Boubyan Bank has launched a mobile-only, Sharia-compliant bank in the UK, catering to individuals in the Middle East with international banking needs.
Nomo has launched as a brand name of the UK-based Bank of London and The Middle East (BLME), in which Boubyan Bank is a majority shareholder.
Eligible customers from Kuwait will be able to open their new UK account in minutes through the Nomo iPhone app, providing them with the ability to make international payments in sterling and US dollars and transact through a virtual MasterCard debit card.
As well as daily banking services, Nomo provides Sharia-compliant investment opportunities by offering fixed-term deposits.
Boubyan Bank Group CEO and BLME chairman, Adel Al-Majed, says: “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."