This includes its two-year fixed BTL rental rates, which have been cut by up to 0.32%, while five-year fixes have been lowered by as much as 0.34%.
Meanwhile, its discounted variable rates have been reduced by as much as 0.24%.
Sagheer Malik, group chief commercial officer and managing director of home finance at Offa, said: “I am proud that Offa provides a faster and better service than any other Islamic property finance provider, and even better than some conventional high street banks. This is part of our mission to bring Islamic finance into the 21st century, leaving behind the onerous paperwork and cumbersome systems that many customers have typically suffered in the past.
“We have kept our promise of dropping rates for Offa’s fast and easy Sharia-compliant BTL finance products whenever possible, as we are always focused on giving our customers a great deal. 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.”
Offa was recently the first to launch a Sharia-compliant bridging finance solution to complement its paperless BTL process.
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It also purchased the Bank of Ireland’s Alburaq Sharia-compliant home finance portfolio this year, and received authorisation from the Financial Conduct Authority to provide home purchase plans.
Offa has also received £230m of Sharia-compliant funding for its BTL product.
