Algbra Group and its FinTech-as-a-Service arm, Algbra Labs, have entered into a new strategic partnership with Gatehouse Bank to support the bank’s next phase of digital transformation.
Gatehouse Bank is a UK-based Shariah-compliant financial institution known for its ethical savings offerings and residential property finance products. Its services cater to UK residents, expats, and international homebuyers and landlords interested in properties across England and Wales.
Algbra Labs, which is headquartered in the UK, delivers full-stack proprietary digital banking solutions. The company previously developed Algbra’s own consumer banking proposition in the UK and played a key role in building Shoal, a sustainable finance platform launched in partnership with Standard Chartered Ventures.
The collaboration will focus on launching a digital account tailored to overseas customers aiming to invest in UK property. The objective is to streamline the customer experience and encourage more participation in the UK’s Islamic finance market.
Recent research from Gatehouse Bank indicates that the UK is a prominent Western hub for Islamic finance. The sector is forecast to grow from approximately $7.5bn in 2024 to $9bn by 2030. Despite this promising outlook, further research by the bank in 2024 revealed a large segment of the Muslim population in the UK remains underserved, with over 50% never having accessed a Home Purchase Plan.
Algbra brings considerable experience in building regulated digital banking platforms, having successfully launched its own platform as well as Shoal in collaboration with Standard Chartered. These credentials have positioned the company as a strong implementation partner for Islamic finance solutions.
Algbra CEO Zeiad Idris 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.”
Gatehouse Bank CEO Charles Haresnape said, “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.”
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