Institute for Islamic Banking and Finance

Gatehouse Bank PLC, a subsidiary of The Securities House KSCC, which is a Kuwait-based investment firm, has been granted a license by the British Financial Services Authority (FSA), according to a statement from the bank earlier this week. The bank commenced operations in April 2008, confirms Twalha Dhunnoo, head of finance and operations at Gatehouse. The bank, headquartered in the City of London, specialises in wholesale and investment banking.

The license will allow Gatehouse Bank to become the fifth standalone Islamic bank in the UK, which is the focus of rapid growth in the West of Shari?ah-compliant banking. The UK continues to attract interest from Middle Eastern investors due to a large residual population of Muslims, while the government has been sending encouraging signs to the industry.