UK: Britain’s Financial Conduct Authority (FCA) authorised Offa to provide home purchase plans – a Shariah compliant alternative to conventional residential mortgages – for customers across the UK. Offa, a portfolio company of Gulf Islamic Investments, said this plan applies principles of co-ownership-with-leasing – where customers acquire the property in partnership with Offa and monthly payments will increase their share, owning it more over time. This approval comes soon after Offa acquired Bank of Ireland’s Alburaq Shariah compliant home finance portfolio, including more than 350 home purchase plans.
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