Islamic real estate financing Fintech offa has received authorization from the Financial Conduct Authority (FCA) to offer purchase plans for home to customers in the UK.
House purchase plans are the Sharia-compliant alternative to conventional home mortgages.
The authorization will allow offa to become the third active provider of HPPs in the market.
Offa Money chairman Riaz Husain says: “Receiving this authorization from the FCA will reassure our customers that offa strictly adheres to the regulations, because we offer high quality, belief-based Islamic home financing products to aspiring real estate investors and rental people in the entire country.”
The executive chairman of the lender Sultan Choudhury adds: “By combining the decades of our teams of industrial experience with the latest technology, we bring Islamic finances in the 21st century, as a result of which the heavy paperwork and cumbersome systems that have usually had to suffer a new step in the past to achieve this important authorization is in the past to achieve this important authorization.”
Offa is the first Sharia-compliant bridging financing provider and last year introduced what it was said that it was the first Sharia-compliant buy-to-long (BTL) product to the UK.
The Company recently took over Bank of Ireland’s Alburaq Sharia-Compliant Home Finance portfolio In a deal with a unique financing structure, including more than 350 purchase plans for home.