![GII Image Offa, the UK’s first Shari’ah-compliant bridge finance fintech, has today launched an innovative new buy-to-let finance (BTL) service.](https://www.dubaichronicle.com/wp-content/uploads/2024/07/GII-Image-696x464.jpg)
Trendy, paperless service disrupts conventional British Islamic finance.
Engaging funding proposition for UAE-based Britons, household workplaces or different traders with a choice for bricks and mortar as a halal place to speculate, with demand outstripping provide within the UK.
Offa, the UK’s first Shari’ah-compliant bridge finance fintech, has as we speak launched an progressive new buy-to-let finance (BTL) service offering quick funding choices for British expats, delivered through a contemporary paperless course of.
Powered by next-generation technological innovation, Offa’s BTL service replaces legacy finance programs with its versatile and moral Islamic property finance options, and end-to-end digital processes making it quick and simple for expats to use and get a fast resolution.
These Islamic BTL merchandise can be found to new and seasoned British landlords dwelling within the Gulf Cooperation Council (GCC) states, Australia, the European Union, Canada, Singapore and Brunei.
Sagheer Malik, Offa’s Chief Business Officer and MD of Retail Finance, stated: “I’ve met many British expats who want Islamic buy-to-let finance, however who battle to deal with the onerous paperwork and old-style programs that they usually face. Our trendy, ultra-fast, paperless buy-to-let finance solves that downside.
“With our workforce’s a long time of business expertise and a streamlined digital utility course of, we’re bringing twenty first century Shari’ah-compliant BTL finance to our prospects.”
UAE-based Gulf Islamic Investments group (GII), a number one Shari’ah-compliant international different funding firm with over $4.5 billion of property underneath administration, took a majority stake in Offa in mid-2022.
GII’s co-Founders and co-CEOs, Mohammed Alhassan and Pankaj Gupta, stated: “This newest market innovation from Offa brings extra funding alternatives in UK property to Britons resident throughout the Arabian Gulf and additional afield. We applaud Offa’s initiatives to draw additional expatriate capital to the UK’s vibrant property market as an thrilling different asset administration technique.”
As a substitute of utilizing curiosity, Offa follows the Islamic finance rules of co-ownership-with-leasing. Clients purchase the property in partnership with Offa and make month-to-month funds to extend their share, over time proudly owning it.
One other key characteristic of Offa’s BTL product is that the place a buyer’s rental earnings shouldn’t be ample for the required affordability standards for the BTL finance, Offa permits them to make up the distinction with their private month-to-month earnings (generally recognized within the business as top-slicing).
The service is out there to anybody buying property in England and Wales aged 21 or over, both underneath their private identify or as a restricted firm, and the place the property’s worth is between £60,000 and £1 million. First-time landlords may also apply, and Offa’s BTL options are additionally obtainable for homes in a number of occupancy (HMOs).
Offa gives an moral finance mannequin designed in accordance with Islamic finance rules, which suggests not charging curiosity and funding into sectors deemed dangerous to society – comparable to alcohol, tobacco, and the arms commerce.
In April, Offa introduced a £100 million credit score line for its bridge finance arm from a fund managed by GII. The credit score line is the biggest of its sort outdoors of the Gulf, creating important capability for the Birmingham-headquartered enterprise to develop and diversify its monetary propositions within the UK property market.