Boubyan launches Sharia-compliant UK digital bank

Boubyan Bank Group has launched Nomo, the world’s first Islamic international digital bank.

The fully digital bank can now offer Sharia-compliant UK bank accounts and financial management in Kuwait and the Middle East region.

Nomo has launched as a brand name of the UK-based Bank of London and The Middle East (BLME), in which Boubyan Bank is a majority shareholder.

Eligible customers from Kuwait will be able to open their new UK account in minutes through the Nomo iPhone app, enabling them to make international payments in pounds and dollars.

“Nomo part of BLME is a fully licensed UK bank, offering a unique opportunity for customers to benefit from one of the most prestigious banking systems in the world,” said Boubyan Bank Group chief executive and BLME chairman, Adel Al-Majed. “As well as daily banking services, Nomo provides Sharia-compliant investment opportunities by offering fixed-term deposits.”
Al-Majed added: “Boubyan Group has proudly pioneered this state-of-the-art digital bank that provides Islamic digital banking services, accessible from anywhere in the world.”

He said that most Islamic banks across the widder Gulf Cooperation Council (GCC) region are “behind the global digital curve” in terms of the digital products and services being offered.

“UK banks are admired around the world for their stability, resilience and high levels of governance,” said Andrew Ball, chief executive of BLME. “Digitisation will enable customers in the Middle East to open and enjoy the benefits of a UK bank account in the knowledge that it also meets their Sharia principles and beliefs.”

Ball added: “In Nomo, we have brought together an impressive team from global digital and neo banks with a depth of experience in creating digitised banking systems. We have made substantial progress in a short period of time, and I look forward to working with the team as we continue to build the bank.”

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