
Shariah-compliant Gatehouse Bank has opened a customer service centre in Milton Keynes, which is set to help it achieve its .
The bank's growth plans include a new strategy focusing on the launch of 'home finance', alongside its current buy-to-let products and development/build-to-rent division.
The new office will accommodate the plans and recruitment drive, which it aims to step up in the months ahead.
The Department for International Trade provided the bank with key market data to help source growth opportunities across the UK.
Charles Haresnape, CEO at Gatehouse Bank (pictured top, left), was joined by Fahed Boodai, chairman at Gatehouse Bank (right), and the mayor of Milton Keynes, councillor David Hopkins (centre), who all delivered speeches before the ceremonial ribbon cutting.
Also in attendance were Michael Davenport, the British ambassador to Kuwait, and representatives from the UK government, Kuwaiti embassy and the business community.
Charles said: “We have big plans for Gatehouse Bank and our new Milton Keynes office will be key in helping us to achieve them.
“We are seeking to grow all areas of the business, but shariah-compliant home finance will be a particular focus.
“We believe this is a hugely untapped market and one that – being fundamentally ethical – will resonate with Muslims and non-Muslims alike.”
[caption id="attachment_4359" align="alignnone" width="560"] Charles Haresnape, CEO at Gatehouse Bank[/caption]
Speaking at the opening, Charles said: “…There are three million Muslims in the UK.
“And actually, when you think about personal finance for people [who] would really prefer a sharia-compliant finance facility, there is very, very little choice, with [only] one or two lenders actually in that space.
“So, we're coming in with our challenger bank mentality and you'll see [that] the new [executive committee] we've put together is almost entirely from that challenger bank background.”
Charles added that London was the biggest sharia financial centre in the world for commercial finance outside of the sharia countries.
“We need to capitalise on that, we need to make that a better-known fact and we need to bring personal finance into that space.”
Fahed added: “As chairman, I applaud the choice of location and am delighted to see the continuing inward investment from Kuwait into the UK.
“I see more opportunity in the future to work together, whether it be build-to-rent, commercial financing or the development of the shariah-compliant home finance market.”
-
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
-
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
-
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
-
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
-
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
-
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
-
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
-
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
-
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
-
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
-
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...