UK firm Offa has bought Bank of Ireland’s Islamic home finance portfolio for an undisclosed sum.
The company, based in Birmingham, provides an ethical finance model designed in accordance with Islamic finance principles.
This means not charging interest and investment into sectors deemed harmful to society – such as alcohol, tobacco, and the arms trade.
Bank of Ireland’s Alburaq Sharia-compliant home finance book includes more than 350 home purchase plans.
“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 re-financing options,” said Amir Firdaus, Chief Financial Officer at Offa.
“We are now focused on ensuring a seamless migration for customers to our servicing platform,” he added.
Bank of Ireland confirmed the sale of its remaining Alburaq home finanance portfolio to Offa.
It said the Alburaq product has not been available for new customers since 2009.
“The sale of the small remaining portfolio will provide customers with access to a wider range of Sharia-compliant property re-financing options,” the bank said in a statement.