 | |
| Type | Public limited company |
|---|---|
| Industry | Investment Banking, Financial services |
| Founded | 2007 (London) |
| Headquarters | , London, United Kingdom |
Area served | Worldwide |
Key people | Fahed Boodai (Chairman), Charles Haresnape (CEO) |
| Products | Finance, investment banking, wealth management, real estate, Shariah advisory |
| Total assets | £1.2bn |
Number of employees | 201 |
| Website | www |
Gatehouse Bank PLC (بوابة البيت) is a UK regulated bank headquartered in London, with additional offices in Milton Keynes and Wilmslow.1
Gatehouse Bank was founded in 20072 and is a Shariah-compliant challenger bank which is a subsidiary of the Gatehouse Financial Group Limited.3 It is authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA4 and the Financial Conduct Authority (FCA).5 6The Bank operates in accordance with Shariah principles, offering savings products7 and finance for UK commercial and residential real estate.8 Through its subsidiary, Gatehouse Investment Management, it also sources and advises on UK real estate investments9 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 principles10 of transparent, fair, and socially responsible banking. This includes operating in a way which shares risk and reward equitably.11 No funds are invested in non-Shariah compliant industries such as arms, alcohol, tobacco, and adult entertainment.12 In 2019, Gatehouse Bank joined 129 founding members from around the world in becoming a founding signatory to the UN Principles for Responsible Banking.13
14Gatehouse has been 15 the UK private rented sector (PRS) since with the aim of address16 the nation’s In17December 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
Leadership
Fahed Boodai – Chairman18
Gerald Gregory – Deputy Chairman19
Abdulaziz Saud AlBader – Vice Chairman20
Andy Gray – Non-Executive Board Member21
Lesley Beecher – Non-Executive Board Member22
Charles Haresnape – Chief Executive Officer23
Danesh Mahadeva – Chief Financial Officer24
Dr Usman Chaudry – Chief Risk Officer25
Paul Stockwell – Chief Commercial Officer26
Tim Blease – Chief Information & Transformation Officer27
Tracey Bailey – Chief Operating Officer28
Andy Homer – Chief Customer Officer29
Mohaimin Chowdhury – Chief Legal Officer30
Joanna Collings – Chief People Officer31
Products and Services
Gatehouse Bank provides a range of property finance solutions across England and Wales for UK residents, expats and international residents.32 The Bank’s home purchase plans33 offer a Shariah-compliant alternative to mainstream mortgages. It also offers Buy-to-Let purchase34 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 subsidiary, Gatehouse Investment Management launched in 2023 to bring its Build to Rent services under one roof.35
Gatehouse Bank is known for offering market-leading rates on its savings accounts,36 which offer an Expected Profit Rate (EPR) rather than an Annual Equivalent Rate (AER).37 Its Woodland Saver accounts are designed to support UK woodland growth, as for every account opened or renewed, Gatehouse plants a native UK species tree in a certified UK woodland project.38 These are certified by the UK government’s Woodland Carbon Code,39 which delivers externally verified projects, certified by UKAS accredited bodies to ISO standards,40 that offer tangible social and environmental benefits, including registered carbon credits.41
In 2022, the Bank launched a mobile savings app available on iOS and Android.42 The app allows existing customers to view their account details and balance, recent transactions, and withdraw or transfer funds between Gatehouse Bank savings accounts.43
Recent Growth
In June 2023, Gatehouse Bank announced that it had surpassed £8bn in post-tax profits.44 This milestone followed record levels of growth with a 30% rise in total asset value, now totaling £1.3bn (2021: 1.03bn) 45
Gatehouse Bank’s first Private Rented Sector (PRS) fund was sold to Goldman Sachs in January 2021 for £150m – the first sale of its kind at the time.46 The Bank’s second PRS portfolio, named DifRent,47 comprises 750 fully let homes in eight sites in locations around the UK. A third PRS fund to deliver 2,500 rental homes for families across the UK was launched as a £500m joint venture with Texas Pacific Group.48
Despite economic headwinds, Gatehouse Bank achieved significant growth in 2021 by expanding its ethical product offerings.49 On the home finance front, the Bank launched a series of higher finance to value products to assist UK homebuyers with smaller deposits, as well as first-time buyers.50 Gatehouse’s home finance offerings saw a robust 40% portfolio growth to £762m.51
That same year, the Bank announced the launch of a £500m joint venture with TPG Real Estate Partners to enable construction of up to 2,500 purpose-built family rental homes across the North and Midlands.52
Gatehouse Bank increased its equity stake in Ascend Estates Limited, which was brought to a 100% holding earlier this year. This significant property management company forms part of the end-to-end platform.53
Considerable growth was also achieved by the launch of the award-winning Woodland Saver product,54 with total deposits growing by 28% in 2021 to £897m.55 As of February 2023,56Gatehouse Bank has planted over 30,000 trees in woodland projects across the UK.57
In September 2022, Gatehouse Bank announced that it had surpassed £1bn in financed assets.58
Awards
https://gatehousebank.com/about-us/awards-and-accolades
- 2023 MoneyComms Award – Best Ethical Cash ISA Provider76
- 2022 Moneyfacts Awards – Best Fixed Account Provider59
- 2022 International Business Magazine Awards – Best Shariah-Compliant Bank, UK60
- 2022 International Business Magazine Awards – Best Corporate Social Responsibility Bank, UK61
- 2022 Moneynet Awards – Best Ethical Savings Provider62
- 2021 MoneyAge Awards – Savings Account Provider of the Year63
- 2021 Global Islamic Finance Awards (GIFA) – Best Islamic Bank for Property & Real Estate Finance64
- 2021 Moneyfacts Awards – Innovation in Personal Finance (Green Saver)65
- Highly Commended for Best Fixed Account Provider
- 2021 Moneycomms Awards – Top Performer for Best Ethical Savings Initiative (Green Saver)66
- 2021 Moneynet Awards – Best Ethical Savings Provider67
- 2020 Islamic Finance News Awards – Best Islamic Bank in the UK68
- 2020 Moneynet Awards – Best Ethical Savings Provider69
- 2020 Global Islamic Finance Awards (GIFA) – Best Islamic Bank for Property & Real Estate Finance70
- 2020 Moneycomms Awards – Top Performer for Best Fixed Term Deposit Provider71
- 2020 Moneyfacts Awards – Commended, Best Internet Account Provider – Commended, Best Fixed Account Provider – Commended, Best Bank Savings Provider72
- 2019 Moneynet Awards – Best New Savings Provider73
- 2019 Islamic Retail Banking Award (IRBA) – Best Islamic Home Financing Platform74
- 2019 Moneyfacts Awards – Highly Commended for Best Internet Account Providers75
- 2019 Global Islamic Finance Awards (GIFA) – Special Award (Leadership Role) – Charles Haresnape, CEO, Gatehouse Bank76
- 2019 Global Islamic Finance Awards (GIFA) – Best Islamic Savings Products77
- 2019 Arabian Business London Awards – Award for Business78
- 2018 Credit Financier Invest (CFI) Awards – Best Shariah-compliant Home Finance Bank UK79
- 2018 Global Islamic Finance Awards (GIFA) – Best Islamic Investment Bank80