Waafi Bank, a Malaysia-based start-up founded in 2020, has chosen The Bank of London, a leading global clearing, agency, and transaction bank, as its banking services provider.
This partnership supports Waafi’s ambitious plans to enter the UK market with a Shariah-compliant banking offering, according to FF News.
The collaboration aims to help Waafi Bank expand its Islamic banking solutions into the UK. Waafi Bank is dedicated to offering financial products that align with Islamic principles, ensuring that all financial dealings are Shariah-compliant, making this partnership crucial for its mission.
Waafi Bank, launched in 2020, has a vision to bring Islamic banking to every corner of the world. Its goal is to provide Muslims with access to financial solutions that align with their faith. As a Shariah-compliant bank, Waafi focuses on fair, accessible, and trustworthy banking services for its clients.
On the other hand, The Bank of London operates under a unique model. Unlike many traditional banks, it does not invest, leverage, or loan out client deposits.
All client funds are kept in full with the Bank of England, ensuring complete transparency and security. This operating model perfectly aligns with Waafi Bank’s requirements for a banking partner.
The Bank of London will play a vital role in supporting Waafi Bank’s expansion into the UK by providing essential banking services that fit within Islamic banking principles. This partnership is part of Waafi’s broader strategy to reach new markets and offer Muslims access to ethical financial services.
Dr Ashraf Iqbal, Waafi Bank’s chairman, expressed excitement about the collaboration, stating, “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.”
Adding to this, Felipe Hillard, The Bank of London’s chief client officer, highlighted the significance of the partnership, saying, “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.”
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