Gatehouse Bank Celebrates Launch In London

Gatehouse Bank, the fully Shariah compliant wholesale investment bank that received authorisation from the UK Financial Services Authority in April, hosted an event to celebrate its launch in the City of London. The 24 June event, was attended by ministers

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Gatehouse Bank, the fully Shariah-compliant wholesale investment bank that received authorisation from the UK Financial Services Authority in April, hosted an event to celebrate its launch in the City of London.

The 24 June event, was attended by ministers from the UK Government, representatives of the Kuwaiti Government, business groups, regulators, other financial institutions, clients, the media and the parent of Gatehouse Bank, The Securities House KSCC.

City Minister & HM Treasury Economic Secretary Kitty Ussher MP spoke at the event and stressed the importance of the burgeoning Islamic finance market on the UK economy.

“I would like to congratulate Gatehouse on receiving FSA approval to operate as a fully Shariah-compliant investment bank here in the UK, making it Britain’s newest stand alone Islamic bank,” Ussher says. “I think we can be proud of the way that Islamic finance is developing here in London and the rest of UK, which has been made possible by co-operation and collaboration between industry and Government. Today’s event is an opportunity to celebrate Gatehouse’s success and to ensure that we maintain the collaborative approach that will help guarantee that we see similar successes in the future.”

“The launch of Gatehouse comes at a significant time in terms of the rate of growth that Islamic Finance has seen in the UK and worldwide markets,” says David Testa, CEO of Gatehouse Bank. “Our positioning here, in the heart of the City of London, is a reflection of the UK Government’s commitment to build the City as a world hub for Shariah-compliant finance. We are deeply honoured that so many figures from Government, the regulators and the banking community have joined us today to celebrate our launch. “

Islamic capital markets, institutional wealth management, Islamic treasury business and Shariah advisory services are the products Gatehouse currently offers. Gatehouse targets include Gulf-based corporates and financial institutions wanting to access the global capital markets; European and US conventional borrowers seeking investor diversification; Islamic investors funding investments in Europe, North America and Asia, as well as selected jurisdictions in the emerging markets.

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