Mobile-Only, Shariah Compliant Banking Solution Introduced by Boubyan Bank in the UK

Boubyan Bank has introduced a mobile-only, Sharia-compliant banking solution in the United Kingdom. The platform will aim to address the requirements of individuals residing in the Middle East who may have international banking needs.

As noted in the announcement, Nomo will be providing a new brand name associated with the UK-based Bank of London and The Middle East (BLME), in which Boubyan Bank is listed as a majority shareholder.

Qualified customers from Kuwait can open their new UK account within minutes via the Nomo iPhone app. Clients can make international payments in Sterling and USD and also transact using a virtual MasterCard debit card.

In addition to everyday banking services, Nomo offers Sharia-compliant investment opportunities by providing fixed-term deposits.

Adel Al-Majed, CEO at Boubyan Bank Group and BLME chairman, stated:

“Most Islamic banks across the wider GCC region are behind the global digital curve in terms of the digital products and services being offered to customers. Nomo aims to propel Islamic digital banking towards a more innovative future where the priority is customer convenience on an international scale.”

Islamic banking and Shariah-compliant financial services are increasingly being offered across the globe.

IFIN (Islamic Finance Initiation Network), the Islamic Fintech firm, recently introduced its operations in the Sultanate of Oman by teaming up with Alizz Islamic Bank and Danube Home.

Bahrain-based IFIN, a company that digitally connects Islamic finance service providers to retail outlets, aims to offer instant Shariah-compliant financing for products at the points of sale.

IFIN says it will offer a unique experience where clients can just walk into a store of their choice, choose the goods they want and then pay for them instantly via their preferred Islamic finance provider. This may also be done without visiting a branch.

As reported in March 2021, Fitch Ratings had revealed that the Islamic banking ecosystem in Oman is expected to continue growing during 2021-2022 after a rather strong momentum last year. This, despite the COVID-19 outbreak and historically low oil prices, Fitch Ratings noted.

Islamic financing in the MENA region country expanded by 9.5% last year, when compared with the traditional banks’ loan growth of just over 2%, the report added. It also mentioned that the growth was mainly driven by rising demand for Islamic or Sharia-compliant products, support from incumbents providing such products via their Islamic division, and progressive regulations that support the development of Islamic finance.

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