Kuwait: Boubyan Bank has announced the launch of the new brand name, NOMO Bank, the world’s first Islamic Digital Bank through the UK-based Bank of London and the Middle East “BLME”, a member of Boubyan Bank Group, which is subject to the laws of UK’s financial regulatory authorities.
Boubyan Bank’s Group CEO and BLME Chairman, Mr. Adel Abdul Wahab Al-Majed, stated: “The new bank is a demonstration of Boubyan Bank’s strategy in action to expand internationally after confirming our domestic position, and follows in the path of our plans to expand our digital banking services.”
"We are proud that NOMO Bank is the first bank of its kind in the world, which combines both advanced technology - being a digital bank - with Sharia compliance. This reiterates the leadership of Boubyan Bank Group and its constant efforts since 2010 to bring change to the Islamic financial and banking industry, which positively reflects on our customers’ experience and meets their expectations.", he added.
Al-Majed went on to add: “NOMO is a brand name of the Bank of London and the Middle East (BLME), in which Boubyan is a majority shareholder. The bank is a fully licensed UK bank, which is regulated in the UK by the PRA (Prudential Regulation Authority) and regulated by the FCA (Financial Conduct Authority). This means that all the bank’s transactions are under the supervision of UK regulatory authorities. Moreover, the bank is assigned an overall credit rating of A3 by Fitch Ratings.”
“Nomo has been developed to accommodate the growing segment of customers in Kuwait or the region with international banking needs, allowing them to access, move, and invest their money in the UK and internationally with ease and assurance.”, Al-Majed elaborated.
He went on to add: “Islamic banking across the wider GCC region is a major element behind the boom of the Islamic banking industry worldwide in terms of the digital products and services being offered to customers. Our aim is to propel Islamic digital banking towards a more innovative future where the priority is customer convenience by providing all services digitally.”
“The launch of the new bank came after several years of research and studies of the needs of various segments of customers in Kuwait and the region, which revealed their need for international banking services that cannot be catered for by conventional banks. This gave rise to the concept of NOMO being a digital platform that can meet their needs through a smart phone App.”, he explained.
He added: “Based on those studies, we chose UK in general, and London in particular and decided it is the best option for our customers in Kuwait and the region since it is a place that our customers like in addition to the confidence people have had in UK’s financial and banking systems over the past decades, coupled with the convenient and secure environment for investors from around the world.”
Furthermore, Al-Majed commended the efforts exerted by the Central Bank of Kuwait and its constant endeavors towards setting up the technological and operational infrastructure for establishing digital banks in Kuwait, which comes as a part of its ongoing plans targeting the development of the financial and banking sectors.
Al-Majed thanked everyone who contributed to this achievement, stating that while Boubyan Bank Group is certainly credited for this achievement, all credit goes to Kuwait being a leader in the banking industry, and this further highlights the innovation and creativity adopted by Kuwaiti banks.
He went on to add: “The most prominent thing about NOMO Bank is that Boubyan Bank’s Kuwaiti youth played the main role in its launch by cooperating with the team which will be managing it. This team comprises of many former experts of global banks who helped create many digital banks around the world.”
** Outstanding Digital Services
On his part, Boubyan Bank’s CEO - Private, Consumer & Digital Banking, and BLME’s board member, Mr. Abdulla Al-Tuwaijri reviewed the operational aspects of the bank and how customers can benefit from the required services.
“To put it briefly, NOMO Bank is a UK-based digital bank. This means Boubyan Bank’s customers and non-customers can open an account in UK and enjoy unlimited digital services. After having obtained the necessary approvals from UK authorities, we have obtained the necessary marketing approvals in Kuwait, primarily CBK’s approval.”, he explained.
“Using NOMO Bank, you will be able to perform many core banking services digitally in addition to managing funds abroad through NOMO App, which allows you to open an account, transfer funds and do shopping while travelling or online using various foreign currencies.”, he added.
Speaking of the account-opening process, Al-Tuwaijri stated: “It’s smooth and simple; typical of Boubyan Bank. You can have an easy and comfortable access to digital banking services, and we made sure this copes with the speed and simplicity that marks this era. All such services can be provided digitally, enabling customers to activate the account within minutes and to obtain all types of banking cards, whether physical or virtual.”
Al-Tuwaijri added: “All Boubyan and non-Boubyan customers, inside or outside Kuwait, can visit the website of the new bank “nomobank.com” and register. They will be contacted shortly by email and an account will be opened for them, thereby making them customers of the new bank and allowing them to perform banking transactions via the App.”
“The thing that customers seek the most in their financial and banking transactions is security and guaranteeing their savings. In NOMO’s case, the bank is regulated by all UK regulatory authorities and the Financial Services Compensation Scheme, UK's statutory deposit insurance compensation scheme as per the relevant terms and conditions.”, he emphasized.
Andrew Ball, CEO of BLME, said: “UK banks are admired around the world for their stability, resilience and high levels of governance.
He went on to add: “Digitization will enable customers in the Middle East to open and enjoy the benefits of a UK bank account in the knowledge that it also meets their Sharia principles and beliefs.”
“In Nomo, we have brought together an impressive team from global digital and neo banks with a depth of experience in creating digitized banking systems, and have put together a carefully selected team of global digital banking and payments experts to help us create the future of Islamic international digital banking.”, he concluded.
Meaning of “NOMO”
It is derived from the Arabic word “نمو”, meaning “Growth” in every aspect. This is the promise the bank gives to its customers. The name was selected for its uniqueness, simplicity and since it is easy to pronounce and write in addition to matching the nature of digital services.
What services and accounts are currently available for customers?
- GBP (£) and USD ($) current accounts.
- Low-fee GBP debit card (other currencies to be added later on such as USD).
- Bank transfers.
- Fixed-term deposits in GBP and USD.
After obtaining the necessary approvals, we will be provided other services such as mortgages.
The Bank of London and the Middle East “BLME”
NOMO is a BLME brand name, licensed by the Prudential Regulation Authority “PRA” and is regulated by the Financial Conduct Authority “FCA” and the Prudential Regulation Authority “PRA”. Moreover, the bank's overall credit rating by Fitch Ratings is A3. Nomo GBP deposits are protected by the Financial Services Compensation Scheme “FSCS” as per the relevant terms and conditions.
The Bank of London and the Middle East is a member of Boubyan Bank Group, where Boubyan’s current holding is 71% approximately.
Al-Majed thanked CBK for its efforts towards developing the banking industry and keeping up with the ongoing changes in digital banking services while equipping banks and making them ready for the next phase of change.
How can I have access to the bank’s services currently?
The bank is in the initial operating stage now, however, Boubyan Bank’s customers and non-customers can visit the website “Nomobank.com” to register, and then they will be contacted shorty after meeting all the requirements for opening an account, following which they can perform their banking transactions through the bank’s App.
© Press Release 2021