Is Nomo Sharia-compliant?
Yes, Nomo is an Islamic bank and fully Sharia-compliant.
What are the differences between Islamic and conventional banking?
The key difference between Islamic and conventional banking is that Islamic banks are subject to the major prohibitions outlined in Sharia, including:
Riba (the charging of interest)
Gharar (excessive risk-taking and uncertainty)
Participation in haram industries, such as alcohol, gambling, tobacco and pork
What is the role of the Sharia Supervisory Board (SSB)?
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.
Who are the members of the Sharia Supervisory Board (SSB)?
The members of the Sharia Supervisory Board (SSB) are: