Advice firm Access Financial Services has partnered with Nomo Bank to provide Shariah-compliant property finance to its clients.
The firm said Nomo’s products addressed a gap in the market for customers based in the Gulf Cooperation Council (GCC) looking for holiday homes, buy-to-let properties and other residential investment opportunities in the UK.
The lender’s customers are not required to have a UK credit footprint and can set up an account easily due to Nomo’s technology.
Nomo launched in February last year as the first digital Shariah-compliant cross-border bank. It is a part of Bank of London and The Middle East, which is a subsidiary of Boubyan Bank.
Sean Gilchrist, CEO of Nomo, said: “We have partnered with Access FS as they are an exciting, fast-growing UK brokerage that closely aligns with our values. Access FS will help us bring Shariah-compliant financing to more customers, helping them to buy their residential or buy-to-let portfolio.”
Karl Wilkinson, CEO of Access FS, added: “We love the ethos behind Nomo, and are looking forward to being able to help our customers access Shariah-compliant property finance solutions. Customers will be able to purchase a property in the UK without compromising on their principles.”
Shekina is the commercial editor at Mortgage Solutions, YourMoney.com’s sister title in the B2B industry. She has over four years’ experience in the B2B publishing market, with previous industries including the accounting, pet, funeral, hospitality, retail and jewellery trades.
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