Offa has acquired Bank of Ireland’s Alburaq Sharia-compliant home finance portfolio, including more than 350 home purchase plans.
The customers transferred over to Offa will have access to a wider range of Sharia-compliant property finance products.
The Alburaq portfolio is one of the oldest sharia-compliant home finance products to have launched in the UK.
The Offa team, based in Birmingham, constructed a sharia-compliant funding structure to minimise legal and tax issues.
Amir Firdaus, chief financial officer at Offa, said: “It is testament to Offa’s abilities that Bank of Ireland has agreed to sell their Islamic home finance portfolio to us.
“This marks another chapter in Offa’s ambitious growth plans.
“Members of the Offa executive team are already very much familiar with Alburaq’s clients, having helped distribute this book almost two decades ago, and we are delighted that these customers are now coming home to us.
“Those who have been transferred as part of this purchase and are eligible will now have access to a wider range of Sharia-compliant property re-financing options.
“We are now focused on ensuring a seamless migration for customers to our servicing platform.”
