Access Financial Services (Access FS) has teamed up with Nomo Bank to offer customers access to Sharia compliant property finance for UK rental and residential property.
The firms claim the products address a clear gap in the market for Gulf Cooperation Council (GCC) based customers looking for holiday homes, buy-to-let properties and other residential opportunities.
They say 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. Nomo’s financing means customers can buy a UK property using a product that does not require them to compromise on their beliefs.
As customers are not required to have a UK credit footprint, they can easily set up a UK bank account, something which can often be a barrier when looking to purchase a property.
Nomo property finance launched in the UK in February 2023, describing itself 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.
Sean Gilchrist, CEO of Nomo, said: “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.”
Karl Wilkinson (pictured), CEO of Access FS, added: “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.”