Gatehouse Bank hosts launch event in London
24th June 2008
Gatehouse Bank, the fully Shariah-compliant wholesale investment bank that received authorisation from the UK Financial Services Authority in April, has hosted an event to celebrate its launch in the City of London.
The event, held on 24 June, was well attended by Ministers from the UK Government, representatives of the Kuwaiti Government, business groups, regulators, other financial institutions, clients, the media and the respected 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.
"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."
Gatehouse has made good progress since its authorisation as it continues to focus on business opportunities throughout the Gulf region, Europe and North America, as well as targeted countries in the emerging markets and South-East Asia.
David Testa, CEO, Gatehouse Bank, commented:
"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. 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, making the bank a natural bridge between the Middle East and the world's largest financial markets. 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.
Richard Thomas, Chairman, Gatehouse Bank, added:
"On behalf of Gatehouse, I would like to express our appreciation to The Securities House, and in particular to its inspirational Chairman and Managing Director Ayman Boodai, for the ongoing support and encouragement of this exciting new Shariah-compliant banking venture.
"It is thanks to the courage and foresight of The Securities House and Global Securities House that Gatehouse has gone from an idea to a reality. The continued, unwavering support we have received from our shareholders has enabled us to be in the commanding position we are at today.
"I would also like to thank the Gatehouse executive team and staff in London, as well as their team of advisors, for their achievement in submitting the application to the Financial Services Authority in line with our shareholder's expectations. "
Fahed Faisal Boodai, CEO of Global Securities House and a Board member of Gatehouse Bank, also added:
"Shariah-compliant finance is growing very rapidly, all over the world. To maintain this growth and help it mature in to a commonly accepted alternative to traditional banking products requires a new breed of financial institutions. Gatehouse Bank is one of these.
"Gatehouse Bank will act as a bridge between the Gulf and Western markets, connecting organisations seeking access to new capital or to operate in Shariah-compliant ways with new sources of capital. We look forward to seeing Gatehouse establish itself as a key player in the fast growing Islamic Finance market and will work closely with the team there to help them make this happen."
For all media enquiries, please contact:
Sarah Boyce
Gatehouse Bank plc
Tel : +44 (0)20 3170 5558
Email : sarah.boyce@gatehousebank.com