BankingBusinessFinTech

Offa Expands with Acquisition of UK Islamic Home Finance Portfolio

  • Offa, a UK-based Sharia-compliant fintech specializing in property finance, has acquired the Bank of Ireland’s Alburaq Islamic home finance portfolio, which includes over 350 home purchase plans.
  • The acquisition, described as a significant milestone, provides customers with enhanced Sharia-compliant refinancing options.
  • Founded in 2019, Offa is the first financial institution in the UK to acquire an Islamic home finance book.
  • The company operates on Islamic finance principles, avoiding interest-based transactions and investments in restricted industries.
  • Earlier in 2024, Offa launched its buy-to-let (BTL) service, backed by £230 million in Sharia-compliant funding.
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Laura M
Laura M
Laura is a financial reporter, editor, and researcher with a particular interest in fintech innovation, capital markets, and the evolving global banking landscape.

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