Offa, a UK-based Islamic fintech specializing in property finance, has purchased the Bank of Ireland's Alburaq Islamic home finance portfolio. The acquisition includes approximately 350 home purchase plans, valued at £17 million (€20 million). This move strengthens Offa’s presence in the Islamic home finance market, aligning with its goal to expand innovative financial solutions compliant with Sharia principles.
Key Points:
- Portfolio Overview: The acquired portfolio includes 350 home finance plans adhering to Islamic financial principles.
- Strategic Expansion: The acquisition supports Offa's mission to provide innovative Islamic finance options in the UK market.
- Financial Details: The portfolio is valued at approximately £17 million.
- Sharia Compliance: The deal emphasizes Offa's commitment to offering ethical and interest-free home financing solutions.
