The Financial Conduct Authority (FCA) has authorised Offa to provide home purchase plans across the UK, marking it as the third active provider of Sharia-compliant home finance.
Offa noted this is the first licence for a home purchase plan issued by the FCA to a new entity in over seven years.
Sultan Choudhury, executive chairman at Offa, said: “This is a significant and hard-won milestone for us at Offa.
“The real winners of course will be our customers, who will now gain greater access to our fast and easy Islamic home finance services thanks to our modern, tech-driven and paperless systems.”
Choudhury added: “By combining our teams’ decades of industry experience with the latest technology, we are bringing Islamic finance into the 21st century, leaving behind the onerous paperwork and cumbersome systems that many customers have typically had to suffer in the past. Gaining this important authorisation is another step toward achieving that.”
Riaz Husain, chairman of Offa Money Ltd, said: “Receiving this authorisation from the FCA will provide reassurance to our customers that Offa is adhering strictly to regulations as we provide high quality, faith-based Islamic home finance products to aspiring property investors and landlords across the country.”
