"Our streamlined digital application process – which is unparalleled in the Islamic finance market – means clients can potentially get a fair decision within minutes"
- Sagheer Malik, Offa’s chief commercial officer and MD of retail finance
Sharia-compliant bridging finance lender, Offa, has launched a buy-to-let finance offering, pledging fast funding decisions and a paperless process.
The Islamic buy-to-let products are available to new and seasoned landlords who are British residents or UK expats. Where a customer’s rental income is not sufficient for the required affordability criteria, Offa will allow top-slicing.
The range is available to anyone purchasing property in England and Wales aged 21 or over where the property’s value is between £60,000 and £1 million. First-time landlords can also apply, and Offa’s buy-to-let solutions are also available for houses in multiple occupancy (HMOs).
Offa provides an ethical finance model designed in accordance with Islamic finance principles, which means not charging interest and investment into sectors deemed harmful to society – such as alcohol, tobacco, and the arms trade.
Instead of using interest, Offa’s buy-to-let product involves the Islamic finance principles of co-ownership-with-leasing. Customers acquire the property in partnership with Offa and make monthly payments to increase their share, over time owning it.
Offa's first foray into buy-to-let was in 2021, when it launched 'Energy Performance Improvement Capital' (EPIC) – a reduced rate, short-term finance product designed specifically for buy-to-let properties with an energy performance rating of A to C.
Sagheer Malik, Offa’s chief commercial officer and MD of retail finance, 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.
“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.”
