Offa Enters Home Financing to Modernize Islamic FinanceOffa Enters Home Financing to Modernize Islamic Finance Birmingham-based fintech company Offa has expanded into home financing, aiming to streamline and modernize the Islamic finance industry it perceives as “old-fashioned and cumbersome.” Offa’s mortgage products are based on collective property purchases and leasing arrangements, adhering to Islamic principles that prohibit conventional lending. Rental prices for owner-occupied homes begin at 6.2%. Sagheer Malik, Offa’s Chief Commercial Officer and Managing Director of Retail Finance, emphasizes the importance of speed and efficiency in the real estate sector. With Offa’s digital end-to-end process, clients can potentially receive fair decisions within minutes. Offa’s housing stock is designed for affordability, allowing clients to supplement rent payments with personal income if necessary. The service is available to property buyers in England and Wales over 21 years of age, with property values ranging from £60,000 to £1 million. Multi-occupancy homes (HMOs) are also included in Offa’s buy-to-let solutions. In April, Offa secured a £100 million credit line from a fund managed by Gulf Islamic Investments Group (GII) to expand its UK property market financing. Offa adheres to ethical investment principles, avoiding sectors such as alcohol, tobacco, and arms trade.
Sharia-compliant fintech company Offa has entered the home financing business in a bid to improve the world of Islamic finance that it sees as “old-fashioned and cumbersome”.
The Birmingham-based mortgage lender says it can make decisions quickly and easily thanks to a modern digital end-to-end process.
Islamic mortgage products work by purchasing properties collectively and then leasing them, as conventional lending is prohibited in Islam.
Rental prices for owner-occupied homes start at 6.2%.
Sagheer Malik, Chief Commercial Officer and Managing Director Retail Finance at Offa, said: “Offa is all about high-quality, modern service and speed is crucial in the real estate sector.
“With the launch of our super-fast buy-to-let service, combined with our teams’ decades of industry experience, we are bringing Islamic finance into the 21st century, leaving behind the cumbersome paperwork and cumbersome systems that many clients have had to deal with in the past.
“Our streamlined digital application process – which is unmatched in the Islamic finance market – means clients can potentially receive a fair decision within minutes, depending on creditworthiness and risk criteria.”
Offa’s housing stock scores highest when it comes to affordability criteria. This means that you can use your personal monthly income to make up the difference if the expected rent is not high enough.
The service is available to anyone buying property in England and Wales who is over 21 years of age, for properties valued between £60,000 and £1 million.
New landlords can also apply and Offa’s buy-to-let solutions are also available for multi-occupancy homes (HMOs).
In April, Offa announced a £100 million credit line for its bridging finance arm from a fund managed by UAE-based Gulf Islamic Investments Group (GII). The credit line is the largest of its kind outside the Gulf, creating significant capacity for the Birmingham-based firm to expand and diversify its financing propositions in the UK property market.
Offa does not invest in sectors that are harmful to society, such as alcohol, tobacco and arms trade.
