Lender joins mortgage services specialist panel
Birmingham and London-based Offa, the UK 's first Shariah-compliant bridging lender, has joined the Connect Mortgages panel.
Connect for Intermediaries, part of Connect Mortgages, currently has a broad panel of bridging lenders, with Offa joining as an exclusive provider of Shariah-compliant, short-term finance.
Mortgage broker Connect was founded in 1998 and has offices in Hornchurch, Essex, with 250 Appointed Representatives nationally. Connect specialises in buy-to-let mortgages which includes servicing the Ex Pat, Foreign National and Shariah compliant markets.
Connect for Intermediaries specialises in a range of specialist mortgage services for intermediaries.
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 per cent to more than £600m, over the last twelve months.
"Its customer base is diverse, with 25 per cent 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. ”