MORTGAGE BRAIN ADDS SHARIA-COMPLIANT NOMO BANK PRODUCTS TO ITS SOURCING PLATFORM

03 May 2024

3 May 2024, UK: Mortgage Brain, the leading provider of mortgage technology, welcomes Nomo to its Sourcing Brain platform. This new partnership will provide even more brokers with access to Nomo’s popular 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
•     2 & 5 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
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This 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's award-winning platforms are widely recognised and utilised by over 15,000 intermediaries throughout the UK.

Zeenat Shaffi, Senior Business Development Manager at Nomo Bank said; “We’re delighted to team up with technology leader, Mortgage Brain, to bring our innovative Sharia-compliant product range to even greater numbers of borrowers. Mortgage Brain is a company that aligns with our own mission of making lending solutions even more accessible to clients through the seamless use of digital technology. We’re excited about the opportunities ahead."

Neil Wyatt, Sales & Marketing Director at Mortgage Brain added; “A very warm welcome to Nomo Bank. 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.”