CashNews.co
“It is testament to Offa’s abilities that Bank of Ireland has agreed to sell their Islamic home finance portfolio to us,” said Amir Firdaus (pictured), chief financial officer at Offa. “This marks another chapter in Offa’s ambitious growth plans.”
Firdaus added that customers transitioning to Offa will benefit from expanded Sharia-compliant refinancing options and pledged a smooth migration to Offa’s servicing platform.
Offa’s latest move follows the launch of its Sharia-compliant buy-to-let product in July. Designed to streamline processes in Islamic finance, the product offers a paperless application system and quick funding decisions. The BTL financing model employs Islamic principles of co-ownership with leasing rather than traditional interest-based lending. Customers gradually acquire full ownership of the property through monthly payments.
The fintech has secured £230 million in Sharia-compliant funding to support its BTL offering, enabling it to scale operations and expand its product range within the UK property market.
Offa’s ethical finance model adheres to Islamic principles, prohibiting interest and avoiding investments in industries such as alcohol, tobacco, and weapons.