Waafi Bank and Pfida partner to broaden UK access to Shariah-compliant home financing.
LONDON, 30 May 2025 – Waafi Bank is proud to announce our strategic partnership with Pfida, a leading UK fintech company, to provide Shariah-compliant homeownership solutions within the United Kingdom. This alliance is in line with Waafi Bank’s dedication to offering innovative, interest-free financial services that foster community empowerment through ethical and accessible banking practices.
Pfida will act as an agent for Waafi Bank, allowing Waafi Bank to better serve our growing customer base, especially Muslim residents in the UK looking for faith-based alternatives to traditional mortgages. Leveraging Pfida’s existing setup, Waafi Bank can efficiently expand its home financing and Islamic savings offerings to UK residents.
Waafi Bank chose to team up with Pfida to deliver well-established diminishing Musharakah homeownership solutions, rather than developing a new product from the ground up. This approach allows for faster market entry, lower risks, and a bigger impact on customers.
Dr. Ashraf Iqbal, Chairman of Waafi Bank, stated,
“Pfida is pioneering a new approach to Home Ownership which is in tune with how income stability has evolved within a backdrop of continued economic turbulence. The notion of secure employment, around which the traditional mortgage catered to, has given way to precarious employment, to which this new approach to home ownership is timely. Pfida’s proposition is a much fairer and equitable proposition designed to keep people in their homes when times are bad while increasing their net worths when times are good.”
He added,
“I believe Pfida today is similar to Dyson in 1983, when they launched the first ever bagless vacuum. Recall the skepticism and cynicism. Today, bagless is the standard and in time Pfida’s model will be the standard for homeownership.”
This milestone marks a significant expansion of Waafi Bank’s global footprint and strengthens its commitment to inclusivity in Islamic finance. By working with Pfida, Waafi Bank contributes to addressing the deep-rooted challenge of financial exclusion, particularly among Muslims in the UK.
Pfida’s CEO and Founder, Raza Ullah, commented,
“Our partnership with Waafi Bank supports our mission to increase homeownership opportunities for financially excluded individuals. Muslims are one of the most financially excluded groups in the UK due to the prohibition on interest in the Islamic faith, which limits their access to many financial products.”
He continued,
“Our interest-free Home Provision Scheme helps address this issue, and we hope to see more players entering the market to offer similar services. Working with Waafi Bank ensures more people can access Musyarakah-based homebuying opportunities aligned with their faith.”
Waafi Bank looks forward to offering more customers across the UK a path to dignified, interest-free homeownership. Together with Pfida, we are helping reshape the future of Islamic finance—making it more inclusive, fair, and practical for the modern world.
For more information, kindly reach out via:
- Email: customer@waafibank.com or hello@pfida.com
- Visit: UK Home Ownership Program Page
