The Bank of London has announced that it was selected by Waafi Bank , a startup financial institution from Malaysia, to serve as its banking services provider in the UK. In a bid to enter the UK market with its Shariah-compliant banking offering, Waafi Bank selected the Bank of London as its banking services provider in the region.

Waafi Bank is committed to providing Islamic banking worldwide and offering Muslims access to financial solutions that align with their faith, while also serving their needs and demands. The decision to partner with the Bank of London can be attributed to the latter’s capability of keeping all client funds in full, contrasting to other bank practices where customer deposits are either invested, leveraged, or loaned out. The current move assists Waafi Bank’s mission to ensure fair, accessible, and transparent banking for Muslims. When it comes to the announcement, representatives from the startup bank underlined that the collaboration with the Bank of London is set to allow their financial institution to expand its business into the UK market. At the same time, officials from the Bank of London mentioned that having Waafi Bank as a client partner enables the financial institution to contribute to the latter’s entry into the UK.

Also, the Bank of London’s operating model falls in line with and assists the development strategies of businesses like Waafi, which aim to utilise the bank as a partner and utilise its solutions. The UK-based financial institution intends to centre its efforts on facilitating Waafi’s expansion, while the startup concentrates on growing its offering. The Bank of London’s banking offering for the B2B sector As a principal UK clearing bank, the Bank of London focuses on delivering a safer by-design approach, with the financial institution holding clients’ money securely and providing it on demand.

The financial institution offers business-to-business (B2B) banking solutions including clearing, payment, and settlement services with real-time access to payment infrastructure and interbank networks via API and Online Banking, as well as Embedded Banking, which allows companies to integrate regulated banking products into their own customer offerings, under their brand and enabled by the Bank of London’s licence and platform. .