Bank of London has been selected by Malaysian start-up Waafi Bank to support its plans to enter the UK’s Sharia-compliant banking market.
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Founded in 2020, Waafi’s vision is to “bring Islamic banking to every corner of the world” and give Muslims access to financial services consistent with their faith.
The deciding factor in choosing the Bank of London was the fact that it does not invest, leverage or lend out customer deposits, but instead retains all customer funds entirely with the Bank of England.
Dr. Ashraf Iqbal, Chairman of Waafi Bank, said: “It is important to us that the bank we choose to help grow our business does not leverage, lend or invest money we deposit elsewhere. We are delighted to be partnering with The Bank of London as we expand our business into the UK.”
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