Boubyan unveils mobile-only Islamic bank in UK market

Kuwaiti-based Boubyan Bank has introduced a digital-centric, Sharia-compliant bank in the UK.

The digital bank – named Nomo – will seek to cater to individuals in the Middle East who have international banking needs

Nomo will be launched as a brand name of the UK-located Bank of London and the Middle East, of which Boubyan holds a majority of the shares in.

According to Boubyan, eligible customers from Kuwait will be open to launch a new UK account in minutes through the Nomo app. This, the firm claims, will provide them with the ability to make international payments in both Sterling and US dollars as well through a virtual MasterCard debit card.

Alongside the banking services, Nomo also offers Sharia-compliant investment opportunities through the offering of fixed-term deposits.

As well as daily banking services, Nomo provides Sharia-compliant investment opportunities by offering fixed-term deposits.

Boubyan Bank Group CEO and BLME chairman Adel Al-Majed, said: “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.”

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