Fintech
Offa Launches Sharia-Compliant Buy-to-Let Finance Service
July 15, 2024
Written by FinTech Alliance in Financial Technology
Offa, a UK fintech company specialising in Sharia-compliant finance, has introduced a buy-to-let (BTL) finance service aimed at expats and first-time homeowners. The service uses a co-ownership model with leasing instead of interest, adhering to the principles of Islamic finance.
It offers finance for properties in England and Wales between £60,000 and £1 million, allowing applicants to use personal income for affordability when rental income is insufficient. This launch follows Offa securing a £100 million credit facility from Gulf Islamic Investments Group, strengthening their ability to support the UK property market.