A new digital financial services provider, Ethos, has launched in the UK to offer Shariah-compliant services for Muslims.
Ethos is utilizing cloud-based core banking technology from Thought Machine to deliver real-time Shariah-compliant financial services through mobile devices. The venture will introduce a Shariah-compliant deposit account structured as Mudaraba and a Home Purchase Plan mortgage based on Musharakah and Ijarah structures. Thought Machine’s suite of pre-built financial products will enable Ethos to offer a diverse range of expertly designed Shariah-compliant options.
Initially focusing on UK-based Muslims, Ethos has plans to expand its services to other “ethically-minded” groups and regions, including Saudi Arabia. Hasan Raza, CEO of Ethos, states, “We assessed all the next-generation vendors in the market, and Vault Core offered the high availability, performance, flexibility, and personalization required to provide customers with modern banking benefits while honoring their community traditions.” Paul Taylor, CEO of Thought Machine, adds, “Ethos is set to deliver a groundbreaking banking service tailored to specific community needs and values. With product excellence embedded in Vault Core’s DNA, Ethos can provide modern, Shariah-compliant banking services without compromise.”