Iress has announced the integration of mortgage products from Nomo Bank, the UK’s Sharia compliant digital bank, into its Xplan Mortgage and Trigold sourcing systems.
These products, adhering to Sharia laws that prohibit the charging of interest, will be available alongside conventional options for brokers to compare.
Nomo Bank, operating under the Bank of London and The Middle East plc (BLME), represents the latest addition to the UK’s Islamic banking sector, which commands 85% of European Islamic banking assets with $7.8bn in assets.
Warren O’Connell, Iress’s head of business development, sourcing, said: “Islamic finance is an increasingly important part of the UK banking system, with demand growing steadily. Bringing Nomo Bank on board is firmly in line with our strategy to offer the widest range of products to our customers.”
Nomo’s senior business development manager, Zeenat Shaffi, added: “Nomo’s Sharia-compliant residential and buy-to-let property finance allows customers in the UAE, Saudi Arabia, Kuwait, Bahrain and Qatar to buy or refinance properties in the UK.
“This partnership with Iress will help us reach even more brokers, and enable them to see how our products compare with high street banks.”
