Offa, the UK’s pioneering Sharia-compliant bridge finance fintech, has introduced a groundbreaking buy-to-let (BTL) finance service. This innovative service, characterized by rapid funding decisions through a modern paperless process, aims to disrupt and transform the traditionally cumbersome Islamic finance market.
Islamic Finance Market with Cutting-edge Technology
Offa’s new BTL service leverages the latest software to cater to both Muslim and non-Muslim property investors, offering flexible finance solutions. The end-to-end digital process ensures a swift and seamless application experience, enabling quick decisions. This approach marks a significant departure from the laborious paperwork and outdated systems previously prevalent in the Islamic finance market.
Sagheer Malik, Offa’s Chief Commercial Officer and MD of Retail Finance, emphasized the importance of speed in real estate transactions. He stated, “Offa is dedicated to providing high-quality, modern services. Our ultra-quick buy-to-let service, backed by our team’s extensive industry experience, is revolutionizing Islamic finance by eliminating the burdensome paperwork and cumbersome systems that have plagued customers in the past.”
Streamlined Digital Application Process
Offa’s digital application process stands out in the Islamic finance market. Clients can receive a decision within minutes, depending on their credit rating and risk criteria. This streamlined approach not only enhances efficiency but also ensures a fair and transparent decision-making process.
Sharia-Compliant Buy-to-Let Products
Offa’s BTL products adhere to Islamic finance principles, which prohibit the use of interest. Instead, the BTL product is based on co-ownership-with-leasing. Customers partner with Offa to acquire the property and make monthly payments to gradually increase their ownership share.
One notable feature of Offa’s BTL product is the provision for top-slicing. If a customer’s rental income falls short of the required affordability criteria, they can supplement it with their monthly income. This flexibility ensures broader accessibility for property investors.
Eligibility and Availability
The BTL service is available to British residents and UK expats aged 21 or over, purchasing property in England and Wales valued between £60,000 and £1 million. First-time landlords are welcome to apply, and the service extends to houses in multiple occupancy (HMOs).
Ethical Finance Model
Offa’s commitment to ethical finance is evident in its adherence to Islamic finance principles. The company does not charge interest and avoids investing in sectors deemed harmful to society, such as alcohol, tobacco, and the arms trade.
Significant Funding and Expansion
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 (GII). This substantial credit line, the largest of its kind outside the Gulf, provides Offa with significant capacity to expand and diversify its financial offerings within the UK property market.
The Future of Islamic Finance
Offa’s innovative approach is set to redefine the Islamic finance market, providing modern, efficient, and ethical financial solutions for property investors. By embracing digital transformation and prioritizing customer needs, Offa is leading the way in bringing Islamic finance into the 21st century, offering a competitive edge in the rapidly evolving financial landscape.
By continuously adapting to the demands of the digital age, Offa ensures that its clients benefit from the most advanced and efficient finance solutions, setting a new standard in the Islamic finance market. This strategic move not only supports the immediate needs of businesses but also positions them for sustained success in an increasingly digital and competitive environment.
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