Mortgage Brain has added Nomo to its Sourcing Brain platform, providing broker users with access to Nomo’s Sharia-compliant residential and rental property finance products.
Nomo is a UK-based, Sharia-compliant digital bank; it is part of the Bank of London and The Middle East plc (BLME), a subsidiary of the Islamic Kuwaiti Boubyan Bank.
Its finance products are guided by Sharia principles, which means that customers are charged a profit rate rather than interest.
It also means that customer money will never be placed in interest-bearing investments or tobacco, alcohol and gambling industries.
This move to join Sourcing Brain will help Nomo continue to reach customers in Bahrain, Kingdom of Saudi Arabia (KSA), Kuwait, Qatar and United Arab Emirates looking to purchase UK property, through UK-based intermediaries.
Zeenat Shaffi, senior business development manager at Nomo Bank, said: “We’re delighted to team up with technology leader, Mortgage Brain, to bring our innovative Sharia-compliant product range to even greater numbers of borrowers.
“Mortgage Brain is a company that aligns with our own mission of making lending solutions even more accessible to clients through the seamless use of digital technology. We’re excited about the opportunities ahead.”
Neil Wyatt, sales and marketing director at Mortgage Brain, added: “A very warm welcome to Nomo Bank.
“The inclusion of Nomo’s Sharia-compliant products is an exciting development for Mortgage Brain.
“Having Nomo on board enriches our platforms, offering our community of over 15,000 intermediaries with even greater access to ever-diverse lending solutions to meet the unique needs of their clients.”
