Access FS has partnered with Nomo Bank to offer customers Sharia compliant property finance for UK rental and residential property. The products address a clear gap in the market for Gulf Cooperation Council (GCC) based 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. This is especially so for those who want to adhere to Sharia law. Nomo’s financing means customers can buy a UK property using a product without compromising on their beliefs.
Nomo says that its technology makes applications easy for brokers and their GCC-based customers. Customers are not required to have a UK credit footprint. They can open a UK bank account quickly and seamlessly, often be a barrier when looking to purchase a property.
Nomo property finance: launched in the UK in February 2023
Nomo is the world’s first digital Sharia-compliant cross-border bank. Nomo is a trading name, part of Bank of London and The Middle East, a subsidiary of Boubyan Bank.
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. We 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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