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Mortgage Brain adds Sharia-compliant Nomo to platform

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  • 03/05/2024
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Mortgage Brain adds Sharia-compliant Nomo to platform
Mortgage Brain has added Nomo, a Sharia-compliant lender, to its Sourcing Brain platform.

The digital bank provides loans for residential and rental properties. 

Nomo is based in the UK and is part of the Bank of London and the Middle East (BLME), a subsidiary of the Islamic Kuwaiti Boubyan Bank. 

Nomo’s proposition is backed by Sharia principles, meaning customers are charged a profit rate rather than an interest rate, and the lender will not have any stakes in interest-bearing investments in the tobacco, alcohol and gambling industries. 

The lender offers two- and five-year fixed rates up to 75% finance to value (FTV). It offers loans between £100,000 and £2.5m and is available to borrowers in the UK and internationally for UK-based property purchases. 

The addition to the Sourcing Brain platform will help Nomo reach borrowers in Bahrain, Kingdom of Saudi Arabia (KSA), Kuwait, Qatar, and United Arab Emirates (UAE) looking to purchase UK property through UK-based intermediaries. 

Zeenat Shaffi, senior business development manager (BDM) 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 (pictured), sales and 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 platform, 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.” 

Earlier this year, Mortgage Brain secured a £1.5m investment from Fintel to develop its technology products. This gave Fintel a minority stake of 5.8% in Mortgage Brain, and gave its SimplyBiz advisers access to the technology platform.

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