UK-based digital bank Nomo has partnered with Abu Dhabi Commercial Bank (ADCB) and Al Hilal Bank to introduce cross-border Shariah compliant digital banking services.
The collaboration will see the launch of the ADCB-Nomo and Al Hilal-Nomo banking apps, enabling individuals in the UAE to access UK-based multicurrency current accounts, savings and property finance. Both apps are available on iOS and Android.
“The ADCB-Nomo app will simplify international banking and unlock new financing opportunities for our customers with interests in the UK,” said Ala’a Eraiqat, the group CEO of ADCB. The app will complement Al Hilal’s super app.
Launched in July 2021 by Bank of London and The Middle East (BLME), Nomo has been working on growing its product suite which currently comprise current accounts, fixed-term deposits, remittance and property finance.
BLME is one of four fully-fledged Islamic banks in the UK. Nomo was launched particularly to capitalize on the rising demand for international banking services from clients in the Middle East.
As at the 17th April 2023, there are six Islamic digital banks in the UK, more than any other jurisdictions in the world, according to the IFN Islamic Fintech Landscape.