Nomo Bank, a subsidiary of the Bank of London and The Middle East (BLME), has launched a mortgage alternative for clients in the Middle East who want to buy property in the UK.

Nomo Property Finance will operate under a Murabaha structure and in line with Islamic banking principles.

It will initially be available for customers in Kuwait and the UAE and will then be rolled out to other GCC countries in the future.

Property finance customers will need to open a UK bank account with Nomo before applying for property finance and purchasing a property.

Nomo’s finance products are suitable for those looking for a second property in the UK as well as clients whose goal is to build a UK property portfolio to rent out to tenants as an investment.

The lender offers finance for properties above £350,000, including new builds, in England and Wales.

Customers aren’t required to be present in the UK or have an existing credit score there to apply for property finance.

The provision of a UK-based current account also allows buyers and landlords to pay their cross-border deposit in the local currency, and benefit from fee-free transfers when paying property maintenance fees and receiving rental income.

BLME chief executive officer Andrew Ball says: “As Nomo Bank, a BLME subsidiary, launches its property finance solutions, we are excited to give Islamic Banking customers access to one of the most exciting global property markets in the world.”

Nomo Bank chief executive Sean Gilchrist adds: “We aim to provide a straightforward pathway for our clients to get the finance they need, thereby making property ownership accessible to our customers around the Middle East.”