Iress has announced that mortgage products from Nomo Bank are now live on its Xplan Mortgage and Trigold systems.
Nomo Bank is a UK-based digital bank and its mortgage products are compliant with Muslim Shariah laws that forbid interest to be charged.
Part of the Bank of London and The Middle East plc, Nomo bank is the newest Islamic bank in the UK, and has joined a sector that has over £6.2bn in assets making up 85% of the European Islamic banking assets.
Iress provides software to the financial services industry across sectors including mortgages, trading and market data, financial advice, investment management, superannuation, and life and pensions.
Head of business development, sourcing at Iress, Warren O’Connell, 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.”
Nomo Bank senior business development manager, Zeenat Shaffi, 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.”
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