Sharia-compliant lender Offa joins Connect IFA

Islamic property finance lender, Offa, has joined the Connect IFA network.

Offa plans to leverage its Islamic finance expertise 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 company recently launched a new buy-to-let service, with fast funding decisions delivered via a paperless process.

Instead of using interest, Offa’s buy-to-let 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, which was also the first provider of Islamic bridge finance in the UK, has £230 million of Sharia-compliant funding for its buy-to-let product.

Sagheer Malik, 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."