Need a Halal Pay-Per-Mile loan for Zero Emission Taxis? Say Hello to Octopus!

AMWAL UK

The Muslim Wealth Portal had the pleasure of using a Zero Emission London Taxi this week and was equally pleased to learn about a new way to fund these vehicles through Islamic Finance.

The Islamic Council of Europe recently announced they have issued Octopus Investments with Shari’ah Compliance certification for their product: Pay-as-you-drive Finance Investment (contract version 1.0) as it conforms with the principles of Shari’ah.

In a brief statement, The Council said, “we have worked closely with Octopus Investments over the last few months and we wish them success in their venture.”

This is no doubt great news for the current and potentially new taxi drivers who will now only be able to register zero emission vehicles in London, with other parts of the UK to likely follow suit with the introduction of Ultra Low Emission Zones (namely Bristol, Birmingham and Bath).

Octopus formed in 2000 and since then, have amassed 150,000 customers and according to their figures, have invested in excess of £8 billion into the UK economy.

For more information about flexible finance to own an electric taxi, visit: https://taxi.octopusgroup.com

Author: The Muslim Wealth Portal

Navigating the UK towards Halal Finance