Iress has announced that mortgage products from Nomo Bank are now live on Iress’s Xplan Mortgage and Trigold.
Nomo Bank’s mortgage products – compliant with Muslim Shariah laws that forbid interest to be charged – will be available for comparison.
Nomo Bank, a part of the Bank of London and the Middle East plc (BLME), is the newest Islamic bank in the UK, joining a sector that has $7.8bn in assets making up 85% of the European Islamic banking assets.
Warren O’Connell, Iress’s head of business development, sourcing, said: “Islamic finance is an increasingly important part of the UK banking system, with demand growing steadily. Bringing Nomo Bank on board is firmly in line with our strategy to offer the widest range of products to our customers.”
Zeenat Shaffi, Nomo’s senior business development manager, added: “Nomo’s Sharia-compliant residential and buy-to-let property finance allows customers in the UAE, Saudi Arabia, Kuwait, Bahrain and Qatar to buy or refinance properties in the UK.
“This partnership with Iress will help us reach even more brokers, and enable them to see how our products compare with high street banks.”