Nomo is a UK-based, Sharia-compliant digital bank. The company aims its services to people that travel and do business internationally and who want to manage their money easily through smart, simple, and secure technology.
Nomo is a UK-based, Sharia-compliant digital bank. The company aims its services to people that travel and do business internationally and who want to manage their money easily through smart, simple, and secure technology.
Nomo is a UK-based, Sharia-compliant digital bank. The company aims its services to people that travel and do business internationally and who want to manage their money easily through smart, simple, and secure technology.
Sharia-compliant means that Nomo adheres to Islamic principles. For example, they will not pay interest on your savings, but a profit of what’s generated by your deposits.
Nomo is part of Bank of London and The Middle East plc (BLME), a subsidiary of Boubyan Bank, one of the leading Islamic banks in Kuwait.
Nomo offers one type of current account that comes with a debit card. The current account is multi-currency, handling both GBP and USD. After the first three months, you will be charged a fee of £9 a month unless you have at least £20,000 combined across all your accounts. One benefit is that international transfers are offered through Wise, hence they may be cheaper than with a standard High Street bank.
Nomo offers 3, 6, and 12 months fixed term multi-currency savings accounts, which are Sharia-compliant and allow you to always know how much you’ll gain at the end of the term.
So far, Nomo services are only available through iPhone, with no Desktop or Android support for the foreseeable future.
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.
Cards are issued by Monavate Ltd under license by Mastercard International.
Furthermore, Nomo claims to be using only the latest and more secure banking technologies.
Cannon Place, 78 Cannon Street, London, United Kingdom, EC4N 6HL
Find answers in Q&As and ask your question
**Caution:**
I transferred my casino winnings to my Nomo current account. The following day, I received an email from the bank warning me that I was not complying with Islamic Sharia law. They cautioned that if I were to receive any future winnings in my account, it would be subject to closure.
It seems the bank is monitoring customers' personal spending habits and adherence to religious practices. What's next? Will this bank start enforcing prayer and fasting on its customers?
