Finance houses buddy up to provide Sharia-compliant residential loans

Access Financial Services has partnered with Nomo Bank to offer Sharia-compliant property finance for UK rental and residential property.

The products address a clear gap in the market for Gulf Cooperation Council based customers looking for holiday homes, buy to let properties and other residential opportunities.               

There are very few options available to GCC based customers in search of property finance in the UK, especially those who want to adhere to Sharia law.

Nono says its technology makes applications easy for brokers and GCC-based customers.

As customers are not required to have a UK credit footprint, they can set up a UK bank account quickly - previously something of a barrier when looking to purchase a property.

Nomo property finance launched in the UK in February 2023 as the world’s first 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.

Nomo chief executive Sean Gilchrist says: “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.”

And Karl Wilkinson, chief executive of Access FS, comments: "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.”