UK-based financial services company Ethos has entered a collaboration with Thought Machine to introduce a Shariah-compliant digital service. In a bid to provide optimised and real-time Shariah-compliant financial solutions across mobile devices, Ethos partnered with Thought Machine, a cloud-native banking technology company, to deploy its core banking platform, Vault Core.

With plans to expand its services beyond Muslim communities, the company intends to launch a Shariah-compliant deposit account (Mudaraba structure) and a Home Purchase Plan mortgage (Musharakah and Ijarah structure). In addition, through Thought Machine’s global Product Library, which integrates pre-built financial products, Ethos is set to be allowed to offer a range of Shariah-compliant services. Also, the customisable nature of products aims to enable the company to develop its tailored service, thus working towards solidifying its presence in the ethical banking sector. Ethos’ development strategy With a commitment to enabling individuals to uphold their ethical and religious principles while having access to advanced financial services, Ethos focuses on supporting consumers in managing their finances via an optimised service that falls in line with their values and beliefs.

Moreover, the company plans to expand further than the UK, targeting markets such as Saudi Arabia. As Thought Machine’s Vault Core is a configurable platform, Ethos is set to be able to personalise its products based on a region’s specific banking product regulations and customer requirements. Furthermore, according to Ethos’ officials, the decision to partner with Thought Machine can be attributed to the latter’s platform capabilities, which focus on delivering increased availability, performance, flexibility, and customisation. Through this, the company intends to offer its customers banking benefits and features whilst taking into consideration their community traditions. Besides Ethos, Thought Machine’s client base includes banks such as Lloyds Banking Group, Standard Chartered Bank, Jordan Ahli Bank, and Al Rajhi Bank Malaysia.

Currently, the company operates across the world, with offices located in the UK, the US, Singapore, and Australia. .