Innovative Sharia-compliant BTL finance service launched

Offa, the UK’s first Sharia-compliant bridge finance fintech company, has launched a buy-to-let (BTL) service.

Its new offering aims to shake up the traditional Islamic finance market with quicker approval times and a digital application system.

Offa’s BTL service leverages cutting-edge technology to cater to both Muslim and non-Muslim property investors.

‘Modern service and speed is crucial’

Sagheer Malik, Offa’s chief commercial officer, said: “Offa is all about a 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.”

He adds: “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.”

Sharia-compliant BTL products

Offa’s Sharia-compliant BTL products cater to both new and seasoned landlords, including British residents and UK expats.

Instead of conventional interest, Offa utilises co-ownership-with-leasing principles.

Clients acquire the property jointly with Offa and make monthly payments to gradually increase their ownership stake.

The service is available to anyone aged 21 or over purchasing a property in England and Wales, valued between £60,000 and £1 million.

First-time landlords and properties in multiple occupancy (HMOs) are also eligible.