Offa, a prominent name in the UK's Islamic property finance fintech sector, has achieved a significant milestone with the acquisition of Bank of Ireland's Alburaq Sharia-compliant home finance portfolio. This deal encompasses over 350 home purchase plans, opening up new avenues for customers.

Testimonial from Offa's Chief Financial Officer

Amir Firdaus, Offa's Chief Financial Officer, emphasizes the significance of this acquisition. "It is a clear indication of Offa's capabilities that Bank of Ireland has entrusted us with their Islamic home finance portfolio. This acquisition marks another exciting chapter in our ambitious growth plans." He further adds, "Our executive team is well-acquainted with Alburaq's clients as we had a role in distributing this portfolio nearly two decades ago. Now, these customers are returning to us, and we are committed to providing them with a seamless experience."

Benefits for Transferred Customers

Customers transferred as part of this purchase will now have access to a broader range of Sharia-compliant property re-financing options. Offa is focused on ensuring a smooth migration to their servicing platform, allowing customers to make the most of the enhanced financial offerings.

With Offa's innovative approach, they have constructed a unique and pioneering sharia-compliant funding structure. This structure minimizes legal and tax issues, setting a new standard in the industry. It is a testament to their expertise and commitment to providing top-notch services.

Offa's recent launch of an innovative buy-to-let (BTL) service is also worth noting. Through a modern paperless process, they offer fast funding decisions, disrupting the traditionally old-fashioned and cumbersome world of Islamic finance. Instead of relying on interest, their BTL product follows the Islamic finance principles of co-ownership-with-leasing. Customers acquire the property in partnership with Offa and make monthly payments to increase their share, ultimately owning the property over time.

Ethical Finance Model

Offa's ethical finance model is designed in accordance with Islamic finance principles. This means they do not charge interest and avoid investing in sectors that are harmful to society, such as alcohol, tobacco, and the arms trade. By adhering to these principles, Offa provides a sustainable and responsible financial option.

The company has £230 million of sharia-compliant funding for its BTL product, which gives them significant capacity to expand and diversify their financial propositions in the UK property market. This allows them to serve a wider range of customers and meet the growing demand for ethical and Sharia-compliant finance.

Offa's acquisition of the Alburaq portfolio and the launch of their BTL service demonstrate their leadership and innovation in the Islamic property finance sector. They are committed to providing customers with comprehensive and tailored financial solutions while upholding ethical values.