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A new partnership offers UAE residents access to UK and international banking, with customers now able to open a UK current account from the UAE and enjoy multi-currency banking, property financing and savings schemes.
Based in London Name bank has been declared with Abu Dhabibank abu dhabi commercial bank (ADCB) and Hillal bankbringing digital UK banking to UAE nationals and residents.
The partnership will launch the Sharia-compliant ADCB-Nomo and Al Hilal-Nomo banking apps, allowing customers in the UAE to access multi-currency current accounts, savings and property financing in the UK from their smartphones.
Nomo was founded in bank of london and the Middle East (BLME) brings Sharia-compliant digital banking to non-UK residents in the Middle East. This new partnership with ADCB and Al Hilal Bank expands Nomo’s presence in the region by offering a suite of UK and international banking products to UAE nationals and UAE residents.
The global Islamic banking industry is growing rapidly, worth US$199 trillion, serving nearly 2 billion Muslims worldwide. However, despite this market opportunity, lack of digital solutions is limiting the penetration of Islamic banking services globally.
The launch of the ADCB-Nomo and Al Hilal-Nomo apps will transform the banking industry for customers seeking Shariah-compliant services.
digital growth
sean GilchristThe CEO of Nomo Bank said: “We have already started working with ADCB and Al Hilal to make this partnership a reality through innovative products built with world-class technology. The UK is a world leader in governance and advanced regulation, ADCB and Al Hilal’s willingness to bring this experience to UAE customers demonstrates their position as the leader in Islamic banking in the GCC region.”
Ala’a EraiqatADCB Group CEO said: “ADCB’s partnership with Nomo is part of our strategy to drive digital growth. We are focused on maintaining ADCB’s leadership in customer service and are committed to providing customers with innovative digital banking solutions and unparalleled Banking experience. The ADCB-Nomo app will simplify international banking and unlock new funding opportunities for our UK-interested clients.”
account function
The ADCB-Nomo and Al Hilal-Nomo apps will enable customers to spend globally in six currencies (GBP, USD, UAE Dirham, Euro, Kuwaiti Dinar and Saudi Riyal) with free transfers to the UK Bank account transfers and save with UK GBP and USD denominated time deposits.
In addition to this, clients will also receive financing to help them purchase property in the UK as an investment or second home.
Adel Abdul Wahab MajidVice Chairman and Group Chief Executive Officer step change groupcommented: “ADCB is the market leader in the GCC banking sector in terms of excellence, security and innovation and it is a very exciting prospect to partner with them. Our shared mission is to provide unique opportunities for clients in the UAE , allowing them to invest and manage their wealth internationally, simplifying complex banking processes and avoiding high cross-border fees. The ADCB-Nomo app will make this a reality.”
Abdul Shakir EdalusCEO of Al Hilal Bank added: “As a progressive and dynamic digital Islamic bank based in Abu Dhabi, Halal Bank Continuously develop products and solutions to enhance our clients’ domestic and international banking operations. The Al Hilal-Nomo app complements our innovative Al Hilal Super App, giving our customers access to even more international banking services. “
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