@Halal September/October 2021 | Page 7

Nomo provides Syariah-compliant investment opportunities
September-October . 2021 | @ Halal

Foreign News

07

World ’ s first Islamic international digital bank

Nomo provides Syariah-compliant investment opportunities
BOUBYAN BANK Group announced the launch of Nomo , a fully licensed and regulated UK Islamic digital bank catering for customers with a global financial outlook .
Nomo has launched as a brand name of the UK-based Bank of London and The Middle East ( BLME ), in which Boubyan Bank is a majority shareholder .
Nomo has been developed to accommodate a growing segment of individuals in the Middle East with international banking needs . With ease and assurance , Nomo provides a digital solution for accessing , moving , and investing money in the UK and internationally .
Eligible customers from Kuwait will be able to open their new UK account in minutes through the cutting-edge and intuitive Nomo iPhone app , providing them with the ability to make seamless international payments in GBP (£) and USD ($) and transact through a virtual and / or digital MasterCard debit card .
Nomo provides shariah-compliant investment opportunities
Nomo also caters to its customers through a range of innovative digital banking products .
Boubyan Bank Group CEO and BLME Chairman Adel Al-Majed , said : “ Nomo part of BLME is a fully licensed UK bank , offering a unique opportunity for customers to benefit from one of the most prestigious banking systems in the world .
As well as daily banking services , Nomo provides Shariah-compliant investment opportunities by offering fixed-term deposits . Boubyan Group has proudly pioneered this state-of-the-art digital bank that offers

Nigeria seeks US $ 150 billion halal industry inflow

Islamic digital banking services accessible from any where in the world .
“ Most Islamic banks across the wider GCC region are behind the global digital curve regarding the digital products and services being offered to customers .
“ Nomo aims to propel Islamic digital banking towards a more innovative future where the priority is customer convenience on an international scale .
“ To achieve this , we ’ ve put together a carefully selected team of global digital banking and payments experts to help us create the future of Islamic international digital banking .”
Andrew Ball , CEO of BLME , said : “ UK banks are admired worldwide for their stability , resilience and high levels of governance . Digitisation will enable customers in the Middle East to open and enjoy the benefits of a UK bank account in the knowledge that it also meets their Shariah principles and beliefs .
“ In Nomo , we have brought together an impressive team from global digital and neo banks with a depth of experience in creating digitised banking systems .
“ We have made substantial progress in a short time , and I look forward to working with the team as we continue to build the bank .”
Nomo is a trading name of BLME , which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority .
Boubyan Bank Group acquired a majority shareholding in BLME Holdings plc in 2020 .

Pertamina ’ s halal certification assistance programme

ABUJA CHAMBER of Commerce and Industry ( ACCI ) was optimistic about attracting investment worth US $ 150 billion to Nigeria from the Middle East through the halal industry by leveraging its International Halal Expo .
According to the President of ACCI , Dr Al-Mujtaba Abubakar , the investment would target Nigeria ’ s cosmetics , pharmaceutical and tourism segments . He believed that the expo , scheduled for Sept 14-16 , 2021 in Abuja , would also serve as a gateway to attract new businesses for Nigeria and Africa at large .
He revealed that the country is currently doing about US $ 50 billion worth of trade in the halal industry and explained that the halal business also comprises assets of commerce , banking and production where companies in Nigeria can benefit from forging new businesses .
Al-Mujtaba said they had been working on the expo for months and strived to make it successful . The event , jointly organised by the Abuja Trade Centre ( ATC ), has attracted interest from several African countries and the Middle East .
The president stated that they already communicated with organisations in Taiwan , Malaysia , Jordan , Morocco and Algeria and planned to have the expo yearly .
The Executive Director of the Abuja Trade Centre ( ATC ), Jude Chime , said that Nigerian companies trade primarily in the beverage and food industry . He urged Nigerian companies to leverage the opportunities
the platform provides . He also revealed that they would be signing a Memorandum of Understanding ( MoU ) to expand their trade in the halal industry .
He said : “ We are targeting the tourism , pharmaceutical and cosmetics industry . Nigeria is going to benefit a lot from this expo investment-wise .”
He highlighted that many foreign companies in the Middle East find ways to get into the Nigerian market . The companies did not just plan to bring in their products but also set up their manufacturing activities in Nigeria .
He stated that through the halal certification , the expo would also give exporters in the country the opportunity to break into the Middle East markets .
He said the MoU would go a long way in increasing the acceptability of Nigerian products , and it was most important for Nigerian products to obtain halal certification .
“ It is a wonderful platform to help promote export , especially for our exporters and manufacturers ,” said Jude .
The first Deputy President , Nigerian Association of Chambers of Commerce , Industry , Mines and Agriculture ( NAC- CIMA ), Dele Oye , said the halal expo promotes trade and investments taking cognisance of religion to reach a broader market .
He called upon the business community members to make the most out of the opportunity while restating NACCIMA ’ s commitment to supporting the expo .
PT PERTAMINA ’ S efforts in supporting its fostered micro and small enterprises ( MSEs ) to upgrade are becoming more concrete .
Through the 2021 UMK Academy event , Pertamina wants to increase foster partners who have various certificates and business permits . In addition , they are also proving the quality of Pertamina ’ s fostered products .
Acting Senior Vice President of Corporate Communications & Investor Relations of Pertamina , Fajriyah Usman , said this step is proven in the assistance of 15 fostered partners who registered for halal certificates after the UMK Academy event in 2020 .
“ All of them managed to get a halal certificate with the value of Halal Assurance System ( HAS ) Status A ,” she said .
For this reason , continued Fajriyah , Pertamina is committed to providing assistance of certificates and business permits management for UMK Academy 2021 participants .
Not only receiving certificates but also getting a good score . “ This value proves that Pertamina ’ s fostered products are of high quality ,” she added .
A more detailed explanation of how to get maximum results were presented by Prof Dr Irwandi Jaswir and Elvina A . Rahayu from I & E Halal Lead Consultant . According to him , there are 11 criteria for the halal assurance system ( SJH ) to get maximum output .
“ That is establishing halal policies in all parts of the business , having a halal management team , training and education , selection of halal materials , products , and production facilities ,” explained Irwandi .
“ They also need written procedures for critical activities , traceability , handling of inappropriate products , internal audits , and management reviews .”
One of the MSEs receiving the halal certification is Asmah Mappanganro . The owner of the Conutcos business is grateful to have succeeded in obtaining halal certification from LPPOM-MUI .
“ Alhamdulillah , thank you Pertamina . Hopefully , this halal certificate can increase consumer confidence in our products ,” he said .
Besides Asmah , there is also Ico Ordhiana . The owner Iwa-Qu frozen food products from the beginning were optimistic that he would get the halal certificate .
It is because all the ingredients used to process their products are guaranteed to be halal . After all , the products use majorly fresh fish .
“ Thank you also to Pertamina . Hopefully , our marketing can expand even more ,” he said .
According to Fajriyah , through the MSE Funding Programme , Pertamina wants to provide energy that can move the economy- -energy that fuels and energy that produces sustainable growth .
Pertamina continues to support SDGs ( Sustainable Development Goals ) achievement by implementing ESG ( Environmental , Social , and Governance ) -based programmes in all operational areas .
It is part of the social and environmental responsibility to realise economic benefits in the community .