Islamic Fintech Firm Offa Launche BTL Finance

Offa, the UK’s first Sharia-compliant bridge finance fintech, has right now launched an progressive new buy-to-let finance (BTL) service – with quick funding selections delivered by way of a contemporary paperless course of – aiming to disrupt and rework the historically old style and cumbersome world of Islamic finance.

Powered by the most recent software program, Offa’s BTL service meets the wants of each Muslim and non-Muslim property buyers with its versatile property finance options and end-to-end digital processes, making it quick and straightforward to use and get a fast choice.

Sagheer Malik, Offa’s Chief Business Officer and MD of Retail Finance, stated: “Offa is all a couple of high-quality trendy service and pace is essential in actual property. With the launch of our ultra-quick buy-to-let service, mixed with our groups’ many years of business expertise, we’re bringing Islamic finance into the twenty first century, forsaking the onerous paperwork and cumbersome programs that many purchasers have sometimes suffered up to now.

“Our streamlined digital software course of – which is unparalleled within the Islamic finance market – means shoppers can doubtlessly get a good choice inside minutes, relying on credit standing and danger standards.”

These Islamic BTL merchandise can be found to new and seasoned landlords who’re British residents or UK expats. As a substitute of utilizing curiosity, Offa’s BTL product entails the Islamic finance ideas of co-ownership-with-leasing. Prospects purchase the property in partnership with Offa and make month-to-month funds to extend their share, over time proudly owning it.

One other key function of Offa’s BTL product is that the place a buyer’s rental revenue is just not enough for the required affordability standards for the BTL finance, Offa permits them to make up the distinction with their private month-to-month revenue (generally identified within the business as top-slicing).

The service is out there to anybody buying property in England and Wales aged 21 or over the place the property’s worth is between £60,000 and £1 million. First-time landlords may also apply, and Offa’s BTL options are additionally accessible for homes in a number of occupancy (HMOs).

Offa supplies an moral finance mannequin designed in accordance with Islamic finance ideas, which suggests not charging curiosity and funding into sectors deemed dangerous to society – reminiscent of alcohol, tobacco, and the arms commerce.

In April, Offa introduced a £100 million credit score line for its bridge finance arm from a fund managed by UAE-based Gulf Islamic Investments Group (GII). The credit score line is the biggest of its sort outdoors of the Gulf, creating vital capability for the Birmingham-headquartered enterprise to increase and diversify its monetary propositions within the UK property market.