Gatehouse Bank Explained

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 solutions 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]

Gatehouse Bank is known for offering competitive rates on its savings accounts,[18] which offer an Expected Profit Rate (EPR) rather than an Annual Equivalent Rate (AER). Its Woodland Saver accounts are designed to support UK woodland growth, as for every account opened or renewed, Gatehouse plants a tree in a certified UK woodland project.[19] These are certified by the UK government’s Woodland Carbon Code,[20] which delivers externally verified projects, certified by UKAS accredited bodies to ISO standards, that offer tangible social and environmental benefits, including registered carbon credits.

As of February 2023,[21] Gatehouse Bank has planted over 30,000 trees in woodland projects across the UK.

In 2022, the Bank launched a mobile savings app available on iOS and Android.[22] 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.[23] Gatehouse’s home finance offering saw a 40% portfolio growth to £762m.[24]

In 2022, the Bank announced that it had surpassed £1bn in financed assets.[25]

In June 2023, Gatehouse Bank announced that it had surpassed £8mn in post-tax profits for the previous financial year.[26] This milestone followed record levels of growth with a 30% rise in total asset value, now totalling £1.3bn (2021: 1.03bn).[27]

Awards

References:

Notes and References

  1. Web site: Get in touch Contact Us . 2023-12-05 . Gatehouse Bank plc . en.
  2. Web site: FAQs Gatehouse Bank . 2023-12-05 . Gatehouse Bank plc . en.
  3. Web site: HOME . 2023-12-05 . gatehouse-group . en.
  4. Web site: UK Ethical savings accounts at competitive rates . 2023-12-05 . Gatehouse Bank plc . en.
  5. Web site: 2018-11-22 . Gatehouse Bank launches Commercial Property Finance . 2023-12-05 . Gatehouse Bank plc . en.
  6. Web site: Welcome . 2023-12-05 . Gatehouse Investment Management . en-GB.
  7. Web site: Solutions . Mortgage . 2023-08-14 . HPP, ESG and SDG: Getting to grips with Shariah-compliant finance – Clayton . 2023-12-05 . Mortgage Solutions . en.
  8. Web site: Signatories . 2023-12-05 . en-GB.
  9. Web site: PRS/Build to rent . 2023-12-05 . Gatehouse Bank plc . en.
  10. Web site: 2014-11-26 . Gatehouse Bank and Sigma Capital commence construction of largest… . 2023-12-05 . Gatehouse Bank plc . en.
  11. Web site: Media . Insider . 2015-12-09 . Sigma launches £114m second phase of PRS project . 2023-12-05 . Insider Media Ltd . en.
  12. Web site: Our Board of Directors About Gatehouse . 2023-12-05 . Gatehouse Bank plc . en.
  13. Web site: UK Ethical Banking, Savings & Finance . 2023-12-05 . Gatehouse Bank plc . en.
  14. Web site: Islamic Mortgage Alternative - buy a home . 2023-12-05 . Gatehouse Bank plc . en.
  15. Web site: Buy-to-Let mortgage alternatives . 2023-12-05 . Gatehouse Bank plc . en.
  16. Web site: Patel . Bea . 2023-06-20 . Gatehouse IM completes refinancing deal with LGIM . 2023-12-05 . BTR News . en-US.
  17. Web site: About Ascend properties . 2023-12-05 . Ascend Properties . en-GB.
  18. Web site: 2022-07-19 . Gatehouse Bank announces market-leading 1 and 2 year savings account… . 2023-12-05 . Gatehouse Bank plc . en.
  19. Web site: Competitive Woodland Saver accounts Gatehouse Bank . 2023-12-05 . Gatehouse Bank plc . en.
  20. Web site: Woodland Saver Tree Planting Scheme .
  21. Web site: Gatehouse Bank Annual Report .
  22. Web site: 2022-06-29 . Gatehouse Bank introduces new Savings App . 2023-12-05 . Gatehouse Bank plc . en.
  23. Web site: Tuahene . Shekina . 2022-08-09 . Gatehouse Bank's home finance portfolio surges 40 per cent to £762m . 2023-12-05 . Mortgage Solutions . en.
  24. Web site: Hay . Bryan . 2022-08-09 . Gatehouse Bank achieves 40% home finance portfolio growth fuelled by record originations . 2023-12-05 . The Intermediary - Latest UK mortgage news . en-GB.
  25. Web site: Gatehouse Bank exceeds £1bn in financed assets . 2023-12-05 . bridgingandcommercial.co.uk.
  26. Web site: 2022-09-05 . Gatehouse Bank surpasses £1 Billion in financed assets . 2023-12-05 . Gatehouse Bank plc . en.
  27. Web site: 2023-06-19 . Gatehouse Bank reports strong growth and robust financial performance . 2023-12-05 . Gatehouse Bank plc . en.
  28. Web site: Moneyfacts Award winners 2023 . 2023-12-05 . www.moneyfactsgroup.co.uk . en.
  29. Web site: Gatehouse Bank Named UK's Most Innovative and Best Islamic Bank . 2023-12-05 . ffnews.com.
  30. Web site: 2023-04-04 . Gatehouse Bank Named UK's Most Innovative and Best Islamic Bank . 2023-12-05 . Gatehouse Bank plc . en.
  31. Web site: 2023-08-29 . Top Performers - Money Comms . 2023-12-05 . moneycomms.co.uk . en-US.
  32. Web site: Business Awards Journal Business Magazine Awards - 2022 . 2023-12-05 . INTLBM . en-US.
  33. Web site: Moneynet Awards 2022 moneynet.co.uk : moneynet.co.uk . 2023-12-05.
  34. Web site: Griffiths . Michael . 2021-08-10 . MoneyAge Awards 2021 – winners announced . 2023-12-05 . Money Age . en.
  35. Web site: Moneyfacts Award winners 2021 . 2023-12-05 . www.moneyfactsgroup.co.uk . en.
  36. Web site: 2021-03-24 . MoneyComms recognises the Top Performers 2021 - Money Comms . 2023-12-05 . moneycomms.co.uk . en-US.
  37. Web site: Moneynet Awards 2021 moneynet.co.uk : moneynet.co.uk . 2023-12-05.
  38. Web site: 2021-01-12 . IFN - IFN Best Banks Poll 2020: A year of surprises . 2023-12-05 . Islamic Finance News . en-US.
  39. Web site: Moneynet Awards 2020 moneynet.co.uk : moneynet.co.uk . 2023-12-05.
  40. Web site: 2021-07-18 . Sharing the top savings deals & money tips - Money Comms . 2023-12-05 . moneycomms.co.uk . en-US.
  41. Web site: Moneyfacts Award winners 2020 . 2023-12-05 . www.moneyfactsgroup.co.uk . en.
  42. Web site: Moneynet Awards 2019 – Winners moneynet.co.uk : moneynet.co.uk . 2023-12-05.
  43. Web site: IRBA Past Winners .
  44. Web site: Moneyfacts Award winners 2019 . 2023-12-05 . www.moneyfactsgroup.co.uk . en.
  45. Web site: GIFA Winners . 2023-12-05 . gifaawards.com.
  46. Web site: Gatehouse . 2019-06-30 . FAHED BOODAI RECEIVES AWARD FOR BUSINESS AT FIRST ARABIAN BUSINESS LONDON AWARDS . 2023-12-05 . gatehouse-group . en.
  47. Web site: Gent . Oscar van . 2018-10-17 . Gatehouse Bank: Best Shariah-Compliant Home Finance Bank UK 2018 . 2023-12-05 . CFI.co . en-US.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Gatehouse Bank".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.