It adds Shariah-compliant products to sourcing platform
Mortgage technology provider Mortgage Brain has announced a new partnership with Nomo, a UK-based digital bank specialising in Shariah-compliant finance.
The collaboration integrates Nomo’s residential and rental property finance products into the Sourcing Brain platform, expanding options for brokers.
Nomo, affiliated with the Bank of London and The Middle East plc (BLME), part of Kuwait’s Boubyan Bank, adheres to Sharia principles, ensuring no customer funds are used for interest-bearing investments or industries such as tobacco, alcohol, and gambling.
The addition to the Sourcing Brain platform includes Nomo Bank’s products offering up to 75% finance to value (FTV), with amounts ranging from £100,000 to £2.5 million. These products, which are accessible globally for UK property purchases, are tailored for both two- and five-year fixed periods.
Mortgage Brain welcomes Nomo Bank to Sourcing Brain. This gives our 15,000 users and their clients access to Nomo’s Sharia-compliant products that will meet their financial needs without compromising their Muslim faith.
— Mortgage Brain (@Mortgage_Brain) May 3, 2024
Find out more: https://t.co/7jSbWWQ5AT#MortgageBroker pic.twitter.com/5eKjF8d7N9
“We’re delighted to team up with technology leader, Mortgage Brain, to bring our innovative Shariah-compliant product range to even greater numbers of borrowers,” said Zeenat Shaffi, senior business development manager at Nomo Bank.
“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, welcomed the partnership with Nomo Bank.
“The inclusion of Nomo’s Shariah-compliant products is an exciting development for Mortgage Brain,” Wyatt said. “Having Nomo on board enriches our platforms, 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.”
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