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Sharia-compliant banking
Yes, Nomo is an Islamic bank and fully Sharia-compliant.
The key difference between Islamic and conventional banking is that Islamic banks are subject to the major prohibitions outlined in Sharia, including:
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Riba (the charging of interest)
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Gharar (excessive risk-taking and uncertainty)
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Participation in haram industries, such as alcohol, gambling, tobacco and pork
The main role of the Sharia Supervisory Board (SSB) is to make sure that Nomo is Sharia-compliant. The SSB oversees activities and assists in structuring new products/services.
The members of the Sharia Supervisory Board (SSB) are:
- Sheikh Dr. Abdulaziz Al-Qassar (Chairman)
- Sheikh Dr. Esam Khalaf Al-Enezi
- Sheikh Dr. Mohammed Daud Bakar
by
subsidiary of
Nomo by Bank of London and The Middle East plc (“BLME”) is a trading name of BLME. BLME is registered in England and Wales (no. 05897786), authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. BLME’s Financial Services Register number is 464292 and registered office is at 20 Churchill Place, Canary Wharf, London E14 5HJ.
We will collect and process information about you that may be subject to data protection laws. For more information about how we use and disclose your personal data, how we protect your information, our legal basis to use your information, your rights and who you can contact, please see our privacy notice.