Gatehouse Bank, with a majority ownership held by Kuwaiti shareholders, has been honored with the prestigious “Best Islamic Bank in the United Kingdom” award by Islamic Banking News Company IFN, a global leader in Islamic banking media and publishing. Based in London, Gatehouse was nominated for the award by a panel of judges who assessed various criteria, including product offerings, customer service, contributions to the Muslim community, and adherence to ethical principles.
The company, which operates in accordance with Islamic Sharia principles, was selected as the recipient of the award through a survey conducted on the IFN website, where readers voted for the best banks of 2023. This recognition comes following a successful financial year for Gatehouse Bank, marked by robust growth and profits totaling £8.1 million after tax in 2022, reports Al-Jarida daily.
Key financial milestones achieved by Gatehouse Bank by the end of December 31, 2022, include obtaining an investment-grade credit rating with a stable long-term outlook from Moody’s Investors Service. This rating was attributed to Gatehouse Bank’s strong capital base, robust liquidity lines, and its leading position as a Sharia-compliant British bank. Additionally, Gatehouse increased its ownership stake in Ascend Estates Limited, a prominent real estate management company, to 100 percent.
The establishment of the Gatehouse Build to Rent Group in early 2023 further solidified the bank’s presence in the build-to-rent sector, bringing together Gatehouse Investment Management and Ascend under one integrated platform for acquisitions, structuring, leasing, and management.
Gatehouse Bank has remained committed to its environmental, social, and governance (ESG) responsibilities in alignment with the UK’s goal of achieving net-zero carbon emissions by 2050. The bank has surpassed £1 billion in total retail savings and residential finance assets.
Fahd Boodai, Chairman of the Board of Directors and Founder of Gatehouse, expressed pride in the bank’s growth trajectory and its role in providing innovative real estate financing solutions in the UK. He emphasized the significance of winning the “Best Islamic Bank in the United Kingdom” award as a testament to Gatehouse’s maturity and success.
Charles Haresnape, CEO of Gatehouse, expressed gratitude for being recognized as a leader in the Sharia-compliant banking sector in the UK. He extended appreciation to the IFN team and voters for their support and reaffirmed the bank’s commitment to providing competitive and ethical financing and savings products while focusing on ESG obligations and expansion in the build-for-rent market to meet growing demand for Sharia-compliant opportunities.
