Shariah-compliant Offa joins NACFB
Birmingham and London-based Shariah-compliant bridging provider Offa has become a member of the National Association of Commercial Finance Brokers (NACFB).
Offa operates in accordance with recognised universal Islamic and ethical financing principles and provides commercial, residential, refurbishment and planning bridging loans, as well as development finance.
The bridging provider has a £20m funding line provided by a Shariah-compliant UK financial services institution, and is used by Muslims and non-Muslims alike.
Offa lends to individuals, sole traders, partnerships, limited companies, LLPs as well as on and offshore SPVs.
Over the next 12 months, it plans to launch a refurbishment, stretched development, planning and shared risk ethical finance facility – a Shariah-compliant equivalent of a Joint Venture.
Since it launched in the Autumn of 2019, Offa has seen strong demand for its residential (non owner-occupied) and commercial bridging finance products, which range from £100,000 to £5m and with a maximum finance-to-value (FTV) of 75%.
Bilal Ahmed (pictured), founding partner of Offa Alternative Ethical Finance, said: “We are delighted to become a member of the NACFB.
“We act in accordance with ethical financing principles and pride ourselves on being open and transparent in all our dealings with brokers and customers, supported by high quality customer service.
“The broker channel is integral to our proposition and we are keen to speak to intermediaries who want to add Shariah-compliant bridging finance to their proposition.
“There are many investors and entrepreneurs in the UK market who would relish the chance to take out short-term finance that is consistent with Islamic principles.
“Brokers who can accommodate them, will benefit from a strong new revenue channel with considerable long-term potential.
“Over the next 12 months, I will be working closely with the team to launch new products starting with refurbishment and repair to lets.”