Leading Gulf Islamic investment company GII takes a majority stake in pioneering UK bridge finance provider OFFA

Britain’s first Sharia-compliant short-term bridge finance provider OFFA is setting its sights on major expansion after securing a multi-million pound investment from the UAE’s Gulf Islamic Investments (GII), which has taken a 51% stake in the start-up.

OFFA’s senior team already includes some of the most experienced names in UK Islamic finance, namely Executive Chairman Sultan Choudhury OBE, who founded Al Rayan Bank, Chief Financial Officer Amir Firdaus, who launched the UK first ever public Sukuk (Islamic bond) worth £250m, and Chief Commercial Officer Sagheer Malik, who developed a multi-channel distribution of more than £1bn of Sharia compliant property finance. The funding will enable OFFA to deepen and broaden its presence in the UK’s Islamic property bridge finance market, which is estimated to be worth £500m annually.

Formed in 2019 by property mogul Bilal Ahmed, OFFA aims to meet the unfulfilled demand from British Muslims, who require finance for their property purchases in accordance with their faith. The Birmingham-based start-up quickly demonstrated its proof of concept, completing dozens of deals and garnering financing opportunities totalling £178m. OFFA’s successful penetration into the UK’s £6bn* bridge finance market attracted a variety of suitors, GII chief among them. The global investment house, which lists UK interests among the  $3bn assets it manages, including property on Bayswater Road, London, and the Lewis Building in Birmingham, recently concluded its deal with OFFA after nine months of negotiations