Mortgage Brain has added Nomo to its Sourcing Brain platform. This new partnership will provide brokers access to Nomo’s Sharia-compliant residential and rental property finance products.
Nomo is a UK-based, Sharia-compliant digital bank. It is part of the Bank of London and The Middle East plc (BLME), a subsidiary of the Islamic Kuwaiti Boubyan Bank.
Their finance products are guided by Sharia principles which means that customers are charged a profit rate rather than interest. It also means customer money will never be placed in interest-bearing investments or tobacco, alcohol and gambling industries.
Nomo Bank products on Sourcing Brain:
- Residential and rental property finance available
- Two and five- year fixed periods
- Finance to Value (FTV) up to 75%
- Finance available from £100k to £2.5m
- Available to borrowers globally for UK property purchases
- App-based, digital banking means the process to secure finance is fast and simple
The strategic move to join Sourcing Brain will help Nomo to continue to reach customers in Bahrain, Kingdom of Saudi Arabia (KSA), Kuwait, Qatar and United Arab Emirates looking to purchase UK property, through UK-based intermediaries.
Mortgage Brain sales and marketing director Neil Wyatt commented: “The inclusion of Nomo’s Sharia-compliant products is an exciting development for Mortgage Brain. Having Nomo on board enriches our platforms, offering our community of over 15,000 intermediaries with even greater access to ever-diverse lending solutions to meet the unique needs of their clients.”
