July-August . 2024 | @ Halal

Offa provides shariah-compliant and paperless property financing solutions . This approach replaces traditional finance systems with fast , efficient , and ethical alternatives for Islamic property finance .

“ I have met many British expats who need Islamic buy-to-let finance but who struggle to cope with the onerous paperwork and old-style systems ,” stated Offa ’ s Chief Commercial Officer and Managing Director of Retail Finance , Sagheer Malik .

By leveraging next-generation technology , Offa provides a modern solution to these issues . Sagheer highlighted their team ’ s extensive industry experience in delivering a streamlined digital experience .

Moreover , the BTL plan is an attractive investment opportunity for expatriates across different regions . This broadens the UK property market ’ s appeal and potentially attracts more investors . The BTL products are available to British expatriates in Gulf Cooperation Council ( GCC ) states , Australia , Europe , Canada , Singapore , and Brunei .

In mid-2022 , UAE-based Gulf Islamic Investments group ( GII ), which manages over US $ 4.5 billion in assets , acquired a majority stake in Offa .

GII Co-Founders and Co-Chief Executive Officer ( CEO ) Mohammed Alhassan and Pankaj Gupta praised Offa ’ s introduction of new investment opportunities : “ We applaud Offa ’ s initiatives to attract further expatriate capital to the UK ’ s vibrant property market as an exciting alternative asset management strategy .”

Offa ’ s BTL finance model follows Islamic principles of co-ownership with leasing . Customers make monthly payments , and over time , they gradually increase their ownership share until they own the property . This approach eliminates the charging and paying of interest . Instead , it promotes shared risk and reward in financial transactions .

Additionally , Offa ’ s BTL service offers flexibility through its top-slicing option . Applicants who do not qualify for financing

Sagheer Malik

because their rental income falls short of meeting the affordability criterion can make up for it with their monthly income .

Individuals aged 21 and above purchasing properties in England and Wales are eligible for the service . However , the property must be valued between UK £ 60,000 and UK £ 1 million .

Offa ’ s service is also open to first-time landlords and applies to houses in multiple occupancy ( HMOs ).

In April , Offa secured a UK £ 100 million credit line from a GII-managed fund for its bridge finance operations . This is the largest credit line outside the GCC region . This means Offa now has the financial resources needed to support its ambitious expansion in the UK property market .

FROM November 21-23 , 2024 , the Central Asian Expo International Exhibition Complex ( CAEx ) will become the epicenter for travel enthusiasts and industry professionals from around the world .

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Fair ( TITF ) “ Tourism on the Silk Road ” and secure your stand to elevate your brand in the tourism world !