The Bank of London’s ‘safer by design’ no-lending model primes Waafi for UK market
LONDON, 30 August 2024 – The Bank of London today announces it has been selected by Waafi Bank, a start-up bank based in Malaysia, as its banking services provider to support its plans to enter the UK with its Shariah-compliant banking offering.
Founded in 2020, Waafi’s vision is ‘to bring Islamic banking to every corner of the globe’ and provide Muslims with access to financial solutions that align with their faith.
Unlike other banks, which invest, leverage and loan out client deposits, The Bank of London, keeps all client money in full with the Bank of England.
This supports Waafi Bank’s mission to ensure fair, accessible and trustworthy banking that provides Muslims with access to financial solutions aligning with their faith.
“From the very first meeting, The Bank of London understood our needs when it comes to providing Shariah-compliant accounts. 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.” – Dr Ashraf Iqbal, Waafi Bank Chairman.
“We are pleased to announce Waafi as a client partner and play our part in supporting their move into the UK market. For businesses like Waafi seeking a bank partner they can trust, our operating model aligns with and supports their growth ambitions. We look forward to building on our relationship with Waafi as it continues to expand its offering.” – Felipe Hillard, The Bank of London Chief Client Officer.
About The Bank of London
The Bank of London is a principal UK clearing bank. With a ‘safer by design’ approach different to other banks, no deposits with the bank are loaned, invested, or leveraged. All client money is held securely at the Bank of England, available on demand.
The bank provides business-to-business banking solutions including:
- Agency, clearing, payment and settlement solutions;
- Embedded Banking (BaaS), making it possible for companies to embed regulated banking products into their own customer offerings, under their own brand and powered by the bank’s licence and platform;
- Commercial Banking, serving SMEs as well as corporate, government and institutional clients;
The Bank of London is authorised by the Bank of England’s Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
For more information visit: www.thebankoflondon.com, contact us at client.partners@thebankoflondon.com or follow us on X or Instagram at @thebankoflondon.
Enquiries:
The Bank of London
Gavin Haycock
gavin.haycock@thebankoflondon.com
Sodali
Andy Smith
