Sharia-Compliant Residential Loans: New Partnership Provides Options for GCC-based Customers

Access Financial Services has partnered with Nomo Bank to introduce Sharia-compliant property finance for individuals in the UK interested in rental and residential properties. This collaboration aims to address the limited options available to Gulf Cooperation Council (GCC) based customers who adhere to Sharia law and seek property finance within the UK market.

The partnership comes as a response to the growing demand for holiday homes, buy-to-let properties, and other residential opportunities among GCC-based customers. One of the key challenges faced by this demographic has been the scarcity of financial products that align with their ethical and religious principles.

Nomo Bank’s innovative technology is designed to simplify the application process for brokers and GCC-based customers. Of particular benefit is the fact that customers are not required to possess a UK credit history, allowing for the swift setup of a UK bank account – a previous obstacle when considering property purchases.

In February 2023, Nomo Bank introduced the world’s first digital Sharia-compliant cross-border bank in the UK market. Operating as a trading name under the umbrella of Bank of London and The Middle East plc (BLME), a subsidiary of Boubyan Bank, this pioneering move has paved the way for a more inclusive approach to property finance.

Sean Gilchrist, the Chief Executive of Nomo Bank, expressed his enthusiasm about the collaboration, stating, “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.”

Likewise, Karl Wilkinson, Chief Executive of Access FS, shared his thoughts on the partnership: “We love the ethos behind Nomo, and 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.”

This significant partnership between Access Financial Services and Nomo Bank represents a step forward in providing accessible and ethical financing options for GCC-based customers seeking property investments in the UK. It signifies a broader commitment to financial inclusivity and diversity in the real estate market, catering to individuals from diverse backgrounds and upholding their values in the process.