much you want, until you own 100% .  As your share grows, the amount of rent you have to pay decreases.

 

We are proud to to have this opportunity to serve the Muslim Community with our official accreditation and the blessing of the scholars at Islamic Council of Europe 


Find out the answers to any questions you may have in our FAQs below.

Download our Shariah Compliance Certificate
Are you Sharia compliant?

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

How do I know if the Part Buy Part Rent scheme from Heylo remains Sharia compliant?

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

Who has certified Your Home as Sharia compliant?

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

Who are 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.

How is the Part Buy Part Rent scheme from Your Home structured that makes it Sharia Compliant?

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.

How is Your Home different to an Islamic mortgage?

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, you do not have the choice to not purchase more of the house. This obligation makes the structure of the whole process almost identical to a conventional mortgage.

Where does heylo get its funding from?

Launched in 2014, heylo’s long-dated horizon funding model has created one of the largest home ownership programmes in the UK. With over 6,000 part buy – part rent properties, 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.

Want to find out more? 

Why not speak to a member of our team today by calling 020 3744 0415 or completing the form

Start your application today

Apply

Find out more about Your Home

Find out more

Find out more about the costs associated with Your Home 

Costs