While the pandemic was a challenging time for any UK lender specialising in home finance, Gatehouse Bank is a UK financial institution with a difference.
Not only is it among a handful of fully Shariah-compliant banks, it also lends heavily to borrowers across the globe, particularly in the Gulf region with the UAE and Kuwait its two key overseas markets.
Despite temporarily lowering its finance offerings to UK and overseas customers at the start of the crisis, the bank has emerged from the pandemic with a robust balance sheet.
The lender returned to normal business when the property market reopened in July 2020, with new GCC customers increasing by more than 10 per cent in the first half of 2021.
Gatehouse is looking to change the way tenants are treated in the UK’s rental market through its flourishing build-to-rent portfolio.
It offers affordable, two and three-bedroom homes, which come with features such as built-in wardrobes, white goods, turfed gardens with sheds and private parking, that are built specifically for the private rental market in the UK. It puts heavy emphasis on tenant services.
Rather than grappling with poor plumbing and faulty boilers, tenants renting from Gatehouse Bank can call the bank’s maintenance team, with staff arriving promptly in branded uniforms to fix any issues.
What we are talking about here are modern two or three bed houses, newly built for the private rented market, but actually, they're very affordable.
Paul Stockwell,
Gatehouse Bank
“It will revolutionise the rental market going forward,” Paul Stockwell, chief commercial officer at Gatehouse Bank, tells The National. “What we are talking about here are modern two or three bed houses, newly built for the private rented market, but actually, they're very affordable.
“We offer those as institutional managed properties and we adapt them for the private rented sector. All the white goods are standard, the boilers are all the same. A lot of them have car chargers now. That’s the way forward for the rental market.”
Raising the bar in Britain's private rental market
Gatehouse considers itself “an early mover” in the build-to-rent market, first investing in 2014 as it looked to replicate the North American model of building high-quality affordable rental properties in key locations to meet the growing demand for new-build rental homes for families.
“This model has been very successful in the US since the global financial crisis and now it's becoming pretty big in the UK as well now,” says Mr Stockwell.
Over the past decade, there has been a significant increase in the proportion of households with children in the private rented sector, up from 30 per cent in 2008-09 to 37 per cent in 2018-19, according to the Ministry of Housing, Communities & Local Government, highlighting the need for a broader range of high-quality family-friendly rental options.
“We work with house builders, taking anything between 50 and maybe 120 units to support the local private rented sector market,” says Mr Stockwell.
In January, Gatehouse sold its first fund in January, a 918-home single-rental family portfolio to Goldman Sachs for £150m – the largest single family housing transaction in the UK.
“That was a real achievement for the bank to exit out of the first fund. And these funds have performed really, really well during the pandemic, we've got really strong occupancy rates of 98 per cent,” says Mr Stockwell.
In August, the bank closed a joint venture with TPG Real Estate Partners to construct 2,500 family rental homes across the north and the Midlands, tapping into Gatehouse’s expertise in the BTR market and its relationship with house builders.
The homes will be built over the next five years with a number of sites already selected in Birmingham, Manchester and Merseyside, with the bank typically picking areas with good schools, local amenities, public transport and local employment opportunities.
Average rents for the homes sit between £850 and £900 a month, “not that expensive” when compared to other UK areas, as the bank looks to support an underserved market.
“The rental market has grown significantly and by 2025, it's estimated that one in four homes in the UK will be in the private rented market," he says.
“[Our model] offers people flexibility. Not everyone wants to buy, they want to move with their roles. We are raising the standards in the private rented sector and setting an example to everyone else.”
Raising awareness of Islamic home finance
Gatehouse Bank first entered the UK's banking sector in 2007 when the world was still grappling with the global financial crisis and it now has three offices in England: London, Milton Keynes and Wilmslow. At the end of last year, the bank’s gross assets stood at £825 million, up 20 per cent on the year before, with total savings of £700 million, up 24 per cent on 2019 and a home finance portfolio of £546m, up 35 per cent.
Its aim was to help those struggling to secure finance to get onto the property ladder, something Mr Stockwell says is still important today.
“We certainly look at areas of the market that are underserved, such as the expat market, the international market and certain areas of the UK market,” he says.
“We look at ways that we can help people get on the housing ladder that may not have a lot of choice in the market."
While the bank does not make a distinction between its Muslim and non-Muslim clients, Mr Stockwell says it has a mixed range of customers.
