Sultan Choudhury, a prominent figure in the realm of Islamic finance, comes from Moseley in the Midlands. As the Executive Chairman of Offa, a property company in Solihull that specializes in Islamic finance, Choudhury has been exerting considerable effort to establish the Midlands as a focal point for Islamic finance. His objective extends beyond catering solely to the Muslim community, as he contends that non-Muslims are increasingly embracing Islamic finance services.
Islamic finance does not solely revolve around the absence of interest; it is rooted in ethical and value-based principles. Choudhury elucidates that Islamic finance prohibits investment in sectors detrimental to society, such as alcohol, tobacco, and the arms trade. He perceives Islamic finance as a “remedy” for countering negative perceptions of Islam and attributes the unexpected origins of Islamic finance to the city of Birmingham.
Having grown up in Small Heath and subsequently settling in Moseley, Choudhury identifies himself as a devoted Brummie. He underscores his profound ties to Birmingham and his dedication to contributing to its economic landscape. Choudhury, alongside a consortium of local partners, has been diligently working towards generating fresh opportunities for individuals seeking financial products consonant with their faith. His allegiance to his hometown has propelled him to establish the first Islamic bank in the Western world without needing to depart from Birmingham.
Choudhury and his team at Offa are resolute in their efforts to modernize Islamic finance through the implementation of technology and paperless systems. The nomenclature “Offa” is derived from King Offa, an Anglo-Saxon monarch who resided in the Midlands and engaged in trade with Muslim rulers. This historical association functions as a symbol of the universal values that underlie Islamic finance.
Emphasizing that Islamic finance is not confined to Muslims, Choudhury notes that 44% of their customer base comprises non-Muslims. He asserts that the values and ethics of Islamic finance are universal and all-encompassing, promoting justice, fairness, and transparency. At its essence, Islamic finance discourages the accumulation of wealth through interest and instead encourages legitimate trade and investment in assets.
Choudhury envisions a propitious future for Islamic finance in the UK and harbours optimistic prospects for the continued expansion of the industry. He opines that Islamic finance holds the potential to generate wealth, employment, and opportunities throughout Britain. In addition to their customary offerings, Offa is introducing a new buy-to-let finance service based on Islamic finance principles, thereby rendering property ownership accessible to a broader demographic.
Choudhury’s steadfast commitment to establishing the Midlands as a focal point for Islamic finance is derived from his conviction that the UK provides an optimal environment for the sector to thrive. His vision transcends catering exclusively to the Muslim community, as he regards Islamic finance as a constructive influence that can foster the well-being of the entire nation. With this level of dedication and vision, Choudhury is spearheading the initiative to position the Midlands as a prominent hub for Islamic finance.