UK’s Financial Conduct Authority authorises GII portfolio company Offa for home purchase plans
Britain’s Financial Conduct Authority (FCA) has authorised Offa, a portfolio company of Gulf Islamic Investments (GII), to provide home purchase plans (HPPs), the Sharia-compliant alternative to conventional residential mortgages, for customers across the UK.
The authorisation will soon allow Offa, the UK's leading Islamic property finance fintech, which has been expanding rapidly via acquisitions, staff hires and product launches, to become the third active provider of HPPs in the market.
Offa believes that this is the first licence by the FCA for a home purchase plan to a newly-authorised entity in more than seven years.
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