Discover Ansar Finance's Time Line

1994

– In January, A group of likeminded individuals came together in Manchester to address the need for an organisation that could provide interest free loans. Ansar was born.
– A total of 39 members joined in the first year raising £11,0001995 – Ansar was incorporated as a not-for-profit Company Limited by Guarantee.

1995

– The first interest free loan was approved in June 1995
– Year on year the membership increased. The news was spreading by word of mouth of an exciting community finance initiative.

2000

– Ansar Housing Limited (company limited by shares) launched to provide Ansar members with home financing and investment opportunities. Adopted the shariah compliant model pioneered by Islamic Cooperative Housing Corporation (ICHC of Canada). This became the first musharakah model offered in the UK.
– For the first time Ansar investors earned halal profits

2002

– Took part in ‘The Faith in Action’ conference where Prime Minister Tony Blair was made aware of Ansar and the role it wished to play in the community.

2003

– Islamic home finance providers and Mr Paul Boateng (the Chief Secretary to the Treasury), were successful in lobbying for the change in government policies towards Islamic Finance

2004

– 2004 marked the 10th anniversary of Ansar
– Ansar Housing realising that the home finance model adopted from Canada had some shariah deficiencies decided to create its own and better shariah-based home finance model.

2005

– Official preview of the Ansar Home Finance (a shariah based diminishing musharakah with ijarah model) in conjunction with international law firm Lovells LLP under supervision of Sheikh Haitham Al-Haddad and Tarek El-Diwany of Zest Advisory LLP.
– Ansar engages in Islamic-Christian dialogue about money
– Ansar engages in the Accountants and Lawyers meeting of the Muslim Jewish Forum of Greater Manchester organised by PricewaterhouseCoopers (PwC) to discuss difficulties facing both communities.

2006

– Ansar was invited by Islam Channel to join a live panel discussion on Islamic Home Finance in its programme Money Matters.
– In collaboration with other organisations, Ansar sponsored ‘The Manchester Charity Shield’ which was established to raise funds for charities working at home and abroad.
– A steadily growing membership and the ever-increasing demand for Islamic Finance products led Ansar to expand and acquire new premises.

2007

– Ansar teams up with Haroon Rashid of iWills Solicitors Ltd, to provide a free monthly wills clinic where both members and non-members are welcome to book appointments for a one to one session.

2009

– Extensive and continuing work, to finalise the outstanding shariah issues, is carried out on the home finance model by Myerson Solicitors (Altrincham) on a pro bono basis.

2010

– Research is started to bring to market shariah compliant car finance.– Ansar Home Finance – the most shariah-based housing finance model in the UK is officially launched in September 2010.
– Ansar Housing shows the resilience of the Islamic finance model and continues as in previous years to issue a dividend to its investors every year

2011

– Working together with Salford University, Ansar delivers a three part lecture on Islamic Finance for MSc Islamic Banking and Finance Students.
– Member benefits and services are being expanded to add value to the membership.
– Ansar Home Finance receives a Fatwa from Sheikh Haitham Al-Haddad calling it the most Shari’ah Home Finance contract on the market.
– Ansar is increasing its presence and awareness and is establishing itself as the premier community finance organisation in the UK

2012

– Work started to make the loans facility more accessible to non-members. It was decided to convert the organisation into a charity.
– Student fees have been raised to £9000 which has become a great problem for the majority of students as it is attracts interest from the start. Ansar has started to research into how it can tackle this issue.

2014

– Ansar is now registered as a charity with the Charities Commission
– Now donors and non-donors can apply for an interest free loan (terms and conditions apply)

2016

– Ansar begins sponsoring an exciting initiative started by a dedicated group of sisters to establish a credit union, YourB, which will offer interest free student loans.

2018

– Ansar Home Finance continues to be a highly successful pilot wherein 75% of its homebuyers have completed the full buyback of their property and are the sole owners of their homes.– The YourB credit union initiative is progressing well and is on the cusp of submitting its application for registration with the FCA

2019

– 25th Anniversary