Islamic property finance fintech Offa will join specialist mortgage brokerage network Connect IFA.
Offa said it plans to leverage its Islamic finance industry experience through engagement with Connect IFA through events and webinars to raise awareness of its ethical finance products, designed in accordance with Islamic finance principles.
This means not charging interest and investment into sectors deemed harmful to society – such as alcohol, tobacco, animal testing and the arms trade.
The firm recently launched its buy-to-let (BTL) service.
Instead of using interest, Offa’s BTL 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 has £230m of sharia-compliant funding for its BTL product.
Sagheer Malik (pictured), chief commercial officer and managing director of retail finance at Offa, said: “We are delighted to be working with Connect IFA.
“Accessing their national network will allow us to assist mutual clients, widening distribution of our modern, market-leading Sharia-compliant bridging and buy-to-let finance products through their appointed representative firms.”
Kevin Thomson, network sales director at Connect IFA, added: “We are thrilled to welcome Offa to the Connect IFA network.
“Their innovative, Sharia-compliant finance solutions perfectly complement our diverse finance panel, enabling our advisers to better serve clients seeking ethical and interest-free property finance options.
“This partnership strengthens our commitment to offering inclusive financial solutions that meet the evolving needs of property investors across the UK.”
