The introduction of home finance products will add to the bank’s existing buy-to-let, development, and build-to-rent packages.
The bank’s venture into the home finance market has received support from the Department for International Trade (DIT), which gave Gatehouse key market data to help source growth opportunities across the UK.
Graham Stuart, minister for investment, Department for International Trade, said: “As an international economic department, DIT is working closely with the rest of government to ensure the UK builds on its position as a leading market for Sharia-compliant finance.”
Gatehouse will also use the new customer service centre to accommodate its recruitment drive in the months ahead.
Charles Haresnape (pictured), chief executive officer of Gatehouse Bank, commented: “We have big plans for Gatehouse Bank and our new Milton Keynes office will be key in helping us to achieve them.
Haresnape continued: “We are seeking to grow all areas of the business, but Shariah-compliant home finance will be a particular focus. We believe this is a hugely untapped market and one that, being fundamentally ethical, will resonate with Muslims and non-Muslims alike.”
Fahed Boodai, chairman of Gatehouse Bank and Group, added: “As chairman, I applaud the choice of location and am delighted to see the continuing inward investment from Kuwait into the UK.”
“I see more opportunity in the future to work together, whether it be build-to-rent, commercial financing or the development of the Shariah-compliant home finance market.”