“The inclusion of Nomo’s Sharia-compliant products is an exciting development for Mortgage Brain.”
– Neil Wyatt, sales and marketing director at Mortgage Brain
Mortgage Brain has added Sharia-compliant digital bank, Nomo, to its Sourcing Brain platform.
This partnership will provide more brokers with access to Nomo’s residential and rental property finance products.
Nomo 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 customer money will never be placed in interest-bearing investments or the tobacco, alcohol and gambling industries.
Nomo offers two and five-year fixed rate products up to 75% Finance to Value (FTV). Finance is available up to £2.5m to borrowers globally for UK property purchases.
Earlier this year, Nomo launched a new intermediary website.
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.”