Boubyan Bank

Boubyan Bank

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Sharia compliance

Yes, Nomo is an Islamic bank and complies with Sharia principles.

The biggest difference between Islamic and conventional banking is that Islamic banks follows the principles of the Sharia law. This includes (but is not limited to) a prohibition on:

  1. The charging of “Riba” (i.e., interest)
  2. The existence of uncertainty or “Gharar” (excessive risk)
  3. Investments or transactions involving certain prohibited products such as alcohol, gambling 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