Its home purchase plan utilises the company’s digital, paperless application process and includes a family assist feature to boost affordability for customers.
Why was it so important to lead with speed for this proposition?
Speed is absolutely critical because Islamic home finance has been suffering from what we refer to in our recent national survey report as a ‘financial faith penalty’. Customers aligned to ethical or faith-based finance have often been forced by the poor-quality finance offered by the industry to suffer slower decisions, more paperwork and fewer choices than they would have got from conventional finance providers.
This has to change. Brokers need confidence that Islamic finance will not slow down their cases.
However, although speed is the big headline for our home purchase plan, the family assist feature is right up there too. This means that family members can support affordability in a fully Sharia-compliant way while the customer keeps sole ownership. Combine that with ultra-fast underwriting and Islamic home finance becomes commercially competitive.
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What benefits will faster completions have for borrowers?
Certainty and peace of mind. In today’s market, delays can mean losing a property or weakening negotiating power.
For brokers, it also removes one of the historical objections to Islamic home finance. When you can offer ethical finance with mainstream speed, it stops being a specialist fallback option and becomes a serious alternative that they can confidently recommend.
How long will an offer take if criteria aren’t met?
Speed doesn’t just mean fast approvals; it also means fast clarity. If criteria are not met, customers and brokers need to know quickly so that they can adjust the case rather than waiting weeks for an uncertain outcome.
As a fintech, our modern systems allow early indication very quickly. But responsible underwriting still comes first because we insist on provide transparency and efficiency without cutting corners.
If criteria are not met, we will get back to the customer within a day.
How does this meet the needs of people seeking Islamic finance?
It removes compromises. Customers want faith-aligned finance without slower service, excessive paperwork or limited flexibility.
With modern digital processes, accessible criteria and family affordability options, Islamic home finance can now compete directly with conventional mortgages rather than sitting on the sidelines. That is what British Muslims have been asking and waiting for, and that’s what Offa is now providing.
Why are high street finance providers still falling behind with app-to-offer times?
Legacy systems are the biggest issue. Many mainstream providers are still working with infrastructure built decades ago, layered with manual processes over time.
Fintech-driven providers like us have had the advantage of building digital-first customer journeys from day one. That allows faster onboarding, automated checks and streamlined valuations. It is not about doing less diligence, it is about doing it smarter and quicker.
Informal financial support between families and communities is already common.
Why has it taken so long for the market to see a Sharia-compliant finance solution that considers family support?
Family support has always been part of property ownership in many communities, particularly Muslim ones. The challenge has been structuring it in a way that satisfies Sharia principles, regulatory requirements and finance provider risk-appetite simultaneously.
That requires careful legal design. Now that the market has matured and technology improves transparency, solutions such as Offa’s family assist can finally be delivered properly.
Birmingham-born Muslims own a significant proportion of Offa, and also happen to be the most experienced Islamic bankers in the country, so this has put us in a prime position to understand the needs of British Muslim families, and provide solutions that genuinely help them.
For many British Muslim families, property is the asset class of choice – a primary vehicle for building a pension and a lasting family legacy. We are the partner that helps people plant these roots securely and ethically, reflecting how people in the community actually buy homes rather than forcing them into rigid finance models.
Offa now has a broad range of finance options. How will this support growth?
We now offer the widest range of Islamic home finance products in the country – covering home purchase plans, buy to let (BTL), bridge and bridge to let.
Having a full ecosystem of Sharia-compliant solutions allows brokers to stay with the same finance provider across that journey. That builds loyalty, repeat business and confidence in the sector overall.
Will this broader offering raise the profile of Islamic finance more generally?
We are now the third provider of Sharia-compliant home purchase plan in the UK – and the first in more than seven years to receive a licence from the Financial Conduct Authority (FCA). Greater visibility builds credibility for the whole industry, along with much-needed competition. The ultimate winner is the customer, who benefits from more modern and fast finance options.
In our recent national survey report, we issued a challenge to Islamic home finance providers, brokers and policymakers to help us build an industry where faith-aligned finance no longer means accepting slower application processes, excessive paperwork and poorer overall experiences than those available in the conventional market.
Now that brokers can see modern products, competitive pricing, fast decisions and full FCA regulation for our home purchase plan, perceptions are shifting. Islamic finance stops looking niche and starts looking like what it is – ethical finance with strong commercial potential.
That benefits the whole industry.
What other lending segments might Offa expand into?
Wherever we see unmet demand for ethical property finance delivered to modern standards, we will look into it seriously – and you can expect more announcements in the coming months.
If customers want faith-aligned finance without compromise, there is an opportunity. Brokers who recognise that early will benefit most as the Islamic home finance sector grows.
