Welcome to a universe where financial innovation meets tradition! One of the hallmark acquisitions in the Islamic finance sector has just been made by Offa, the British leader in fintech in the field of Islamic real estate. The company has recently acquired the Sharia-compliant real estate financing portfolio of Alburaq, owned by the Bank of Ireland. This operation allows the transferred clients to benefit from an expanded range of Islamic financial products, thus consolidating Offa’s ambitious growth. Focused on an innovative financing structure, Offa’s Birmingham-based team has minimized legal and tax obstacles while becoming the first financial institution to acquire such a portfolio in the UK. Offa also stands out with its pioneering buy-to-let (BTL) service offering, which is based on the principle of co-ownership leasing, avoiding interest and investing ethically. A true revolution in the world of Islamic finance!
Offa, the British leader in Islamic real estate fintech, has recently made a major acquisition by purchasing the Sharia-compliant real estate financing portfolio from the Bank of Ireland, known as Alburaq. This portfolio includes over 350 home purchase plans. With this agreement, clients transferred to Offa will now benefit from a broader range of Sharia-compliant real estate finance products.
The Offa team, based in Birmingham, has developed a pioneering financing structure to minimize legal and tax issues. Offa is thus becoming the first financial institution in the UK to purchase an Islamic real estate financing portfolio. Amir Firdaus, Offa’s Chief Financial Officer, pointed out that this agreement illustrates Offa’s ability to grow and pursue its ambitious growth plans.
Furthermore, Offa has recently launched an innovative rent-to-own service, based on principles of co-ownership with leasing, challenging the conventions of traditional Islamic finance by highlighting a modern paperless process.
offa acquires the financing portfolio
Offa, recognized as the largest fintech specializing in Islamic real estate financing in the UK, has created a real buzz by acquiring the Alburaq portfolio from the Bank of Ireland. This historic agreement, which includes more than 350 real estate purchase plans, represents a significant advancement in the world of Islamic finance. Transferred clients will now be able to enjoy an expanded range of Sharia-compliant real estate financing products, demonstrating Offa’s commitment to pushing the boundaries of financial innovation in service of its clients.
The origin of this portfolio dates back to the early days of Islamic finance in the UK. Alburaq distinguished itself with its pioneering approach, offering Sharia-compliant financial solutions long before it became a norm. Offa, based in Birmingham, designed a unique and revolutionary financing structure that complies with Sharia to limit legal and tax issues, becoming the first financial institution to purchase an Islamic real estate financing portfolio in the country.
the ambitious growth of offa
Offa’s Chief Financial Officer, Amir Firdaus, praised this acquisition as a testament to Offa’s capabilities. Indeed, the Bank of Ireland has agreed to sell its Islamic real estate financing portfolio to Offa. The familiarity of Offa’s executive team members with Alburaq’s clients is a significant advantage, as they have previously contributed to the distribution of this portfolio nearly two decades ago, thereby strengthening their ties with this loyal clientele.
Offa’s stated ambition does not stop there. With this acquisition, the company is focusing on a smooth transition of clients to its service platform. Offa has recently launched an innovative co-ownership with leasing service, targeting the BTL market by transforming a traditionally complex and outdated sector into a modern paperless process, thus unleashing the potential for new financing opportunities without resorting to interest.
offa’s ethical and innovative vision
Offa is committed to providing an ethical finance model in accordance with the principles of Islamic finance. This model is based on the prohibition of interest and investing in sectors deemed harmful to society, such as alcohol, tobacco, and arms trade. With £230 million of Sharia-compliant financing for its BTL product, Offa has the necessary capacity to expand and diversify its financial offerings.
