The UK’s first Sharia-compliant bridge finance provider, Offa, has partnered with cloud-based mortgage and savings provider finova. The agreement enables Offa to develop an innovative end-to-end digital platform to support its growing portfolio of property finance products. Offa’s new origination platform will be delivered by finova and its implementation partner Hexaware in the first half of 2024.
The innovative project is part of a £1m investment by Offa into its IT systems. It is expected to transform the way Islamic property finance is conducted in the UK. Offa says that it is creating a tech-driven “faster, smarter and easier” service for intermediaries and direct customers. And it is one that starts with their initial enquiry and concludes with the release of funds.
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Offa to leverage finova’s customisable Apprivo software
Apprivo will give Offa access to multiple data points, including ID verification, credit reference agencies and automated valuation models.
Additional services can also be integrated via finova’s API ecosystem. This includes conveyancing, valuations, and payment processing and those services specific to Offa and Sharia-compliancy. The end result, says Offa, will be a smoother and far quicker application process for its intermediaries and direct customers.
Sagheer Malik, Offa’s Chief Commercial Officer, said: “Speed is especially important in the real estate market segments we target. We know from past experience a key issue for customers and intermediaries seeking Islamic finance is the slow, cumbersome and complicated application processes involved. Offa is making a significant investment into the digital technologies that underpin our business. In finova we have a trusted and highly experienced technology partner. Its Apprivo software will transform our service by streamlining our processes to create a faster, smarter and easier system.”
Offa launched in 2019 as an ethical alternative to conventional bridging. The Birmingham-headquartered company currently offers short-term property finance in line with Islamic finance principles.
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By GlobalDataChris Little, Chief Revenue Officer at finova, added: “Clients have become accustomed to a seamless digital experience across every aspect of their lives, including their finances. As a fully open API, Apprivo has many applications for the Islamic Finance market. It will support Offa’s end-to-end digital processes with ease.”
