Gatehouse Bank
Gatehouse Bank PLC (بوابة البيت) is a UK regulated bank headquartered in the City of London, with offices in Milton Keynes and Wilmslow.
 | |
| 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 is a Shariah-compliant challenger bank which is a subsidiary of the Gatehouse Financial Group Limited. It is authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority (FCA). Founded in 2007, the Bank operates in accordance with Shariah principles, offering savings products and finance for UK commercial and residential real estate. It also sources and advises on UK real estate investments with a focus on the build to rent and 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 stable way which shares risk and reward equitably. No funds are invested in non-Shariah compliant industries such as arms, alcohol, tobacco, and adult entertainment. Gatehouse Bank is a founding signatory of the UN Principles for Responsible Banking.
Gatehouse has been part of the UK private rented sector (PRS) since 2014 with the aim of addressing 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.
Leadership
Fahed Boodai – Chairman
Gerald Gregory – Deputy Chairman
Abdulaziz Saud AlBader – Vice Chairman
Andy Gray – 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 (Subject to Regulatory approval)
Products and services
Gatehouse Bank provides a range of property finance solutions across England and Wales for UK residents, expats, and international residents. The Bank’s home purchase plans offer a Shariah-compliant alternative to mainstream mortgages. It also offers Buy-to-Let purchase plans, as a Shariah-compliant alternative for landlords. Over the last few years, the Bank has also established itself as a leader in the Build to Rent sector.
Gatehouse Bank is known for offering market-leading rates on its savings accounts, 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 native UK species tree in UK woodland. The woodland projects are certified by the UK government’s Woodland Carbon Code, which delivers externally verified projects, certified by UKAS accredited bodies to ISO standards, that offer tangible social and environmental benefits, including registered carbon credits.
In 2022, the Bank launched a mobile savings app available on iOS and Android. 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 September 2022, Gatehouse Bank announced that it had surpassed £1bn in financed assets. This milestone followed record levels of profitability the previous year, with total pre-tax profit reaching £3.6m and an income increase of 30% to £28.5m (2020: £22.7m). Gross assets under management grew by 24% to £1.03bn (2020: £824.8m).
Gatehouse Bank’s first Private Rented Sector (PRS) fund was sold to Goldman Sachs for £150m – the first sale of its kind. 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.
Despite economic headwinds, Gatehouse Bank achieved significant growth in 2021 by expanding its ethical product offerings. 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. Gatehouse’s home finance offerings saw a robust 40% portfolio growth to £762m.
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.
Considerable growth was also achieved by the launch of the award-winning Woodland Saver product, with total deposits growing by 28% in 2021 to £897m. As of February 2022, Gatehouse Bank has planted 12,500 trees in woodland projects across the UK.
In September 2022, Gatehouse Bank announced that it had surpassed £1bn in financed assets.
Awards
2022 Moneyfacts Awards – Best Fixed Account Provider
2022 International Business Magazine Awards – Best Shariah-Compliant Bank, UK
2022 International Business Magazine Awards – Best Corporate Social Responsibility Bank, UK
2022 Moneynet Awards – Best Ethical Savings Provider
2021 MoneyAge Awards – Savings Account Provider of the Year
2021 Global Islamic Finance Awards (GIFA) – Best Islamic Bank for Property & Real Estate Finance
2021 Moneyfacts Awards – Innovation in Personal Finance (Green Saver)
Highly Commended for Best Fixed Account Provider
2021 Moneycomms Awards – Top Performer for Best Ethical Savings Initiative (Green Saver)
2021 Moneynet Awards – Best Ethical Savings Provider
2020 Islamic Finance News Awards – Best Islamic Bank in the UK
2020 Moneynet Awards – Best Ethical Savings Provider
2020 Global Islamic Finance Awards (GIFA) – Best Islamic Bank for Property & Real Estate Finance
2020 Moneycomms Awards – Top Performer for Best Fixed Term Deposit Provider
2020 Moneyfacts Awards – Commended, Best Internet Account Provider – Commended, Best Fixed Account Provider – Commended, Best Bank Savings Provider
2019 Moneynet Awards – Best New Savings Provider
2019 Islamic Retail Banking Award (IRBA) – Best Islamic Home Financing Platform
2019 Moneyfacts Awards – Highly Commended for Best Internet Account Providers
2019 Global Islamic Finance Awards (GIFA) – Special Award (Leadership Role) – Charles Haresnape, CEO, Gatehouse Bank
2019 Global Islamic Finance Awards (GIFA) – Best Islamic Savings Products
2019 Arabian Business London Awards – Award for Business
2018 Credit Financier Invest (CFI) Awards – Best Shariah-compliant Home Finance Bank UK
2018 Global Islamic Finance Awards (GIFA) – Best Islamic Investment Bank