Algbra Group has announced a new partnership with Gatehouse Bank in a move set to accelerate the bank’s digital transformation and support the expansion of Islamic finance offerings in the UK.
The collaboration will see Algbra Labs – the fintech-as-a-service arm of Algbra – deliver a new digital platform aimed at overseas investors seeking Shariah-compliant property finance in England and Wales.
Gatehouse Bank, a UK-based Shariah-compliant institution, offers ethical savings products and residential property finance for a range of customers including UK residents, expats and international buyers. The partnership with Algbra is designed to streamline the onboarding and account opening process for overseas clients, making it easier for international investors to access Islamic finance solutions in the UK market.
Algbra Labs, which previously launched the sustainable finance platform Shoal in partnership with Standard Chartered Ventures, is providing a full-stack proprietary banking platform for the project. The company has developed a reputation for delivering compliant, ethical and innovative digital finance solutions, and will now be supporting Gatehouse Bank as it looks to deepen its reach among under-served customer segments.
The announcement comes as Gatehouse Bank publishes new research underlining the growth potential of Islamic finance in the UK. The report, based on a nationally representative survey, suggests the UK Islamic finance market is expected to grow from US$7.5 billion in 2024 to US$9 billion by 2030. Despite this growth trajectory, the research also highlights a significant gap in market penetration, revealing that more than half of Muslim consumers in the UK have never taken out a Home Purchase Plan – the Shariah-compliant alternative to a mortgage.
Zeiad Idris, chief executive 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, chief executive of Gatehouse Bank, added: “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.”
