back Back

Ethos taps Thought Machine to launch Shariah-compliant services

By Gloria Methri

July 08, 2024

  • Core Banking Platform
  • ethical banking
  • Ethos
Share

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.

Previous Article

July 08, 2024

Handelsbanken Norway renews partnership with Tietoevry Banking

Read More
Next Article

July 08, 2024

Africhange launches its low-cost remittance service in the UK

Read More






IBSi Daily News Analysis

cloud,

July 19, 2024

Core Banking Platform

SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

QIB adds Request to Pay to Fawran instant payment service

Read More

July 22, 2024

Mashreq forges strategic partnership with Profinch for global expansion

Read More

July 19, 2024

LTIMindtree extends multi-million-dollar contract with Absa Bank

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024