Waafi Bank selects The Bank of London as banking services provider
02 September 2024 UK
Image: Victor/stock.adobe.com
Waafi Bank, a Malaysian start-up bank, has selected The Bank of London 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.
The Bank of London keeps all client money in full with the Bank of England, available on demand, which supports Waafi’s mission, the entities say.
Ashraf Iqbal, chairman at Waafi Bank, says: “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.”
Felipe Hillard, chief client officer at The Bank of London, adds: “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.”
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.
The Bank of London keeps all client money in full with the Bank of England, available on demand, which supports Waafi’s mission, the entities say.
Ashraf Iqbal, chairman at Waafi Bank, says: “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.”
Felipe Hillard, chief client officer at The Bank of London, adds: “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.”
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