Service streamlines bridging and BTL finance under Islamic principles
Islamic property finance provider Offa has launched a bridge-to-let finance product that merges its rapid bridging loan with a digital buy-to-let (BTL) option.
The fintech, known for bringing Sharia-compliant bridging finance to the UK, says the new service is designed to simplify and accelerate property funding for both Muslim and non-Muslim investors.
According to Offa, the combined product allows customers to secure both bridging and BTL finance in weeks rather than months, depending on credit and risk assessments. The service targets those looking to purchase and refurbish below-market-value properties, enabling them to release equity more quickly.
“Speed is the crucial factor in real estate,” said Sagheer Malik (pictured left), Offa’s group chief commercial officer and managing director of retail finance. “Our ultra-quick bridge-to-let service is the first of its kind in this sector, allowing both Muslims and non-Muslims to save huge amounts of money, unlocking equity and providing wealth for their families.
“We are now offering faith-based finance products that not only outperform those of our competitors in Islamic finance but also those in conventional finance.”
Offa’s bridge-to-let customers pay a single £495 fee, avoiding separate application charges for each product, and benefit from a 0.5% discount on BTL arrangement fees. The bridge loan has no minimum term, and applicants can use their personal income to supplement rental income if needed, a practice known as top-slicing.
“By combining our teams’ decades of industry experience with the latest technology, we at Offa are on a mission to bring 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,” said Naseer Ahmed (pictured right), Offa’s managing director of bridge finance.
Offa’s BTL product is structured around Islamic finance principles, using a co-ownership-with-leasing model instead of charging interest. Customers gradually increase their share of the property through monthly payments.
The service is open to buyers in England and Wales aged 18 or over, with a minimum income of £18,000 and properties valued at £80,000 or more.
Offa recently acquired the Alburaq Sharia-compliant home finance portfolio from Bank of Ireland and received approval from the Financial Conduct Authority to offer Islamic home purchase plans. The company has secured £230 million in Sharia-compliant funding to support its BTL product, expanding its reach in the UK property finance sector.
Offa’s ethical finance approach excludes investment in industries such as alcohol, tobacco, gambling, and arms, in line with Islamic finance principles.
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