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Iress brings Nomo Bank’s Sharia mortgages to its platform

By Gloria Methri

April 26, 2024

  • Buy-to-Let
  • Digital Mortgages
  • Europe
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Iress, Mortgages, Digital Lending, Islamic Finance, Islamic Banking, Sharia Compliance, Sharia Mortgages, FinTech, UKIress has announced the integration of mortgage products from Nomo Bank, the UK-based 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. This sector commands 85% of European Islamic banking assets, with $7.8 billion in asset

Iress is a technology company that provides software to the financial services industry. It offers software and services for trading and market data, financial advice, investment management, mortgages, superannuation, life and pensions, and data intelligence.

“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,” said Warren O’Connell, Iress’s Head of Business Development and sourcing.

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.”

Iress’ software is used by more than 10,000 businesses and 500,000 users globally. The company has over 2,250 people based in Asia-Pacific, North America, Africa, the UK and Europe.

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