More brands competing for first Islamic digital bank title with new Kuwaiti claim
- Date: 15-Jul-2021
- Source: Salaam Gateway
- Sector:Financial Services
- Country:Kuwait
More brands competing for first Islamic digital bank title with new Kuwaiti claim
Published 14 Jul,2021 via Arab News - Economy - BEIRUT - Kuwait’s Boubyan Group has announced the launch of Nomo bank in the UK, as competition increases in the digital Islamic banking sector.
CEO Adel Al-Majed claimed in a Twitter post on Wednesday that Nomo will be the world’s first Islamic digital bank, despite Zurich Capital Funds Group in April announcing the launch of a new lender branded as RIZQ / BARAKA, which is claimed would be the first bank to provide all banking services online and according to Islamic law.
Digital banking has become increasingly popular in the GCC. Saudi Arabia gave licenses last month to two new digital banks, one of them is owned by telecom gaint, STC.
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