UK fintech Offa acquires Bank of Ireland’s Alburaq Sharia-compliant home finance portfolio
Offa, a UK-based Sharia-compliant property finance fintech, has acquired the Bank of Ireland’s Alburaq Islamic home finance portfolio for an undisclosed sum.
Offa buys Bank of Ireland’s Islamic home finance portfolio
Offa’s acquisition of the Alburaq portfolio, described as “one of the oldest” Sharia-compliant home finance products to have launched in the UK, includes more than 350 home purchase plans.
Amir Firdaus, Offa’s chief financial officer, says that customers transferred through this purchase 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,” he adds.
Founded in 2019, Offa claims to be “the first financial institution ever to buy an Islamic home finance book in the UK”. The firm is a bridge finance provider operating in accordance with Islamic finance principles, prohibiting interest-based transactions and investments in industries like arms, alcohol, and tobacco.
Earlier this year, Offa introduced its buy-to-let (BTL) service, backed by £230 million in Sharia-compliant funding. The product follows a co-ownership and leasing model enabling customers to gradually increase their share in a jointly acquired property through monthly payments until they achieve full ownership.
The launch followed Offa’s partnership with Finova to implement its Apprivo loan origination software, which powers the firm’s new digital lending platform.
