"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"
- Sagheer Malik - Offa
Shariah-compliant bridging lender, Offa, has announced the launch of its new buy-to-let finance service, with the firm stating that it aims to "disrupt and transform the traditionally old-fashioned and cumbersome world of Islamic finance."
According to the lender, the new BTL service meets the needs of both Muslim and non-Muslim property investors with its flexible property finance solutions and end-to-end digital processes, making it fast and easy to apply and get a quick decision.
The new BTL products are available to both new and seasoned landlords who are British residents or UK expats. Instead of using interest, Offa’s BTL product involves 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, over time owning it.
Offa provides an ethical finance model designed in accordance with Islamic finance principles, which means not charging interest and investment into sectors deemed harmful to society – such as alcohol, tobacco, and the arms trade.
The service is available to anyone purchasing property in England and Wales aged 21 or over where the property’s value is between £60,000 and £1 million. First-time landlords can also apply, and Offa’s BTL solutions are also available for houses in multiple occupancy.
Sagheer Malik, Offa’s Chief Commercial Officer and MD of Retail Finance, said: “Offa is all about high-quality modern service and speed is crucial in real estate. 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.”
