Ethos, a financial services company dedicated to ethically minded consumers in the UK, has partnered with Thought Machine, the cloud-native banking technology company, 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. Ethos 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 expertly designed Shariah-compliant products. The customisable nature of these products allows Ethos to build its own differentiated and personalised service, solidifying its role as a pioneer in ethical banking innovation.

At the core of Ethos's mission lies the conviction that individuals should be able to uphold their ethical and religious principles while accessing state-of-the-art financial services. By deploying Thought Machine's innovative technology, Ethos will empower customers to manage their finances with a modern service that aligns with their values and beliefs.

Looking beyond the UK, Ethos has global ambitions, with 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 ensures Thought Machine is an ideal partner to support Ethos's international expansion goals. 

Hasan Raza, CEO of Ethos, comments: "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, and 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, comments: "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.”

Thought Machine’s client roster includes prominent banks such as Lloyds Banking Group, Standard Chartered Bank, Jordan Ahli Bank and Al Rajhi Bank Malaysia. The company’s partnerships with Atom bank, C6 Bank and Ethos highlight Thought Machine’s ability to support specialised, mission-driven challenger banks and the world’s largest Tier 1 banks.