Rewarding Partnerships
11.10.2010
Rewarding Partnerships
Gatehouse Bank plc, an FSA authorised Shariah compliant British bank with headquarters in the heart of the city of London, has been forged and tempered in the heat of the recent financial crisis. Since gaining its banking approval in London in 2008 the bank has achieved solid results and created partnerships with forward looking institutions seeking more efficient and ethical solutions in international capital markets, Shariah advisory, real estate, asset finance and corporate advisory for commercial companies.
“At Gatehouse, we want to be able to impress by the standards we maintain. Our commercial sensibility is founded upon good, responsible and ethical banking,” said Thomas. Attributing Gatehouse’s success to the bank’s sound business practices that are underpinned by the UK’s solid regulatory frameworks, Richard talked about how a small London-based bank has managed to make its mark in the global scene today.
“Our shareholders decided to establish a bank in London because it saw its importance as a major global commercial centre of activity. Its strong financial infrastructure is centuries old and with that comes a lot of experience through crises, challenges and boom periods of economic activity. London’s modern evolution into a major global trading centre is defined by its accomplishments, and a standard of business excellence that is respected world-wide. When investors enter this market, there is a level of transparency and regulation that ensures investor protection and thus, inspires confidence. Add to that, our products and service offerings directly correspond to the values and beliefs held by our clients. Our in-house Shariah advisory team helps set the principles that govern our investments,” added Thomas.
A great deal of focus was placed on the GCC where a majority of Gatehouse’s investor clients stem from. In Saudi Arabia, Gatehouse Banks’ commitment to this formidable land of opportunity is longstanding.
“From the moment Gatehouse began our operations, we have listened to and sought to work alongside regulated strategic partners in the region, to encourage bilateral prospects and trades with local corporate institutions,” continued Richard.
To this end, Leina Kattan, Gatehouse’s principal regional officer for partnership development has been heavily involved with activity engaging with corporations in market, and she comments, “Saudi partners demand innovative new product thinking combined with connections to international capital markets and transparency in dealings”.
KSA accounts for 25% of the Arab world’s GDP and also has 25% of the world’s proven reserves in oil and 290 trillion cubic feet of gas. Its fiscal status is robust, and as the UK’s largest trading partner in the Middle East, it is also its 2nd largest export partner. “With its vast Muslim population and demand for Shariah compliant products, KSA investors are our natural partner in the world of Islamic finance,” adds Thomas.
With incredible levels of infrastructure development in KSA within the next 50 years, plans for the development of economic cities and support for its booming population; assistance provided by private industry, namely key inward investors with the necessary skills and expertise to facilitate the grand scale of development, is absolutely necessary.
“While KSA presents open opportunities for many inward investors, it makes absolute sense to build strategic alliances and work in cooperation with those institutions that can provide an offering that compliments each other’s strengths as well as service the sheer scale of capacity required.
It may be true that the opening up of KSA as a country has allowed for new found commercial opportunities, however there are many barriers to entry and indeed great learning about the market needs to happen before progress can effectively be made. Like any other opportunistic player, we would do our homework and reach out to others that would like to partner in the vast opportunities presented by this market,” concluded Thomas.
Richard Thomas is CEO at Gatehouse Bank
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