Given the current lack of a Shariah-compliant market benchmark or a suitable alternative, Shariah scholars have permitted using the Bank of England base rate for setting payment benchmarks.
It's important to note that this doesn't imply the charging of interest, as our product does not involve any lending. The Bank of England rate is simply a reference point used to determine the pricing of our offering. This ensures transparency in how rent is calculated and enables customers to compare our home finance solutions with other financial institutions.
StrideUp's Home Purchase Plan has been verified as Shariah-compliant by Amanah Advisors, you can find the relevant FAQ here.