Its UK home purchase plans, the equivalent of a mortgage in conventional banking, attract more Muslim clients, while its buy-to-let product attracts a mix of customers.
“We’ve worked really hard over the last two or three years to promote Sharia finance in the UK,” says Mr Stockwell,
With 70 to 75 per cent of the UK kind of mortgage market originating through brokers, rather than people directly approaching the bank, Mr Stockwell, says this puts the onus on the bank to raise awareness about the benefits of Sharia finance and “demystify it” with its broker partners.
“That worked really well so it is becoming more popular in the UK and people are understanding the benefits of it.”
To help them stay ahead of the competition, Mr Stockwell says the bank’s rates are competitive. It recently offered a new 95 per cent mortgage for first-time UK resident buyers looking to get on the property ladder, while overseas customers must still put down a 20 per cent deposit.
“We also offer the Sharia side, which is a fairly niche market in the UK, which people like as it's quite close to the ethical side of financing,” he says.
Under Islamic home finance, the customer pays the bank rent rather than interest, which is forbidden under Shariah law.
The rent is paid over a given period of years, like a conventional mortgage, until an agreed amount has been transferred to the bank. At this point, the tenant becomes the owner.
Offering home finance to the underserved expatriate market
While Gatehouse has a UK banking licence and only finances UK properties, with the bank’s shareholders based in Kuwait, its customer base is much broader.
Half of its home finance customers are located overseas with the majority of those located in the Gulf, particularly in Kuwait and the UAE.
“We’ve got that strong relationship with the Gulf and obviously being Sharia compliant as well, we understand those markets, so we do tend to find that a lot of our clients come from the Gulf region,” says Mr Stockwell.
“If you look at the UAE For example, we get a lot of expats from the UAE and also UAE nationals as well."
In the run-up to the pandemic, the number of customers from the Gulf region grew by more than 200 per cent between 2018 and 2019.
In 2020, however, growth in demand slowed with new finance to GCC customers falling by around 25 per cent on the previous year as the global pandemic led to lockdowns and travel restrictions.
“International travel obviously stopped and people couldn't come and look at properties,” says Mr Stockwell.
The bank temporarily reduced its loan to finance offering for new customers at the start of the crisis as it waited to see how the pandemic would affect the housing market.
“Like most lenders we were pretty unsure on the direction of travel in terms of the pricing and values of houses, given that we've never been through a pandemic before,” says Mr Stockwell.
“We couldn't do physical valuations on properties because the occupants might be a bit concerned about a valuer coming in with Covid.”
However, once the market opened up in July last year, valuations could resume and the bank felt comfortable offering higher finance to both UK and overseas customers.
Increased appetite for UK property from the Gulf
Since international travel reopened, the lender has noticed an increased appetite from overseas investors looking to buy in the UK at a mix of locations across the UK.
While the desire for more space and the work-from-home trend has encouraged many to relocate outside city centres, as international travel picks up, Mr Stockwell expects demand for London to increase.
“We're starting to see more people wanting a decision in principle from us, because they've got their eye on a property in London," he says.
Looking ahead, the bank wants to add to the 100 countries it accepts applications from and streamline its processes.
While expat customers returning to the UK currently cannot switch from an expat product with a higher rate of interest to a UK product, Mr Stockwell says that may change in the future, while one boon for customers is no early repayment charges apply because they are Islamic products.
So, with such a large customer base in the Gulf, would the bank ever consider setting up a branch there?
“Never say never,” says Mr Stockwell, adding that for now the focus is on building relationships with other banks based in the region.
“We have a relationship with Warba Bank in Kuwait, for example, where some of those clients want Sharia finance in the UK. That model seems to work quite well,” he says.
“But we’ve certainly got strong connections in the region, so who knows going forward?”
Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
MATCH INFO
What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae
Killing of Qassem Suleimani
Results
Stage 4
1. Dylan Groenewegen (NED) Jumbo-Visma 04:16:13
2. Gaviria (COL) UAE Team Emirates
3. Pascal Ackermann (GER) Bora-Hansgrohe
4. Sam Bennett (IRL) Deceuninck-QuickStep
5. Caleb Ewan (AUS) Lotto Soudal
General Classification:
1. Adam Yates (GBR) Mitchelton-Scott 16:46:15
2. Tadej Pogacar (SLO) UAE Team Emirates 0:01:07
3. Alexey Lutsenko (KAZ) Astana Pro Team 0:01:35
4. David Gaudu (FRA) Groupama-FDJ 0:01:40
5. Rafal Majka (POL) Bora-Hansgrohe
Tales of Yusuf Tadros
Adel Esmat (translated by Mandy McClure)
Hoopoe
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Last 10 NBA champions
2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The biog
From: Upper Egypt
Age: 78
Family: a daughter in Egypt; a son in Dubai and his wife, Nabila
Favourite Abu Dhabi activity: walking near to Emirates Palace
Favourite building in Abu Dhabi: Emirates Palace
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Teaching your child to save
Pre-school (three - five years)
You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.
