Offa has bought Bank of Ireland’s Alburaq Sharia-compliant home finance portfolio, in what is believed to be the first Islamic home finance book sale in the UK.
The deal, which includes more than 350 home purchase plans, will see customers transferred over to Offa who have a wider range of Sharia-compliant property finance products.
The Alburaq portfolio is one of the oldest Sharia-compliant home finance products to have launched in the UK. The size of the agreement is undisclosed.
Offa chief financial officer Amir Firdaus says: “It is testament to Offa’s abilities that Bank of Ireland has agreed to sell their Islamic home finance portfolio to us.
“This marks another chapter in Offa’s ambitious growth plans.
“Members of the Offa executive team are already very much familiar with Alburaq’s clients, having helped distribute this book almost two decades ago, and we are delighted that these customers are now coming home to us.”