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العربية

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Sharia-compliant banking

Yes, Nomo is an Islamic bank and fully Sharia-compliant.

The key difference between Islamic and conventional banking is that Islamic banks are subject to the major prohibitions outlined in Sharia, including:

  1. Riba (the charging of interest)

  2. Gharar (excessive risk-taking and uncertainty)

  3. Participation in haram industries, such as alcohol, gambling, tobacco 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