Twenty7tec taps Nomo to offer Sharia property finance in the UK

By Gloria Methri

Twenty7tec has added Nomo to its SOURCE module, giving brokers and advisers easy access to its range of Sharia-compliant property finance products.

Nomo is a UK-based, Sharia-compliant digital bank designed for people with international lifestyles who want to manage their money easily through smart, simple, and seamless technology. Nomo is offering residential and Buy-to-Let (BTL) finance products to help customers buy or refinance a home in the UK. Their products are available to residents in Kuwait, the UAE, the Kingdom of Saudi Arabia, Qatar, Bahrain and soon the UK.

Twenty7Tec designs technology through its velocity platform that supports mortgage, protection, and wealth advisers in delivering client outcomes in a simpler, faster and more efficient manner. Its technology is used by advisers, lenders, product providers, and financial institutions to underpin the effective delivery of financial advice to millions of consumers in the UK.

Nicole Smith – Lender National Account Manager at Twenty7tec, said, “We are pleased with the opportunity to work with Nomo and to assist with their presence in the Intermediary space. Digital banking is more prevalent than ever in this market, and to support the growth of this in the Sharia-compliant banking world is something we are excited to be a part of.

“Residential and BTL purchase products will be available to SOURCE via our Twenty7tec Velocity platform. In addition, Nomo’s lending criteria will be available to search alongside their products, providing certainty to users earlier in the research process,” he added.

Zeenat Shaffi, Senior Business Development Manager – Nomo, stated, “We are excited to be part of the lender panel for Twenty7tec, especially as they share our vision for simplifying, streamlining and digitalising financial solutions. This is an important development for us and will help brokers save time, speeding up the application process for their clients. Crucially, it will enable even more customers to access the Sharia-compliant solutions they need to purchase a home.”