Offa taps Finova to power new Sharia-compliant property lending platform
Sharia-compliant bridge finance provider, Offa, has selected Finova and its Apprivo loan origination tech to power its new end-to-end digital lending platform built to “transform the way Islamic property finance is conducted in Britain”.
Offa partners Finova for new property finance platform
UK-based Offa, founded in 2019, claims to be Britain’s first bridge finance outfit to operate “in accordance with Islamic finance principles”.
Sagheer Malik, Offa’s chief commercial officer, says the fintech firm is looking to correct the “slow, cumbersome and complicated application processes” that customers and intermediaries alike are faced with when seeking Islamic finance.
The company has now turned to cloud-based mortgages and savings software provider Finova to help it achieve this aim through its new property finance platform.
Part of an overall £1 million IT investment by Offa, the fintech will leverage Finova’s Apprivo software to offer a “smoother and far quicker application process”.
Finova’s tech will enable the firm to access various data points including automated valuation models, ID verification, and credit reference agencies.
Malik envisions that following the company’s “significant investment” into its digital technologies, its new partnership with Finova will help optimise its existing offerings.
For Finova, chief revenue officer Chris Little says the venture with Offa symbolises an “important milestone” for the company, as it will be the first project where it will be working with its new implementation partner, Hexaware.
It is estimated that Offa’s new origination platform will be delivered in the first half of 2024.
