"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"
- Sagheer Malik - Offa
Islamic property fintech Offa has announced new rate reductions across its Sharia-compliant buy-to-let (BTL) finance products.
The changes include fixed two-year BTL rental rates lowered by up to 0.32% and five-year fixed rates reduced by up to 0.34%. Discounted variable rate products have also been cut by up to 0.24%. Offa remains the only Islamic property finance provider in the UK to offer a discounted variable rate product.
The variable rate allows customers to benefit from further market drops, while also permitting unlimited additional payments without penalties and no early buyout charge.
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’s BTL model is based on co-ownership with leasing, an alternative to interest. Customers purchase the property in partnership with Offa and increase their share through monthly payments until they become full owners.
The fintech has been active in expanding its range of Islamic property finance solutions. It recently introduced a bridge-to-let product, combining its fast bridge finance with modern paperless BTL. Earlier this year, Offa acquired Bank of Ireland’s Alburaq Sharia-compliant home finance portfolio and secured Financial Conduct Authority authorisation to offer Islamic home purchase plans.
Offa has also raised £230 million of Sharia-compliant funding to support its BTL product, strengthening its capacity to expand in the UK property market.
The company operates on an ethical finance model aligned with Islamic principles, which excludes charging interest and avoids investments in sectors such as arms, gambling, alcohol, tobacco, and animal testing.
