BloomSmith are pleased to announce the completion of their first Shari’ah compliant VAT loan. Working with clients who were completing a large transaction in South London, it was requested that the documentation and form used respect Islamic financial principals.
With the assistance of BloomSmith’s legal team at Fladgate, who are experienced in Shari’ah compliant products (see link: Fladgate), the real estate VAT lenders were pleased to provide the required funds quickly.
“Having created the VAT bridging market four years ago, in which we remain unique in that we lend without a charge on the property, to be able to provide the first Shari’ah compliant product in the market is pleasing for us and, we hope, our client” said Nigel Smith, Founder and Director of BloomSmith.
“We have a team with a strong reputation and it is easy to forget why until we are asked to do something out of the normal course of our business to date. It is only then that you realise why that reputation exists.” says Nigel, adding “Hopefully providing the VAT on our Shari’ah platform will now become part of our normal course of business for UK and overseas investors alike.”
“Flexibility, innovation and practicality is something that becomes far easier as a principal lender, using internal funds.”