The new service aims to modernise and streamline Islamic finance
Offa, the UK’s first Shariah-compliant bridge finance fintech, has launched a buy-to-let finance service with rapid funding decisions and a paperless process.
Offa’s new BTL service, which aims to modernise and streamline Islamic finance, caters to both Muslim and non-Muslim property investors, offering property finance solutions and a fully digital process for quick application and decision-making.
“Offa is all about a high-quality modern service, and speed is crucial in real estate,” said Sagheer Malik (pictured), Offa’s chief commercial officer and managing director of retail finance. “With the launch of our ultra-quick buy-to-let service, combined with our teams’ decades of industry experience, we are bringing Islamic finance into the 21st century, leaving behind the onerous paperwork and cumbersome systems that many customers have typically suffered in the past.
“Our streamlined digital application process – which is unparalleled in the Islamic finance market – means clients can potentially get a fair decision within minutes, depending on credit rating and risk criteria.”
See LinkedIn post here.
Offa’s BTL products – available to new and experienced landlords who are British residents or UK expats – use Islamic finance principles of co-ownership with leasing. Customers co-own the property with Offa and make monthly payments to increase their share over time.
A significant feature of Offa’s BTL product is its top-slicing option, which allows customers to use their personal income to meet affordability criteria if rental income falls short. The service is open to individuals aged 21 or over purchasing property in England and Wales, with property values between £60,000 and £1 million. First-time landlords and houses in multiple occupancy (HMOs) are also eligible.
Offa, launched in 2019, avoids interest charges and investments in sectors considered harmful, such as alcohol, tobacco, and arms.
In April, Offa secured a £100 million credit line for its bridge finance arm from a fund managed by UAE-based Gulf Islamic Investments Group. The credit line, the largest of its kind outside the Gulf, supports Offa’s expansion and diversification in the UK property market.
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
