Boubyan Bank Group has launched a fully licensed and regulated mobile-only UK Islamic bank, called Nomo, to offer international banking services to individuals in the Middle East.
The digital bank has launched as a brand name of the UK-based Bank of London and The Middle East (BLME), where Boubyan Bank Group picked a majority shareholding last year.
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Customers from Kuwait can use the Nomo iPhone app to open their accounts quickly.
They can make international payments in GBP and USD and transact through a virtual MasterCard debit card.
Nomo also provides Sharia-compliant investment opportunities through fixed-term deposits, in addition to daily banking services.
Up to £85,000 of its deposits are protected by the FSCS (Financial Services Compensation Scheme).
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By GlobalDataBoubyan Bank group CEO and BLME Chairman Adel Al-Majed said: “Most Islamic banks across the wider GCC region are behind the global digital curve in terms of the digital products and services being offered to customers. Nomo aims to propel Islamic digital banking towards a more innovative future where the priority is customer convenience on an international scale.”
BLME CEO Andrew Ball said: “UK banks are admired around the world for their stability, resilience and high levels of governance. Digitization will enable customers in the Middle East to open and enjoy the benefits of a UK bank account in the knowledge that it also meets their Sharia principles and beliefs.”
In a separate Islamic banking development recently, Uzbekistan’s Asia Alliance Bank tapped ICS Financial Systems (ICSFS) to provide Sharia-compliant offerings.
The selection of the vendor’s ICS BANKS Islamic Banking software solutions will allow the lender to offer several Islamic instruments including Murabaha, Ijarah, Mudaraba, trade finance, time deposit, among others.
