Gatehouse Bank Teams Up with Algbra Labs for Revolutionary Shariah-Compliant Digital Innovation
In a significant move to enhance digital banking solutions, Algbra Group and its FinTech-as-a-Service division, Algbra Labs, have announced a strategic partnership with Gatehouse Bank. This collaboration aims to facilitate the bank’s next phase of digital transformation and improve services for customers seeking ethical financial options.
About Gatehouse Bank
Gatehouse Bank is a renowned Shariah-compliant financial institution based in the UK. Known for its ethical savings and residential property finance products, the bank serves a diverse clientele, including:
- UK residents
- Expats
- International homebuyers and landlords
These services specifically target individuals interested in properties across England and Wales.
Algbra Labs: Leading the Way in Digital Banking
Headquartered in the UK, Algbra Labs specializes in delivering comprehensive digital banking solutions. The company has previously developed its own consumer banking platform and played a pivotal role in creating Shoal, a sustainable finance platform in partnership with Standard Chartered Ventures.
New Digital Account for Overseas Investors
The main focus of this collaboration is to launch a digital account tailored for overseas customers aiming to invest in UK property. This initiative seeks to:
- Simplify the customer experience
- Encourage participation in the UK’s Islamic finance market
The Growth of Islamic Finance in the UK
Recent research from Gatehouse Bank highlights that the UK is a key hub for Islamic finance in the Western world. The sector is projected to grow from approximately $7.5 billion in 2024 to $9 billion by 2030. However, the bank’s findings also reveal that a large portion of the Muslim population in the UK remains underserved, with over 50% never having accessed a Home Purchase Plan.
Expertise and Vision
Algbra’s extensive experience in creating regulated digital banking platforms has established the company as a reliable partner for Islamic finance solutions. Algbra’s CEO, Zeiad Idris, stated:
“Algbra was founded with the mission of building exceptional technology, specifically designed to serve underrepresented communities. Partnering with Gatehouse Bank, an established and growing Islamic Finance provider, is a significant milestone in advancing that mission and we are excited to support their work and bring innovative, ethical financial solutions to more people.”
Collaboration’s Future Goals
Gatehouse Bank’s CEO, Charles Haresnape, expressed enthusiasm about the partnership, emphasizing:
“While there are many vendors in the market, Algbra Labs stands out due to their strong track record of building Shariah-compliant technology. Their expertise and innovation align perfectly with our vision for growth, and we look forward to working together to help more people seeking Shariah-compliant finance achieve their aspirations.”
For more information on Islamic finance options, visit Gatehouse Bank or explore Algbra Labs for their latest innovations in digital banking.
