Birmingham and London-based Offa, the UK’s first Shariah-compliant bridging finance provider, has just joined the Connect Mortgages panel.
Connect for Intermediaries currently has a broad panel of bridging lenders, with Offa joining as an exclusive provider of Shariah-compliant, short-term finance. Connect was founded in 1998 and has offices in Hornchurch, Essex, with 250 Appointed Representatives nationally. Connect specialises in BTL which includes servicing the Ex Pat, Foreign National and Shariah compliant markets.
Offa’s range of Residential Bridge, Commercial Bridge and Repair-to-Let finance products will be available to Muslim and non-Muslim clients.
Bilal Ahmed, Founding Partner of Offa Alternative Ethical Finance commented:
“We are delighted to join the Connect Mortgages Panel, which will enable us to reach a wider broker audience with our range of Shariah-compliant, short-term finance products.
There is growing demand for ethical finance from both Muslims and non-Muslims. For example, Al Rayan Bank, the UK’s oldest and largest Islamic bank, recently announced that it had financed more than £1.2bn in Commercial Property Finance (CPF) since 2013.
The Bank reached this milestone in 2020 having seen its CPF asset book increase by 20% to more than £600m, over the last twelve months. Its customer base is diverse, with 25% of commercial property finance customers believed to be non-Muslim.
Islamic finance works differently to conventional banking and is regarded as ethical by those who use it. There is a significant, untapped market of Muslim and non-Muslim investors looking for alternative, ethical 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.
While Offa accepts finance applications direct, 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 propositions.”
Kevin Thomson, Sales Director of Connect Mortgages commented:
“I am delighted to welcome Offa to our lender panel. Their addition extends our Shariah-compliant product offering, enabling our ARs to support the growing demand from customers requiring Shariah-compliant funding.”