Offa secures seven-figure funding line

Sharia-compliant lender Offa has secured a new seven-figure funding line from businessmen Sunny Araf (pictured above, right) and Janed Karim.

The funds will support the lender’s bridging product offering and allow Offa to continue its expansion plans.

According to Offa, its new credit lines and the new bridging products it aims to launch in 2023 are expected to help grow its assets portfolio to $1bn (approximately £865m) over the next five years.

The two businessmen — who co-founded ISA Support Services a decade ago — believe that the opportunity to invest in the Sharia-compliant lender is beneficial for all parties, as well as for enabling more choice for customers in the bridging market.

“We are always looking for innovative investments that deliver market-beating returns and whose ethics align with our values,” said Sunny.

“Offa’s management team has outstanding credentials in Islamic finance and is heavily involved in charitable works, so funding its Sharia-compliant bridging finance products ticked all the boxes for us. 

“It’s a win-win-win that helps Offa realise its potential, allows British Muslims to access finance in line with their beliefs, and generates an excellent all-round investment for us.” 

Sagheer Malik, chief commercial officer at Offa (left), added: “It is fantastic to have the backing of such successful, like-minded entrepreneurs who are keen to support bridging finance for the Muslim community and beyond. 

“First GII and now ISA’s investment, this reflects growing awareness of the huge potential of the Sharia-compliant short-term real estate financing market, and the attractive returns that can be secured from property over a period of 12 to 24 months.”


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