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29 May 2025
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Pfida and Waafi Bank Partnership

Pfida partners with Malaysia-based Waafi Bank to expand Shariah-compliant homeownership in the UK.
Clock icon 2 min read
By Sumaiya A

Pfida is pleased to announce a strategic partnership with Waafi Bank, a bank that delivers a 100% virtual Islamic banking experience based in Malaysia, aimed at revolutionising the UK Islamic homeownership market.

Under the agreement signed, Pfida will act as an agent for Waafi Bank, enabling the bank to serve its growing customer base of individuals seeking homeownership opportunities in the UK. By leveraging Pfida’s infrastructure, Waafi Bank will be able to offer homeownership solutions and savings accounts more efficiently.

This collaboration marks a significant step in expanding halal homeownership options for UK customers. Rather than developing a new product from scratch, Waafi Bank will utilise Pfida’s proven technology and expertise to enter the market faster and with lower risk.

Raza Ullah, CEO and Founder of Pfida, said, “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’s contribution to the partnership allows Pfida to focus on meeting the growing demand for Sharia-compliant homeownership in the UK, providing ethical and equity-based solutions to thousands of homebuyers.

Dr. Ashraf Iqbal, Chairman of Waafi Bank, said “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 continued “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 home ownership.” For more information, please contact: hello@pfida.com; customer@waafibank.com