Offa Acquires Bank of Ireland’s Islamic Home Finance Portfolio
UK Islamic Finance Firm Expands U.S.Reach with Bank of Ireland Acquisition
Birmingham-based Offa, a leading provider of ethical finance solutions, has acquired Bank of Ireland’s Islamic home finance portfolio, expanding its reach into the U.S. market.
The deal, for an undisclosed sum, sees Offa take over more than 350 existing home purchase plans under Bank of Ireland’s Alburaq Sharia-compliant finance product. This acquisition marks a significant step for Offa as it seeks to offer its unique ethical finance model to a wider audience.
“Those who have been transferred as part of this purchase and are eligible will now have access to a wider range of Sharia-compliant property refinancing options,” said Amir Firdaus, Chief Financial Officer at Offa. “We are now focused on ensuring a seamless migration for customers to our servicing platform.”
Offa’s ethical finance model adheres to Islamic principles, prohibiting the charging of interest and avoiding investments in sectors considered harmful to society, such as alcohol, tobacco, and the arms trade. This approach resonates with a growing segment of consumers seeking financial products aligned with their values.
Bank of Ireland confirmed the sale, stating that the Alburaq product has not been available to new customers since 2009.”The sale of the small remaining portfolio will provide customers with access to a wider range of Sharia-compliant property refinancing options,” the bank said in a statement.
This acquisition positions Offa as a key player in the expanding market for ethical and Sharia-compliant financial products in the United States.
Offa Expands US Reach with Ethical finance Acquisition
NewsDirectory3 Exclusive Interview:
Birmingham,UK – Offa,a leading provider of ethical finance solutions,has made notable strides in the US market by acquiring Bank of Ireland’s islamic home finance portfolio. This deal, for an undisclosed sum, grants Offa oversight of over 350 existing home purchase plans under Bank of Ireland’s Alburaq Sharia-compliant finance product.
We spoke with Amir Firdaus, Chief Financial Officer at offa, about this strategic acquisition and its implications for the future of ethical finance in the US.
NewsDirectory3: What prompted offa to pursue this acquisition, and what are your primary goals for this expansion?
Amir Firdaus: This acquisition represents a key step in our mission to offer our unique ethical finance model to a broader audience. By taking on Bank of Ireland’s existing portfolio, we can promptly provide a wider range of Sharia-compliant property refinancing options to those customers who were previously served by Alburaq. our primary focus now is ensuring a smooth transition for these customers onto our servicing platform.
NewsDirectory3: How does Offa’s ethical finance model differentiate itself from traditional financial products, and what specific appeals does it hold for American consumers?
Amir Firdaus: Offa’s model adheres strictly to Islamic principles, which prohibit charging interest and avoid investments in sectors deemed harmful to society, such as alcohol, tobacco, and the arms trade. This resonates strongly with a growing segment of consumers seeking financial products aligned with their values.
NewsDirectory3: What are your future plans for Offa in the US market?
Amir Firdaus: This acquisition is a significant foothold for us in the US market. We are excited to leverage this prospect to further expand our reach and offer a extensive range of ethical financial products to American consumers seeking alternatives that align with their values.