A sukuk is an Islamic financial certificate, an alternative to a bond, which complies with Sharia principles. This transaction was listed on The International Stock Exchange, Guernsey (TISE).
The transaction attracted investors from the UK and the Gulf Cooperation Council (GCC), which Offa said reflected confidence in its growth and business model.
The money raised will fund the firm’s growth by supporting investment in its technology, operations, customer experience and expansion as it plans to scale nationally.
Sultan Choudhury OBE, executive chairman at Offa, said: “This raise is an important vote of confidence in Offa, our team and the opportunity ahead. To attract support from investors across the UK and the GCC through an innovative structure is a strong endorsement of our progress, our business and our ambition.”
Utpal Shah, group chief financial officer of Gulf Islamic Investments (GII), the majority shareholder and board member of Offa, added: “We are delighted to welcome investors in this sukuk, who bring additional value to Offa’s journey.
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“The company is building real momentum in Islamic finance, and we are excited to see Offa continue to scale, demonstrating the strong execution and innovation that creates long-term value for all shareholders.”
Ian Dawson, spokesperson for AMS, Offa’s corporate finance adviser, said: “We are delighted to have supported Offa on this transaction. The successful execution of a structure of this nature reflects both the quality of the business and the confidence it continues to inspire in the market.”
Earlier this year, Offa launched its home purchase plan with a family assist feature, enabling family members to help with finance repayments.
