Gatehouse Bank has been awarded Best Islamic Bank for property and real estate finance 2020 at the Global Islamic Finance Awards (GIFA).
According to the bank, there was “strong” competition in the sector, which has been expanding rapidly in the banking industry over the past few years.
Gatehouse said it “played a role” in this growth, having regularly announced new products, partnerships and projects across the Home Purchase Plan (HPP), Buy-to-Let (BTL) and Build-to-Rent markets.
The Shariah-compliant challenger bank said its growth has stemmed from its strategy of offering products to underserved markets, characterised by a “commitment” to human underwriting.
It currently provides HPPs to UK residents, UK expats and International residents with initial rental rates fixed over two-year and five-year terms.
Its BTL purchase plans for landlords are also open to all three types of customer, whether individuals or operating through company structures, and these cover Multi-Unit Freehold Blocks (MUFBs) as well as multi-property portfolios.
The Bank’s commercial property and real estate finance arms are also “rapidly expanding”, according to the group, with growing investment in Build to Rent (BTR) projects across the country.
The bank now manages two funds that have created 1,600 family homes for rent across 23 sites in Greater Manchester, Merseyside, the Midlands and North West England.
These schemes have also created one of the first large-scale Private Rental Sector (PRS) portfolios of high-quality family homes in the UK, with the two funds worth a combined £190m.
Charles Haresnape, CEO of Gatehouse Bank, said: “I’m delighted that Gatehouse Bank has been recognised by the Global Islamic Finance Awards for Best Islamic Bank for Property and Real Estate Finance.
“Gatehouse Bank has a growing presence in the UK banking market, with our ethical, Shariah-compliant approach.”
He added: “The Bank has achieved a great deal, but I believe that there remains a significant opportunity to further increase both awareness and demand for Shariah-compliant banking in the UK.
“During these challenging times, the Bank continues to perform well across all its chosen Financing and Savings sectors and this award is a testament to the hard work of our colleagues.”