Nomo

Nomo review: A Sharia-compliant current account

If you’re looking for a Sharia-compliant current account plus stress-free international banking, Nomo could work for you.

No reviews yet. Write a review

Nomo launched in the UK in 2021 and is part of Bank of London and The Middle East plc (BLME). BLME is a subsidiary of Boubyan Bank, an Islamic bank based in Kuwait.

Here’s all you need to know about how Nomo works.

What is Nomo?

Nomo is a new Islamic-focused Sharia-compliant digital bank based in the UK. The bank says it is “designed for people with international lifestyles who want to manage their money easily through smart, simple and secure technology”.

Nomo offers current accounts with a Mastercard debit card, as well as fixed term deposit accounts. It also allows users to make international transfers via the app with “low, flat and transparent fees”.

How does it work?

Current accounts

If you sign up for a Nomo current account, you’ll be given a UK sort code, account number and IBAN. You’ll be able to hold current accounts in both pounds sterling (GBP) and US dollars (USD) which you can add and receive money to via bank transfer.

The account is free of charge. You can manage your account via the app (on a smartphone only), allowing you to track your payments and freeze and unfreeze your card if you misplace it.

In addition, you’ll be able to make international payments from your GBP account to most international currencies for a low fee. Nomo uses the mid-market exchange rate for GBP transfers and you’ll be told the fee before you make the transfer to avoid any nasty surprises.

You can also send money internationally from your USD account.

Most of Nomo’s services a free – however it is worth noting that they charge an additional £6 for SWIFT payments.

Savings opportunities

Nomo also offers 3, 6 and 12-month fixed-term deposit accounts. Again, these are available in both GBP and USD currencies. You’ll need to deposit at least £5,000 or $10,000, depending on the account.

Nomo says it plans to launch investment opportunities in the near future.

How to sign up

If you want to sign up to Nomo, you’ll need to scan the QR code on the website to install the app, or you can download it via the App Store. Note that so far Nomo is only available on iOS.

You’ll need to have your passport and Civil ID, plus proof of address, to hand and record a short video to verify your ID. You’ll be asked a few questions about yourself and your finances, after which you can submit your application.

Is Nomo safe?

Yes, Nomo is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and PRA. As such, just like other UK banks, all deposits are covered by the Financial Services Compensation Scheme (FSCS). This means your money will be protected up to £85,000 in the event the bank went bust.

Additional security features are in place for account access, including Face ID and a personalised PIN.

Pros and cons of Nomo

Pros

  • Sharia-compliant
  • Accounts can be held in both GBP and USD
  • Low-cost international transfers
  • Deposits protected by the FSCS
  • Range of fixed term deposit accounts
  • Easy to set up and manage

Cons

  • £9 monthly fee unless you hold a balance of £20,000
  • High deposit requirements for fixed term accounts
  • Accounts can only be managed in-app
  • $20 fee for international transfers from USD account
  • App is only available on iOS

Customer service information for Nomo

Email support
Telephone support
In-app or live chat
Contact form
Branch support

Our verdict

If you’re looking for a Sharia-compliant current account that can be managed via an app, Nomo is well worth considering. Offering competitive international transfers plus the opportunity to take advantage of fixed term deposit accounts, Nomo has a lot going for it. However, you’ll need to be prepared to pay £9 a month or hold a balance of £20,000 across your accounts. And right now, you’ll also need an iPhone.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

More guides on Finder

Go to site