{"id":4068,"date":"2024-07-12T00:05:23","date_gmt":"2024-07-11T21:05:23","guid":{"rendered":"https:\/\/sahfy.net\/news\/?p=4068"},"modified":"2024-07-12T03:42:43","modified_gmt":"2024-07-12T00:42:43","slug":"offa-launches-ultra-quick-buy-to-let-islamic-finance-for-british-expats","status":"publish","type":"post","link":"https:\/\/sahfy.net\/news\/?p=4068&lang=en","title":{"rendered":"Offa launches ultra-quick buy-to-let Islamic finance for British expats"},"content":{"rendered":"<p><span style=\"font-weight: 300\">Offa, the UK\u2019s first Shari\u2019ah-compliant bridge finance fintech, has today launched an innovative new buy-to-let finance (BTL) service providing fast funding decisions for British expats, delivered via a modern paperless process.<\/span><\/p>\n<p><span style=\"font-weight: 300\">Powered by <\/span><span style=\"font-weight: 300\">next-generation technological innovation<\/span><span style=\"font-weight: 400\">, <\/span><span style=\"font-weight: 300\">Offa\u2019s BTL service replaces legacy\u00a0 finance systems with its flexible and ethical Islamic property finance solutions, and end-to-end digital processes making it fast and easy for expats to apply and get a quick decision.<\/span><\/p>\n<p><span style=\"font-weight: 300\">These Islamic BTL products are available to new and seasoned British landlords living in the Gulf Cooperation Council (GCC) states, Australia, the European Union, Canada, Singapore and Brunei.<\/span><\/p>\n<p><span style=\"font-weight: 300\">Sagheer Malik, Offa\u2019s Chief Commercial Officer<\/span><span style=\"font-weight: 300\"> and MD <\/span><span style=\"font-weight: 300\">of Retail Finance, said: \u201cI have met many British expats who need Islamic buy-to-let finance, but who struggle to cope with the onerous paperwork and old-style systems that they typically face. Our modern, ultra-fast, paperless buy-to-let finance solves that problem.<\/span><\/p>\n<p><span style=\"font-weight: 300\">\u201cWith our team\u2019s decades of industry experience and a streamlined digital application process, we are bringing 21<\/span><span style=\"font-weight: 300\">st<\/span><span style=\"font-weight: 300\"> century Shari\u2019ah-compliant BTL finance to our customers.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 300\">UAE-based Gulf Islamic Investments group (GII), a leading Shari\u2019ah-compliant global alternative investment company with over $4.5 billion of assets under management,<\/span> <span style=\"font-weight: 300\">took a majority stake in Offa in mid-2022.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 300\">GII\u2019s co-Founders and co-CEOs, Mohammed Alhassan and Pankaj Gupta, said: \u201cThis latest market innovation from Offa brings additional investment opportunities in UK property to Britons resident across the Arabian Gulf and further afield. We applaud Offa\u2019s initiatives to attract further expatriate capital to the UK\u2019s vibrant property market as an exciting alternative asset management strategy.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 300\">Instead of using interest, Offa 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, over time owning it.<\/span><\/p>\n<p><span style=\"font-weight: 300\">Another key feature of Offa\u2019s BTL product is that where a customer\u2019s rental income is not sufficient for the required affordability criteria for the BTL finance, Offa allows them to make up the difference with their personal monthly income (commonly known in the industry as top-slicing).<\/span><\/p>\n<p><span style=\"font-weight: 300\">The service is available to anyone purchasing property in England and Wales aged 21 or over, either under their personal name or as a limited company, and where the property\u2019s value is between \u00a360,000 and \u00a31 million. First-time landlords can also apply, and Offa\u2019s BTL solutions are also available for houses in multiple occupancy (HMOs).<\/span><\/p>\n<p><span style=\"font-weight: 300\">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 \u2013 such as alcohol, tobacco, and the arms trade.<\/span><\/p>\n<p><span style=\"font-weight: 300\">In April, Offa announced a \u00a3100 million credit line for its bridge finance arm from a fund managed by GII. The credit line is the largest of its kind outside of the Gulf, creating significant capacity for the Birmingham-headquartered business to expand and diversify its financial propositions in the UK property market.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Offa, the UK\u2019s first Shari\u2019ah-compliant bridge finance fintech, has today launched an innovative new buy-to-let finance (BTL) service providing fast funding decisions for British expats, delivered via a modern paperless process. Powered by next-generation technological innovation, Offa\u2019s BTL service replaces legacy\u00a0 finance systems with its flexible and ethical Islamic property finance solutions, and end-to-end digital [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":4069,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[130,87,51,15,55,27,3716],"tags":[],"class_list":["post-4068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured-en","category-gcc-en","category-islamic-finance-en","category-press-releases","category-real-estate","category-technology","category-uae"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.6.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Offa launches ultra-quick buy-to-let Islamic finance for British expats - sahfy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sahfy.net\/news\/?p=4068&lang=en\" \/>\n<meta property=\"og:locale\" content=\"ar_AR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Offa launches ultra-quick buy-to-let Islamic finance for British expats - sahfy\" \/>\n<meta property=\"og:description\" content=\"Offa, the UK\u2019s first Shari\u2019ah-compliant bridge finance fintech, has today launched an innovative new buy-to-let finance (BTL) service providing fast funding decisions for British expats, delivered via a modern paperless process. 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