Early childhood (six - eight years)
Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.
Middle childhood (nine - 11 years)
Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.
Young teens (12 - 14 years)
Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.
Teenage (15 - 18 years)
Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.
Young adulthood (19 - 22 years)
Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.
* JP Morgan Private Bank
MATCH INFO
Manchester United 2
(Martial 30', McTominay 90 6')
Manchester City 0
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
MATCH INFO
Uefa Champions League last 16, first leg
Liverpool v Bayern Munich, midnight, Wednesday, BeIN Sports
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Switch%20Foods%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Edward%20Hamod%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Plant-based%20meat%20production%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2034%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%246.5%20million%3Cbr%3E%3Cstrong%3EFunding%20round%3A%3C%2Fstrong%3E%20Seed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Based%20in%20US%20and%20across%20Middle%20East%3C%2Fp%3E%0A
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Bundesliga fixtures
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
RESULTS
6.30pm: Emirates Holidays Maiden (TB) Dh 82,500 (Dirt) 1,900m
Winner: Lady Snazz, Richard Mullen (jockey), Satish Seemar (trainer).
7.05pm: Arabian Adventures Maiden (TB) Dh 82,500 (D) 1,200m
Winner: Zhou Storm, Connor Beasley, Ali Rashid Al Raihe.
7.40pm: Emirates Skywards Handicap (TB) Dh 82,500 (D) 1,200m
Winner: Rich And Famous, Royston Ffrench, Salem bin Ghadayer.
8.15pm: Emirates Airline Conditions (TB) Dh 120,000 (D) 1,400m
Winner: Rio Angie, Sam Hitchcock, Doug Watson.
8.50pm: Emirates Sky Cargo (TB) Dh 92,500 (D) 1,400m
Winner: Kinver Edge, Richard Mullen, Satish Seemar.
9.15pm: Emirates.com (TB) Dh 95,000 (D) 2,000m
Winner: Firnas, Xavier Ziani, Salem bin Ghadayer.
MATCH INFO
Uefa Champions League quarter-final (first-leg score):
Juventus (1) v Ajax (1), Tuesday, 11pm UAE
Match will be shown on BeIN Sports
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
UAE currency: the story behind the money in your pockets
Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon
MATCH INFO
Champions League last 16, first leg
Tottenham v RB Leipzig, Wednesday, midnight (UAE)
If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
Elvis
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Baz%20Luhrmann%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Austin%20Butler%2C%20Tom%20Hanks%2C%20Olivia%20DeJonge%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Killing of Qassem Suleimani
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
The specs: 2019 Mercedes-Benz C200 Coupe
Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km
Q&A with Dash Berlin
Welcome back. What was it like to return to RAK and to play for fans out here again?
It’s an amazing feeling to be back in the passionate UAE again. Seeing the fans having a great time that is what it’s all about.
You're currently touring the globe as part of your Legends of the Feels Tour. How important is it to you to include the Middle East in the schedule?
The tour is doing really well and is extensive and intensive at the same time travelling all over the globe. My Middle Eastern fans are very dear to me, it’s good to be back.
You mix tracks that people know and love, but you also have a visually impressive set too (graphics etc). Is that the secret recipe to Dash Berlin's live gigs?
People enjoying the combination of the music and visuals are the key factor in the success of the Legends Of The Feel tour 2018.
Have you had some time to explore Ras al Khaimah too? If so, what have you been up to?
Coming fresh out of Las Vegas where I continue my 7th annual year DJ residency at Marquee, I decided it was a perfect moment to catch some sun rays and enjoy the warm hospitality of Bab Al Bahr.
How to help
Call the hotline on 0502955999 or send "thenational" to the following numbers:
2289 - Dh10
2252 - Dh50
6025 - Dh20
6027 - Dh100
6026 - Dh200
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
