Sharia-compliant specialist finance lender Offa has today (10th July) launched a new BTL finance service, delivered via a modern paperless process.
The Islamic BTL product is available to new and seasoned landlords who are British residents or UK expats — both Muslim and non-Muslim — and are looking to purchase property in England and Wales worth between £60,000 and £1m.
It is also available for HMOs and first-time landlords.
The Sharia-compliant BTL product involved the Islamic finance principles of co-ownership-with-leasing, instead of using interest — under this principle, customers acquire the property in partnership with Offa and make monthly payments to increase their share, over time owning it.
The lender’s BTL option also allows top slicing for customers whose rental income is not sufficient for the required affordability criteria.
Under Sharia-compliant principles, Offa does not provide finance for investments into sectors deemed harmful to society, such as alcohol, tobacco, and the arms trade.
Sagheer Malik, Offa’s chief commercial officer and MD of retail finance (pictured above), said: “Offa is all about a high-quality modern service and speed is crucial in real estate.
“With the launch of our ultra-quick BTL service, combined with our teams’ decades of industry experience, we are bringing Islamic finance into the 21st century, leaving behind the onerous paperwork and cumbersome systems that many customers have typically suffered in the past.
“Our streamlined digital application process — which is unparalleled in the Islamic finance market — means clients can potentially get a fair decision within minutes, depending on credit rating and risk criteria.”
