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Ethos taps Thought Machine to launch Shariah-compliant services

By Gloria Methri

July 08, 2024

  • Core Banking Platform
  • ethical banking
  • Ethos

Thought Machine, Ethos, Shariah-Compliant, Digital Banking, Vault Core, Saudi Arabia, UKUK-based financial services company Ethos has partnered with Thought Machine to launch a Shariah-compliant digital service.

Ethos will deploy Thought Machine’s next-generation core banking platform, Vault Core, to offer seamless and real-time Shariah-compliant financial solutions accessible via mobile devices. Initially targeting Muslim communities, Ethos will expand its services to other ethically-minded consumer groups in the UK. The firm will debut with a Shariah-compliant deposit account (Mudaraba structure) and a Home Purchase Plan mortgage (Musharakah and Ijarah structure).

Thought Machine’s global Product Library, a collection of pre-built financial products, will enable Ethos to deliver a comprehensive range of Islamic finance products. The customisable nature of these products allows Ethos to build its own differentiated and personalised service, solidifying its role in ethical banking innovation.

Deploying Thought Machine’s innovative technology will empower Ethos customers to manage their finances with a modern service that aligns with their values and beliefs.

Hasan Raza, CEO of Ethos, said, “We are thrilled to announce our partnership with Thought Machine, a company renowned for its superior product design. We assessed all the next-generation vendors in the market. Vault Core offered the high availability, performance, flexibility, and personalisation required to provide customers with modern banking benefits while honouring their community traditions.”

Paul Taylor, CEO and founder of Thought Machine, added, “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. This partnership is a pivotal moment for the banking industry, and we are proud to be part of it.”

Looking beyond the UK, Ethos has plans to expand its service to new markets such as Saudi Arabia and beyond. Vault Core is a universal, highly configurable platform easily tailored to any region’s specific banking product regulations and customer requirements. This makes Thought Machine an ideal partner to support Ethos’s expansion goals.

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