Gatehouse Bank, the UK-based but Kuwaiti-owned shariah compliant bank, has opened a representative branch in Malaysia and is now looking to obtain principal banking licenses in country.

By principal licenses, this means that Gatehouse is poised to enter the universal banking, investment banking and wealth management industries. The bank is currently in talks with Malaysian regulators over its options.

At the launch of the new office, Gatehouse said that it will focus on real estate as its core offering, while other applications are under way. It is also planning to expand its sukuk offering in Malaysia, being one of the largest sukuk markets in the world.

"Cross border each between London and Kuala Lumpur is important for us and wealth maangement services. We are expanding our global footprint so that the bank can act as a gateway between the Islamic finance markets in Europe, the Gulf Cooperation Council and now Asia," said Fahed Boodai, chairman and interim chief executive for Gatehouse Bank in a statement.

Gatehouse Bank has a global portfolio of at least $1.5 billion.