The Bank of London has been selected by Malysian start-up Waafi Bank to support its plans to enter the UK's Shariah-compliant banking market.
Founded in 2020, Waafi’s vision is ‘to bring Islamic banking to every corner of the globe’ and provide Muslims with access to financial services that align with their faith.
Key to The Bank of London's selection was the fact that it doesn't invest, leverage and loan out client deposits, but instead keeps all client money in full with the Bank of England.
Dr Ashraf Iqbal, Waafi Bank chairman, says: "It’s important to us that the bank we look to help our business grow is not leveraging, loaning or investing any money we deposit somewhere else. We are delighted to partner with The Bank of London as we expand our business into the UK.”