Meridian Funding 2025-1 brought Islamic home finance back into a part corner of the European capital markets where it has rarely appeared: public residential mortgage-backed securities (RMBS).
The transaction issued £307.6 million of class A-F home purchase plan (HPP)-backed certificates, backed by a portfolio of UK HPPs originated by StrideUp. It used the familiar architecture of a mortgage-backed securitisation while adapting the cashflows, documentation and legal mechanics to fit Shariah principles.
For StrideUp, a specialist non-bank Islamic home finance provider, the deal created access to institutional capital at a scale that can support further origination.
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