The Treasury Notice Deposit Account uses a Wakala structure, with Gatehouse Bank acting as an agent to invest funds within the Bank’s Treasury pool of Shariah compliant assets, which include real estate bridge financing, asset financing and sukuk.
Key features of the account include the option to automatically exchange distributions into any currency, and Gatehouse Bank can then arrange for these to be paid according to client instruction. Additionally, on maturity of placement, the funds are automatically renewed without the need for any further notice. The account also comes with the additional benefit of being guaranteed by the UK Government-backed Financial Services Compensation Scheme (FSCS) for up to £85,000 per depositor, thereby offering investors increased security and added reassurance of their investments.
“I am pleased to be able to offer our clients an enhanced investment product such as the Treasury Notice Deposit Account. Providing flexible and dedicated products and services that meet the needs of all of our investors is a fundamental priority for Gatehouse Bank, and this specialised product complements the range of services we are able to offer,” Fahed Boodai, Chairman of the Board of Directors at Gatehouse Bank said.
“We are committed to providing our clients with new and innovative products that not only meet their investment needs, but also bring a range of additional benefits. Being able to deliver competitive rates and ease of access is paramount, and the fact that investors can choose from a range of terms to suit their needs, as well as add to the deposit at any time, means that we can ensure Islamic Finance solutions are available to fully satisfy the many diverse requirements of our investor base,” Abdulaziz Al Duweesh, Executive Vice President and Head of Wealth Management, added.