Nomo Bank has partnered with ADCB and Al Hilal Bank to provide Sharia-compliant digital UK banking for UAE residents, expanding the penetration of digital Islamic banking services globally.
Residents of the UAE now have access to UK and international banking options thanks to a new agreement. Customers may now create UK current accounts from the UAE and have access to multi-currency banking, property financing, and savings plans. In order to provide digital UK banking to UAE nationals and residents, London-based Nomo Bank has launched a new cooperation with Abu Dhabi-based banks Abu Dhabi Commercial Bank (ADCB) and Al Hilal Bank.
As a result of the agreement, the Sharia-compliant ADCB-Nomo and Al Hilal-Nomo banking apps will be released, enabling UAE residents access via their smartphones to UK-based multi-currency current accounts, savings accounts, and property financing.
In order to provide Sharia-compliant digital banking to Middle Eastern citizens who do not reside in the UK, Bank of London and The Middle East (BLME) founded Nomo. By providing a variety of UK and worldwide banking products to UAE nationals and residents of the UAE, this new cooperation with ADCB and Al Hilal Bank strengthens Nomo’s reach in the region.
In order to serve the world’s almost 2 billion Muslims, the $1.99 trillion global Islamic banking industry is expanding quickly. Nevertheless, despite this market opportunity, the penetration of Islamic banking services globally has been constrained by the absence of digital alternatives.
For clients looking for Sharia-compliant services, the launch of the ADCB-Nomo and Al Hilal-Nomo apps will alter the banking industry.
“We’ve already started working with ADCB and Al Hilal to bring this partnership to life through innovative products built with cutting-edge technology,” said Sean Gilchrist, CEO of Nomo Bank. The desire of ADCB and Al Hilal to provide consumers in the UAE this experience reflects their position as a leader in Islamic banking in the GCC area. The UK is a global leader in governance and advanced regulation.
“ADCB’s partnership with Nomo is part of our strategy to drive digitally enabled growth,” stated Ala’a Eraiqat, group CEO of ADCB. We are committed to offering customers cutting-edge digital banking products and a superior banking experience while focusing on retaining ADCB’s position as a market leader in customer care. For our clients with interests in the UK, the ADCB-Nomo app will streamline international banking and open up new funding opportunities.
Customers will be able to send money fee-free to UK bank accounts, spend fee-free in six different currencies (GBP, USD, AED, EUR, KWD, and SAR), and save fee-free in GBP and USD fixed term deposits through the ADCB-Nomo and Al Hilal-Nomo apps.
Additionally, clients will have access to financing to support them in purchasing real estate in the UK as an investment or a second home.
Vice-chairman and group CEO of Boubyan Group Adel Abdul Wahab Al-Majed stated: “ADCB is a market leader in GCC banking when it comes to excellence, security, and innovation, so working with them is a tremendously exciting potential. Our shared goal is to provide consumers in the UAE with exceptional options to manage and invest their wealth abroad while streamlining complex banking procedures and reducing costly cross-border costs. This will become a fact thanks to the ADCB-Nomo software.
Al Hilal Bank’s CEO, Abdul Shakeel Aidaroos, continued: “As an innovative and vivacious digital Islamic bank with its headquarters in Abu Dhabi, Al Hilal Bank is continually creating products and solutions to improve domestic and international banking for our clients. By providing our consumers with access to a wider variety of foreign financial services, the Al Hilal-Nomo app enhances our ground-breaking Al Hilal Super App.