Algbra Group and its Fintech-as-a-Service division, Algbra Labs, have announced a partnership with Gatehouse Bank to deliver the next stage of the bank’s digital transformation strategy.
Gatehouse Bank is a Shariah-compliant, UK Bank offering ethical savings products for UK customers and residential property finance “in England and Wales for UK Residents, UK Expats and International homebuyers and landlords.”
Algbra Labs is a UK-headquartered financial technology company that offers its “full-stack proprietary technology as a turnkey digital banking solution, having previously built Algbra’s UK B2C proposition and more recently Shoal, Standard Chartered Venture’s sustainable finance platform in the UK.”
The partnership between Gatehouse Bank and Algbra will involve creating a new digital account “for overseas residents looking to invest in UK property, aiming to deliver an improved customer experience and facilitating greater investment in the UK’s growing Islamic finance sector.”
According to Gatehouse Bank’s latest research, the UK “is a leading Western hub for Islamic finance, with the sector projected to grow from an estimated $7.5 billion in 2024 to US$9 billion by 2030.”
However, previous research conducted “by the Bank in 2024 also revealed the prevailing untapped opportunities in the market, as over half of UK consumers of the Muslim faith have never taken out a Home Purchase Plan.”
Algbra reportedly has a track record of building “regulated digital banking platforms in the UK, including Algbra’s own proposition and, more recently, the successful launch of Shoal in partnership with Standard Chartered.”
Zeiad Idris, CEO of Algbra said:
“Algbra was founded with the mission of building exceptional technology, specifically designed to serve underrepresented communities. Partnering with Gatehouse Bank, an established and growing Islamic Finance provider, is a significant milestone in advancing that mission and we are excited to support their work and bring innovative, ethical financial solutions to more people.”
Charles Haresnape, CEO of Gatehouse Bank, commented:
“While there are many vendors in the market, Algbra Labs stands out due to their strong track record of building Shariah-compliant technology. Their expertise and innovation align perfectly with our vision for growth and we look forward to working together to deliver our common goal: to help more people seeking Shariah-compliant finance achieve their aspirations.”
