Access FS and Nomo partner to offer Sharia property finance
By Gloria Methri
Access Financial Services (Access FS) has partnered with Nomo Bank to offer customers access to Sharia-compliant property finance for UK rental and residential property. The products address a gap in the market for Gulf customers looking for holiday homes, buy-to-let properties, and other residential opportunities.
There are very few options available to GCC-based customers in search of property finance in the UK, especially those who want to adhere to Sharia law. Nomo’s financing lets customers buy a UK property using a product that does not require them to compromise on their beliefs.
Nomo’s technology simplifies applications for brokers and their GCC-based customers. As customers are not required to have a UK credit footprint, they can set up a bank account quickly and seamlessly, something which can often be a barrier when looking to purchase a property.
Nomo Property Finance launched in the UK in February 2023 as a digital Sharia-compliant cross-border bank. It is a trading name, part of Bank of London and The Middle East plc (BLME), a subsidiary of Boubyan Bank. Nomo makes international banking and investments easier for residents and citizens of the Middle East. It is headquartered and built in London and applies technology to innovative digital solutions for its customers. To
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 Sharia-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 Sharia-compliant property finance solutions. Customers will be able to purchase a property in the UK without compromising on their principles.”
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