IslamicFinance.de

Gatehouse Bank says it is targeting significant growth in the Shariah-compliant home finance market with a new customer service centre in Milton Keynes. The Bank says its new strategy will focus more on home finance plans in addition to its current buy-to-let products and development/build-to-rent division. Charles Haresnape, CEO of Gatehouse Bank, says the bank plans to grow all areas of the business but Shariah-compliant home finance will be a particular focus. Haresnape believes this is a hugely untapped market and one that, being fundamentally ethical, will resonate with Muslims and non-Muslims alike.

London-based Gatehouse Bank has expanded its residential home finance team with two new appointments. Umar Ali joins Gatehouse Bank as Head of Home Finance after five years at Al Rayan Bank. Junaid Sarwar has been appointed as a London-based Business Development Manager. Junaid also joins after six years at Al Rayan Bank and has held previous roles at Santander and Barclays Bank. Paul Stockwell, Gatehouse Bank’s CCO, said the bank managed to build a strong team of experienced specialists as it expands into the residential home finance sector.

deVere Mortgages and Al Rayan Bank have announced that they have entered into a strategic partnership to offer Sharia-compliant mortgage alternatives. The alliance follows deVere Mortgages’ reporting of an average 55% increase in mortgage enquiries since the UK’s EU referendum, with the majority of these applications from people living in Qatar, the United Arab Emirates, Saudi Arabia, Kuwait, Bahrain, and Oman. Mike Coady, Managing Director of deVere Mortgages said the tie-up with Al Rayan Bank would add real value to their core market, which is Muslim and non-Muslim buyers based overseas who are looking to purchase property in Britain. Sultan Choudhury, CEO of Al Rayan Bank added that deVere Mortgages would help to reach an even wider group of people who are looking for ethical, Sharia compliant home and property finance.

Islamic Bank of Britain plc (IBB), has appointed Keith Leach to the newly created position of Chief Commercial Officer (CCO). Mr Leach’s remit is to grow IBB’s corporate and real estate business, focussing on higher value transactions. His appointment follows the Bank’s acquisition by Masraf Al Rayan (QSC) earlier in the year. A £75.8 million cash injection from IBB’s new parent company, provided in February 2014, will support its expansion plans. Appointed to the position from his role at the Arab Banking Corporation (ABC), Mr Leach has over 30 years of banking experience with Lloyds, Ahli United and ABC, 20 years of which has been spent in the UK Islamic finance industry.

Islamic Bank of Britain is hosting an information evening in London dedicated to improving the local community’s understanding of Sharia compliant savings. The event will take place on Thursday 20th March 2014 at Islamic Bank of Britain, 97-99 Whitechapel Road, London, E1 1DT, from 6.30 pm – 8.00 pm. The evening will consist of a brief presentation about how customers can maximise the returns from their savings in a tax-efficient and Sharia compliant way. This will be followed by an informal Q&A and discussion session, and will cover IBB’s future plans since becoming part of the Masraf Al Rayan Q.S.C. (MAR) group, Qatar’s largest Sharia compliant bank. IBB is holding the event following its launch of the UK’s only Sharia compliant Notice Cash Individual Savings Account, with an expected profit rate of 1.8% (per annum).

Islamic Bank of Britain (IBB) has brought diversity to its Sharia compliant Buy to Let Purchase Plan product palette by launching a rent only BTLPP. It is a variable rental rate product which will be available to landlords of any faith. The deposit will be 35% and the rental rate 5.49%. Some of the other features of the product are the lack of early payment charge for clearing the finance in full and An administration fee of 1%. In addition, additional acquisition payments can be made without penalty, subject to a minimum amount of £4,000.