Access Financial Services (Access FS) has teamed up with Nomo Bank to provide customers the opportunity to access Sharia-compliant property finance options for rental and residential properties in the UK. These products aim to fill a noticeable void in the market for customers based in the Gulf Cooperation Council (GCC) seeking holiday homes, buy-to-let properties, and various residential opportunities.
There are very few options available to GCC based customers in search of property finance in the UK, as per the press release, especially for those who want to adhere to Sharia law. Nomo’s financing means customers can buy a UK property using a product that does not require them to compromise on their beliefs.
Nomo’s technology makes applications very easy for brokers and their GCC-based customers. As customers are not required to have a UK credit footprint, they can set up a UK bank account quickly and seamlessly, something which can often be a barrier when looking to purchase a property.
Nomo property finance launched in the UK in February 2023 as a digital Sharia-compliant cross-border bank. It is a trading name, part of Bank of London and The Middle East plc (BLME), a subsidiary of Boubyan Bank.
Executives from Nomo Bank said that they have partnered with Access FS as they are an exciting, fast-growing UK brokerage that closely aligns with their values. Access FS will help them bring Sharia-compliant financing to more customers, helping them to buy their residential or buy-to-let portfolio.
Also commenting on this partnership, officials from Access FS said they like the ethos behind Nomo, and are looking forward to being able to help their customers access Sharia compliant property finance solutions. Customers will be able to purchase a property in the UK without compromising on their principles.
Nomo is a digital Sharia-compliant cross-border bank built for Middle East customers who seek a global banking experience. Nomo makes international banking and investments easier for residents and citizens of the Middle East. The company is headquartered in London, and applies cutting-edge technology to innovative digital solutions for its customers.
Access Financial Services is a brokerage founded in April 2017. Its brokers advise on a broad range of mainstream and specialist mortgages including equity release and later life lending as well as commercial lending including bridging, development loans, buy-to-let including specialist, and portfolio buy-to-let lending. It also advises on all elements of protection and general insurance with a number of specialist protection-only advisers.
Access FS provides a collaborative environment for advisers to thrive and grow and as a result attracts brokers from a wide range of other institutions. It also runs an academy to bring people into the mortgage and protection industry.
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