| Gatehouse Bank PLC | |
| Type: | Public limited company |
| Area Served: | Worldwide |
| Key People: | Fahed Boodai (Chairman), Charles Haresnape (CEO) |
| Industry: | Investment Banking, Financial services |
| Products: | Finance, investment banking, wealth management, real estate, Shariah advisory |
| Location City: | London |
| Location Country: | London, United Kingdom |
| Foundation: | 2007 (London) |
| Assets: | £1.2bn |
| Num Employees: | 201 |
Gatehouse Bank PLC (بوابة البيت) is a UK regulated Islamic bank headquartered in London, with additional offices in Milton Keynes and Wilmslow.[1]
Gatehouse Bank was founded in 2007[2] and is a Shariah-compliant challenger bank which is a subsidiary of Gatehouse Financial Group Limited.[3] It is authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority (FCA). The Bank operates in accordance with Shariah principles, offering savings products[4] and finance for UK commercial and residential real estate.[5] Through its subsidiary, Gatehouse Investment Management, it also sources and advises on UK real estate investments[6] with a focus on Build to Rent and the private rented sector.
Gatehouse Bank’s business and operations are conducted in accordance with the Shariah principles of transparent, fair, and socially responsible banking. This includes operating in a way which shares risk and reward equitably. No funds are invested in non-Shariah compliant industries such as arms, alcohol, tobacco, and adult entertainment.[7] In 2019, Gatehouse Bank joined 129 founding members from around the world in becoming a founding signatory to the UN Principles for Responsible Banking.[8]
Gatehouse has been in[9] the UK private rented sector (PRS) since 2014 with the aim to address[10] the nation’s housing shortage. In December 2015, Lord O'Neill, Commercial Secretary to the Treasury and the Regeneration Investment Organisation (RIO), which is part of UK Trade & Investment (UKTI), singled out Gatehouse's PRS programme as a model for how foreign investment can help alleviate the UK's housing crisis.[11]
Leadership
Fahed Boodai – Chairman[12]
Gerald Gregory – Deputy Chairman
Abdulaziz Saud AlBader – Vice Chairman
Lesley Beecher – Non-Executive Board Member
Charles Haresnape – Chief Executive Officer
Danesh Mahadeva – Chief Financial Officer
Dr Usman Chaudry – Chief Risk Officer
Paul Stockwell – Chief Commercial Officer
Tim Blease – Chief Information & Transformation Officer
Tracey Bailey – Chief Operating Officer
Andy Homer – Chief Customer Officer
Mohaimin Chowdhury – Chief Legal Officer
Joanna Collings – Chief People Officer
Products and Services
Gatehouse Bank provides a range of property finance across England and Wales for UK residents, expats and international residents.[13] The Bank’s home purchase plans[14] offer a Shariah-compliant alternative to traditional mortgages. It also offers Buy-to-Let purchase[15] plans, as a Shariah-compliant alternative for landlords. Over the last few years, the Bank has also established itself in the Build-to-Rent sector, with its subsidiary, Gatehouse Investment Management, launched in 2023.[16] As of March 2023, Gatehouse Bank has a 100% holding in property management provider, Ascend Estates Limited.[17]
In 2022, the Bank launched a mobile savings app available on iOS and Android.[18] The app allows existing customers to view their account details and balance, recent transactions, and withdraw or transfer funds between Gatehouse Bank savings accounts.
Recent Growth
In 2021, Gatehouse Bank launched a series of higher finance to value products to assist UK first-time buyers or homebuyers with smaller deposits.[19] Gatehouse’s home finance offering saw a 40% portfolio growth to £762m.[20]
In 2022, the Bank announced that it had surpassed £1bn in financed assets.[21]
In June 2023, Gatehouse Bank announced that it had surpassed £8mn in post-tax profits for the previous financial year.[22] This milestone followed record levels of growth with a 30% rise in total asset value, now totalling £1.3bn (2021: 1.03bn).[23]
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