Islamic finance start-up Ethos taps Thought Machine for core banking tech
Ethos, a UK-based Islamic and ethical finance start-up, has partnered with core banking vendor Thought Machine to power its provision of mobile-ready “seamless and real-time Shariah-compliant financial solutions”.
Ethos partners Thought Machine for core banking
The company is to leverage the vendor’s cloud-based Vault Core platform to launch a deposit account service and home purchase plan mortgage service supporting Shariah-compliant Mudaraba, and Musharakah and Ijarah structures respectively.
Both product launches will seek to service Muslim communities in the UK at first, before being extended to “other ethically-minded consumer groups” in due course, the company’s statement says, coinciding with its ongoing efforts to obtain a UK banking licence, for which the company’s website says it is “currently applying” for.
Beyond its domestic operations, the company also intends to target consumers in “new markets such as Saudi Arabia and beyond”, the statement continues, supported by the Vault Core platform’s reputed flexibility to meet diverse regional banking regulations and customer requirements.
In addition to the core offering, the London-headquartered start-up will also tap the pre-built financial products outlined in Thought Machine’s global Product Library, which consists of “pre-written smart contracts, ranging from current, deposit and credit accounts to multi-currency wallets and Shariah-compliant products”, according to the vendor’s website, enabling Ethos to further customise its offering in line with its “international expansion goals”.
Hasan Raza, CEO of Ethos, says the selection of Thought Machine was driven by the vendor’s “superior product design” and “high availability, performance, flexibility and personalisation”, qualities he claims will enable the delivery of “modern banking benefits” that also adhere to “community traditions”.
