Offa’s new origination platform will be delivered by finova and its implementation partner Hexaware in the first half of 2024.

The innovative project — part of a £1m investment by Offa into its IT systems — is expected to transform the way Islamic property finance is conducted in Britain.

It aims to create a tech-driven “faster, smarter and easier” service for intermediaries and direct customers that starts with their initial enquiry and concludes with the release of funds.

Offa will leverage finova’s fully customisable Apprivo software, giving it access to multiple data points, including ID verification, credit reference agencies and automated valuation models. 

Additional services can also be integrated via finova’s API ecosystem, including conveyancing, valuations, and payment processing and those services specific to Offa and Sharia-compliancy.

The result will be a smoother and far quicker application process for Offa’s trusted intermediaries, direct customers and others involved in the property finance chain.

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Sagheer Malik, Offa’s CCO (pictured above), said: “Speed is especially important in the real estate market segments we target.

“We know from experience a key issue for customers and intermediaries seeking Islamic finance is the slow, cumbersome, and complicated application processes involved.

“Offa is making a significant investment into the digital technologies that underpin our business, and in finova we have a trusted and highly experienced technology partner, whose software will transform our service by streamlining our processes to create a faster, smarter and easier system for all.”

Chris Little, CRO at finova, commented: “Clients have become accustomed to a seamless digital experience across every aspect of their lives, including their finances.

“As a fully open API, Apprivo has many applications for the Islamic finance market and will support Offa’s end-to-end digital processes with ease.

“Moving forward, we’re excited to activate the next stages of delivery and play a part in Offa’s growth journey as it rapidly expands its portfolio of products.”