Kuwait’s leading Islamic financial entity, Boubyan Bank has launched Nomo, a fully licensed and regulated UK Islamic digital bank catering for customers with a global financial outlook.
According to the company statement, “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.”
Nomo was established to accommodate a growing segment of individuals in the Middle East with international banking needs. It is a digital platform that makes it simple and secure to access, move, and invest money in the UK and abroad. Nomo offers Sharia-compliant investing opportunities through fixed-term deposits in addition to daily banking services.
“Eligible customers from Kuwait will be able to open their new UK account in minutes through the cutting-edge and intuitive Nomo iPhone app, providing them with the ability to make seamless international payments in GBP (£) and USD ($) and transact through a virtual and/or digital MasterCard debit card. Nomo also caters to its customers through a range of innovative digital banking products,” as per the company.
“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. 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. To achieve this, we’ve put together a carefully selected team of global digital banking and payments experts to help us create the future of Islamic international digital banking.”
Mr. Andrew Ball, CEO of BLME said, “UK banks are admired around the world for their stability, resilience and high levels of governance. Digitization 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.”
“In Nomo, we have brought together an impressive team from global digital and neo banks with a depth of experience in creating digitized banking systems. We have made substantial progress in a short period, and I look forward to working with the team as we continue to build the bank,” Mr. Ball added.
Related: Abu Dhabi Fund to finance Rwanda’s road infrastructure development project